Powder Coatings Market - By Resin (Thermoplastic, Thermoset, Fusion Bonded Epoxy), By Substrate (Metallic, Non-Metallic), By Application (Architectural, Jobbers, Pipeline, Appliances, Automotive & Transportation Components [Wheels]) & Global Forecast, 202

Powder Coatings Market - By Resin (Thermoplastic, Thermoset, Fusion Bonded Epoxy), By Substrate (Metallic, Non-Metallic), By Application (Architectural, Jobbers, Pipeline, Appliances, Automotive & Transportation Components [Wheels]) & Global Forecast, 2023-2032

The global powder coatings market is anticipated to attain substantial gains through 2032 owing to the rising demand in the aerospace, automotive, and marine industry.

Businesses are working to secure and preserve their supply networks since the COVID-19 pandemic may have caused changes in the supply chain that are unknown. Conglomerates are also engaging into supply chain partnerships with dealers and distributors to guarantee that their products are successfully delivered throughout all the regions. For instance, in May 2019, Eastman Chemical Company revealed resin and polymer manufacturing expansion plans. In order to satisfy the rising demand, the company will be able to raise manufacturing capacity by 10% to 15% owing to the investment plan.

The powder coatings market has been divided in terms of resin, application, substrate, and region.

Based on resin, the thermoplastic segment is slated to amass over $800 million in revenue by 2032 credited to the important advantages it offers such as higher chemical resistance, thicker coating, and reduced toxicity. Additionally, the product provides a good amount of resistance to the difference between environmental forces.

With respect to application, the pipeline segment is speculated to witness robust growth through the forecast period. Powder coatings are being used to protect several sizes of steel pipes or pipes built from other materials. These coatings are applied to pipes used in buildings and other plumbing connections, such as those used for material transmission. Moreover, the significant role of pipelines in the oil and gas industry is as well likely to foster the demand for powder coatings, thereby propelling the market growth.

In terms of substrate, the non-metal segment is set to garner sizable market expansion over the review timeline. Powder coatings can also be used on non-metallic surfaces including medium-density fiberboard (MDF), glass, and plastic. The majority of uses for non-metallic coatings are in the fields of architecture, household appliances, and ornamental coatings.

From the regional outlook, the Middle East & Africa powder coatings market is estimated to grow at 4.5% CAGR from 2023 to 2032. MEA is among the fastest-growing construction industries. Oil price recovery-related economic growth will significantly support government spending in the construction industry. Moreover, Saudi Arabia, the United Arab Emirates, and South Africa are the main contributors for growth in the MEA furniture market.

The MEA furniture industry will get a boost in revenues from favorable government attempts to increase FDI inflows in construction. The market is also expanding due to significant developments being undertaken by the hospitality sector to boost tourism.

Prominent companies operating in global powder coatings industry include BASF SE, AkzoNovel N.V., Dulux Powder and Industrial Coating, Kansai Paints, and Asian Paints amongst others.