Top Leading players in the Powder Coatings Market
The Powder Coatings market is projected to grow from USD 13.8 billion in 2021 and is projected to reach USD 16.8 billion by 2026, at a CAGR of 3.9% between 2021 and 2026. APAC is the largest consumer of powder coatings. Growth in various end-use industries, stringent environmental regulations, and technological advancements are the factors driving the powder coatings market.
APAC is the leading market for Powder Coatings. Countries such as India, China, and Indonesia are investing heavily in various end-use industries, which is likely to influence the growth of the powder coatings market in these countries. The market in the APAC region will witness a significant rise owing to the growth of the electronics and automotive industries in China, Thailand, India, South Korea, and Taiwan. Increasing demand for consumer goods, including washing machines and refrigerators, in countries such as India, China, Vietnam, the Philippines, and Thailand, is expected to boost the demand for powder coating in these applications.
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The key players operating in the market are PPG Industries, Inc. (US), The Sherwin-Williams Company (US), Akzo Nobel N.V. (Netherlands), Axalta Coating Systems, LLC (US), and Jotun A/S (Norway). These players have adopted various strategies, such as merger & acquisition, investment & expansion, and new product launch, to grow in the market. Merger & acquisition was the key strategy adopted by the major players between 2017 and 2021. This strategy helped companies enhance their geographical presence.
PPG is a US-based company that manufactures and distributes coatings and optical & specialty materials. The company mainly operates through two segments: Performance Coatings and Industrial Coatings. It provides powder coatings under the Industrial Coatings segment. These powder coatings provide great chip and corrosion resistance to extend the life of the substrate and are available in various chemistries, such as epoxy, epoxy polyester hybrids, polyester, polyurethane, acrylics, and fluoropolymer. Envirocron, Duranar, Caroflon, Silversan, and FasTREK are some of the brand names under which PPG manufactures powder coatings. The Performance Coatings segment includes paints and coatings for aerospace, automotive, marine, and architectural applications. In March 2020, PPG completed its acquisition of Alpha Coating Technologies, LLC (“Alpha”). The acquisition provides additional powder manufacturing capacity. This includes small batch and low cure powder manufacturing capabilities for general finishes, light industrial, furniture, and heat-sensitive substrate end uses.
Sherwin-Williams (US) is a diversified paints and coatings company. It is a global leader in the manufacturing, development, distribution, and sale of powder coatings and related products for professional, industrial, commercial, and retail customers. It has a strong customer base and operates in several countries of Europe, North America, and Asia Pacific. The company comprises three business segments: The Americas Group, Consumer Brands Group, and Performance Coatings Group. Powder coatings, along with other products, are manufactured under the Performance Coatings segment and are sold in more than 120 countries. In June 2017, Sherwin-Williams acquired the Valspar Corp., a Minneapolis-based global paints & coatings company, for about USD 11.3 billion.
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