Paints & coatings are not only used to show the beauty but also to protect the surface of the substrate where it applies. In the last decade, the demand for powder coatings has increased at a faster rate due to its very low VOC emission or no VOC emission property and it favors the environmental norms and sustainable development. Besides, it is economical in use, storage, and not flammable, unlike traditional solvent-based coatings. Even the powder coatings which are over-sprayed can also be recycled and reused. Over time, the coating manufacturers have improved the powder coating products for architectural and industrial usage. The new curing processes and improved properties of powder coatings have helped end-user industries by saving cost and high performance. The powder coatings are mainly used in sectors like the buildings & construction industry, automotive industry, steel & pipe industry, machinery equipment, home appliances, furniture/wood, etc.

As the pandemic of Covid-19 began, the paints & coatings’ products demand also decreased over time as the covid-19 also affected the end-user industries. The buildings and construction industry, and the automotive industry were among the highest impact on the global scale. Coatings manufacturers also followed the respective government guidelines to face the challenge of covid-19 and to sustain their business operations. According to some research studies, the coronaviruses can remain viable or infectious on metals, glasses, wood, fabrics, and plastic surfaces for several hours to days, irrespective of the surface looking dirty or clean. Such an infected surface can easily cause the spread of the coronavirus to humans if they touch those active surfaces. Some coating manufacturers have innovated and improved their coating products which can act as anti-virus (anti-microbial) coating solutions for different surfaces and protect humans from spreading microbial diseases. For example, Axalta Coatings supplied its Alesta AM powder coatings 7000 pounds for bed frames at a temporary hospital at McCormick Place in Chicago in May 2020, where Covid19 patients were treated. On 11th Sep 2020, Nippon Paint Malaysia also launched VirusGuard paint as anti-viral and anti-bacterial paint with Silver ion technology. It was tested in a lab to be 99.9% effective to human coronavirus, and also it inhibits the growth of HFMD, H1N1, Escherichia coli and Staphylococcus aureus, etc.

The powder coatings market has gained momentum in the last few years due to environmental concerns and changing buying behavior of consumers. As powder coatings are more durable, anti-corrosion, low energy consumption, and have other benefits with special coating features, the global powder coatings market is estimated to grow at a CAGR of 6.65% over the forecast period 2022-2027.

The thermoset powder coatings market segment accounted for the largest market share by coating resin type. Various resins are used to manufacture powder coating products for different properties and end-user applications. Polyester resin-type powder coatings account for the highest market share. It provides better weather resistance, good mechanical resistance, greater flexibility and impact resistance, good chemical resistance, etc., which makes it suitable for both indoor and outdoor applications in different end-user industries. The electrostatic spray deposition (ESD) powder coating method dominates the market due to its high powder utilization rate, easy automation, and smooth coating.

Asia-Pacific accounts for the largest market share among the regional market, followed by Europe and North America. During this pandemic, the economy of these regions has suffered from a devastating downturn. Asia-pacific region, mainly China, India, Japan, South Korea, etc., also contributes to higher raw material supply to other regions. However, during this pandemic, the blockage of supply at international routes due to government guidelines to check the spread of coronavirus has also affected the production and pricing of the final product.

Powder coating has various applications in end-user industries like automotive, architectural, home & electrical appliances, furniture, general industrial, and others. The home & electrical appliances segment accounted for the highest market share, followed by general industrial and automotive. The Automotive & furniture segment will witness high growth during the forecast period. Emerging nations like south-east Asian countries will witness higher growth in the Asia-pacific region due to increased income levels, increasing construction activity, higher demand for automotive and appliances.

Key Players in Powder Coatings

The powder coatings market is mainly fragmented in regions. However, the top 10 players account for about half of the total market. Some of the key global players include Akzo Nobel N. V., PPG Industries, Sherwin Williams, Axalta Coatings, Jotun A/s, Nippon Paints, Kansai Paints, BASF, Asian Paints, Tiger Coatings, Erie Powder Coatings, Berger Paints, RPM International, IGP Pulvertechnik AG, INOX (Unison Hardware, Inc.), Protech Group, etc. The top players’ key strategies in the powder coatings market include mergers & acquisition activities, new innovative product development, sustainable development to inspire and motivate the society, marketing strategies with better consumer interactions, providing sales & technical support, and feedback to retain clients, etc.

15th March 2022, PPG announced the opening of its new European Central Powder Coatings Research and Development (R&D) Center in Milan, Italy. Earlier on 7t Feb 2022, the company announced that it will acquire the powder coatings business of Arsonsisi, an industrial coatings company based in Milan, Italy. This will support the high R&D for new product development and expanded capabilities for the company in the EMEA region.

23rd March 2022, AkzoNobel announced the launch of sustainable and high-performance Interpon ACE powder coatings, to serve the high demands in the Agricultural and Construction Equipment (ACE) sector.

Earlier on 2nd Sep 2020, AkzoNobel has announced the completion of the acquisition of Stahl Performance Powder Coatings and its range of products. This acquisition has given new market opportunities in temperature-sensitive substrate coatings (MDF, plywood, thermoplastics, composites) for AkzoNobel as the company now has access to both UV and thermally curing powders and the ultra-low cure (80-100°C) domain.

Earlier in April 2020, INOX has developed an antimicrobial powder coating MicroArmor™ which is infused with silver-ion technology for hardware coatings to inhibit the growth and reproduction of harmful microbes up to 99.9% effective. MicroArmor™ is approved by the Environmental Protection Agency (EPA) and certified by the Japanese Industrial Standard (JIS) Z 2801 method.

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Aditya
Director, AKI Research & Consulting, www.akiresearch.com
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