Powder Coatings Market size was valued at USD 12,362.1 million in 2021 and is expected to grow at a CAGR of 7.4% from 2022 to 2028. The global market provides a detailed overview of the global powder coatings market, and that can be segmented by resin type, coating method, and by application. By resin type, the global powder coatings market has been segmented into Thermoplastic and Thermoset. The Thermoset segment is likely to be the largest and fastest-growing segment in terms of type in 2021 and is expected to maintain the trend in the forecasted years. Thermoset powder is made of different resins such as epoxies, polyesters, acrylics, and polyurethanes. Due to various other properties of thermoset powder, this segment is growing at a faster rate. Most thermoset powder coatings is able to safeguard from a high level of corrosion, impact, and temperature resistance. Based on the coating method, the global powder coatings market is segmented into Electrostatic Spray and Fluidized Bed. Among these, the Electrostatic Spray segment is expected to have the fastest-growing market during the forecast period 2022-2028 according to precision business insights. The Appliances segment accounts for the largest share in 2021 and is anticipated to register a significant CAGR in the upcoming years. It is attributed to the various usage of powder coatings on refrigerators, dryer drums, air-conditioner cabinets, washer tops and lids, water heaters, dishwasher racks, freezer cabinets, and microwave ovens. For some applications, the pre-coated blank stock is coated and then postformed in the desired shape. Hence, this segment will grow at a faster rate in the upcoming years.By region, the Asia Pacific region is expected to witness the highest market share during the forecast period it holds a tremendous potential market for global powder coatings.
In July 2022, Polychem powder coatings launched a new powder coating collection, named the Effects Collection.
In Mar 2022, AkzoNobel launched ACE powder coatings to serve the specific needs of the Agricultural and Construction Equipment (ACE) sector.