Asia-Pacific Powder Coatings Market Outlook, 2028

Asia-Pacific Powder Coatings Market Outlook, 2028

The rising population in countries such as India and China, as well as the increased use of powder coating in construction activities, will benefit the market. Furthermore, powder coating provides a protective and elegant finish to the surfaces of home furnishing appliances such as refrigerators, dryer drums, water heaters, dishwater, and microwaves. It can be made of plastic, metal, or concrete, all of which are durable. As a result, the total powder coating market in the Asia-Pacific area may benefit. Over the last few decades, the region has witnessed tremendous economic growth, which has resulted in increased industrialization and infrastructure development. This expansion has raised demand for powder coatings in a variety of industries, including automotive, construction, and electronics. The Asia-Pacific region has a sizable population, including growing economies such as China and India. The expansion of metropolitan areas and the growing middle class have increased demand for consumer products, furniture, and appliances, all of which require powder coatings for protection and aesthetic reasons. Furthermore, Asia-Pacific is seeing a significant increase in construction and infrastructure projects, such as residential buildings, commercial spaces, and public infrastructure. Because of their capacity to survive harsh weather, powder coatings are used for metal surfaces such as window frames, doors, and fences due to their ability to withstand harsh weather conditions and provide long-lasting protection. The Asia-Pacific region is experiencing significant market growth in various industries. As a result, the demand for powder coatings is increasing rapidly.

According to the research report, “Asia-Pacific Powder Coatings Market, Outlook, 2028, published by Bonafide Research, the market is expected to grow at CAGR of more than 6.26% from 2023 to 2028. EV manufacturers are increasingly focused on reducing the weight of vehicles to enhance their range and energy efficiency. Powder coatings offer a lightweight and durable alternative to traditional liquid coatings. They can be applied in thinner layers while maintaining excellent adhesion and corrosion resistance, making them ideal for coating EV components. The battery enclosures and components in EVs require robust protection against environmental factors and potential damage. Powder coatings provide high-performance corrosion resistance and electrical insulation properties, safeguarding the battery systems. Coating battery components with powder coatings also enhances their longevity and reliability. In addition, Electric vehicles are considered more environmentally friendly compared to traditional internal combustion engine vehicles. Powder coatings align with the sustainability goals of the EV industry as they have low VOC emissions and do not contain hazardous substances. This eco-friendly characteristic of powder coatings is highly valued in the Asia-Pacific region, which has a strong focus on environmental regulations and green initiatives. There is a noticeable shift in the Asia-Pacific region from traditional liquid coatings to powder coatings. This transition is driven by the advantages offered by powder coatings, including higher durability, superior resistance to chipping and scratching, higher efficiency in application, and reduced waste. Manufacturers are adopting powder coatings to enhance their operational efficiency and meet market demand. The Asia-Pacific region is experiencing significant economic growth, leading to increased consumer spending, infrastructure development, and industrial expansion. Favourable economic factors, such as rising GDP, increased investments, and favourable business environments, contribute to the growth of the powder coatings market by driving demand from various end-use industries.

The Asia Pacific Coatings Show is a leading coatings exhibition held in the Asia-Pacific region. The event brings together industry professionals, manufacturers, suppliers, and experts from the coatings sector, including powder coatings. The exhibition showcases a wide range of coating technologies, including powder coatings, and provides a platform for networking, knowledge sharing, and exploring the latest developments in the industry. This event is held annually in Bangkok, Thailand. It is the largest powder coatings event in the region and attracts over 1,000 exhibitors and 20,000 visitors. The China International Coatings Exhibition (CICE) is a trade show for the coatings industry that is held annually in Shanghai, China. The show is organized by the China Coatings Association and the Shanghai International Exhibition Bureau. Furthermore, Paint India is a leading international exhibition held in India that covers the entire paint and coatings industry. The event brings together manufacturers, suppliers, and experts from the coatings sector, including powder coatings. It provides a platform for showcasing innovative products, technologies, and services related to the coatings industry, including powder coatings.

China is significantly dominating the powder coating market of Asia-Pacific due its significant economic growth, high disposable income and strong automotive sector. China has experienced rapid industrialization and urbanization over the past few decades. The country has a vast manufacturing base, including automotive, appliances, furniture, and general industrial sectors, all of which are major users of powder coatings. The growing industrial activities and infrastructure development create a substantial demand for powder coatings in China. The Chinese government has implemented policies and initiatives to support the development and adoption of powder coatings. For instance, the China VI emission standards for motor vehicles mandate the use of environmentally friendly coatings, including powder coatings, to reduce VOC emissions. The government also provides financial incentives and subsidies for manufacturers to upgrade their production facilities and adopt cleaner coating technologies, driving the growth of the powder coatings market. India is predicted to grow at significant pace in future. India is a key hub for a variety of industries, including automotive, construction, and infrastructure. As a developing country, it maintains a strong path for industrial development. The Indian government's latest Make in India plan is expected to accelerate industrial development in India and attract more international investment. The Indian manufacturing industry is expected to increase dramatically as a result of massive investments from foreign firms. Automotive and construction are two of the primary industries driving the growth of the powder coating market in India.

Based on resin type, the thermoset resin is widely used in Asia-Pacific for power coatings. Thermoset resins, such as epoxy, polyester, and acrylic, offer excellent durability and performance characteristics. They provide superior resistance to impact, abrasion, chemicals, and weathering, making them suitable for a wide range of applications. The Asia-Pacific region experiences diverse climates and challenging environmental conditions and thermoset resin-based powder coatings are preferred for their ability to withstand these conditions and maintain their performance over time. Many industries in the Asia-Pacific region, such as automotive, electronics, and appliances, require coatings with excellent chemical resistance. Thermoset resin-based powder coatings offer high resistance to chemicals, solvents, and corrosive substances, protecting the coated surfaces from degradation and ensuring the longevity of the coated products. Thermoset resin-based powder coatings are known for their environmentally friendly characteristics. They have low levels of volatile organic compounds (VOCs) and hazardous air pollutants (HAPs), reducing the emissions of harmful substances during the coating process. This aligns with the increasing focus on environmental regulations and sustainability in the Asia-Pacific region, driving the preference for thermoset resin-based powder coatings.

Based on end-use of the market includes appliances, automotive, general industrial, architectural, and furniture. Automotive is significant user of powder coatings in the region. The Asia-Pacific region is a major hub for automotive manufacturing, with countries like China, Japan, South Korea, India, and Thailand being significant contributors to global vehicle production. The region's growing middle class, rising disposable incomes and urbanization have led to increased demand for automobiles. As a result, the automotive industry's expansion drives the demand for powder coatings. Powder coatings offer superior durability, corrosion resistance, and weathering properties compared to traditional liquid coatings. In the automotive industry, where vehicles are exposed to various environmental conditions and demanding usage, powder coatings provide a robust protective layer. This makes them highly suitable for coating automotive parts like wheels, chassis, engine components, and exterior body parts. Powder coatings provide a wide range of colors, finishes, and textures, allowing automotive manufacturers to achieve desired aesthetics and differentiate their products. The Asia-Pacific region has diverse consumer preferences and demands, and powder coatings offer flexibility in meeting these preferences. The automotive industry utilizes powder coatings to enhance the visual appeal and create customized looks for vehicles.

Recent Developments:
• PPG Industries announced the opening of a new powder coatings manufacturing plant in Shanghai, China on March 8, 2023. The plant is PPG's first in China and will produce a wide range of powder coatings for the automotive, industrial, and architectural markets.
• The Sherwin-Williams Company acquired the powder coatings business of AkzoNobel on February 25, 2023 for $1.2 billion. The acquisition will expand Sherwin-Williams' powder coatings portfolio and give the company a stronger foothold in the growing Asia-Pacific market.
• Axalta Coating Systems opened a new powder coatings research and development center in Shanghai, China on January 15, 2023. The center will focus on developing new powder coatings technologies for the automotive, industrial, and architectural markets.
• Nippon Paint Holdings launched a new line of powder coatings for the automotive market in China on December 1, 2022. The line of coatings is designed to meet the growing demand for lightweight and corrosion-resistant coatings in the automotive industry.
• Jotun A/S opened a new powder coatings manufacturing plant in India on November 15, 2022. The plant is Jotun's first in India and will produce a wide range of powder coatings for the automotive, industrial, and architectural markets.
Major companies present in the market:
Akzo Nobel N.V, PPG Industries, Inc., The Sherwin-Williams Company, RPM International Inc, Jotun Group, Wacker Chemie AG, Arkema S.A., BASF SE, Kansai Paint Co.,Ltd., Axalta Coating Systems Ltd., Nippon Paint Holdings Co., Ltd, Sika AG, TIGER Coatings, Solvay NV/SA.

Considered in this report
• Geography: Asia-Pacific
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Asia-Pacific Powder Coatings market with its value and forecast along with its segments
• Country-wise Powder Coatings market analysis
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries Covered in the report:
• China
• Japan
• India
• Australia
• South Korea

By Resin Type
• Thermoset
• Thermoplastic

By Coating Methods
• Electrostatic Spray Coating
• Fluidized Bed Coating
• Others

By End-Use Industry
• Appliances
• Automotive
• General Industrial
• Architectural
• Furniture
• Others

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Powder Coatings industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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