The latest research results of Markets&Markets, a market research organization, show that the global powder coatings market is expected to be approximately US$15.7 billion this year and is expected to reach US$21.4 billion by 2025, with a compound annual growth rate of 6.3%. Affected by factors such as significant growth in demand in downstream applications and innovation in powder coating technology, the global powder coating market will show a rapid development speed.
Powder coating has obvious advantages
Major global powder coating manufacturers include PPG in the United States, Akzo Nobel in the Netherlands, Sherwin-Williams in the United States, Axalta in the United States, Asia Coatings in India, Nippon Paint, BASF in Germany, and Jordan in Norway.
Powder coating is a modern new type of coating product. It is 100% solid powder coating. If it is excessive or oversprayed, the excessive part of the coating can be recycled and reused with a recycling system to reduce environmental pollution. It has no solvent, no pollution, energy saving, and labor reduction. High strength and mechanical strength of the coating film.
Significant development of powder coatings in the Asia-Pacific region
From a global perspective, the powder coatings market in the Asia-Pacific region has developed the most significant, thanks to the strong growth of the electronics industry and automobile manufacturing in the region. In China, Thailand, India, South Korea and other countries, the demand for consumer products for home appliances continues to grow, which indirectly boosts the application of powder coatings. The home appliance industry is the most obvious industry in the application of powder coatings in recent years, such as refrigerators, air conditioners, dryers, washing machines, water heaters, and microwave ovens.
In 2020, sales of powder coatings used in automobiles and general industrial products are expected to reach 5.11 billion US dollars. The Asia-Pacific region has become the largest consumer market for powder coatings in the future. The compound annual growth rate of powder coatings consumption in the Asia-Pacific region will reach 8.5% by 2020.
Due to the increasingly strict VOC restrictions imposed by regulatory agencies and regulations such as EPA and REACH, powder coatings will have more growth potential than traditional liquid coatings in the future. In addition, the continuous growth of the automotive, home appliances and other consumer goods markets will continue to boost powder coating sales.
In the long run, China, India, Brazil and Russia will be the key markets for the future growth of the powder coatings market, while the powder coatings market in Europe and North America has matured with limited growth.
China's powder coatings market will reach 2.5 million tons in 2022
In 2018, China's sales of thermosetting powder coatings were 1.76 million tons, and thermoplastic powder coatings were about 150,000 tons. The total sales of powder coatings was about 1.9 million tons, an increase of about 9% year-on-year; in 2019, it exceeded 2 million tons, an increase of about 10% year-on-year .
With China's green development requirements in recent years, China's "paint change to powder" has accelerated, and powder coatings account for an increasing share of the entire coating system. Up to now, China has become a large country in the production and consumption of powder coatings. It is estimated that by 2022, China's powder coating production scale will exceed 2.5 million tons.
