Powder Coatings Market Size

Powder Coatings Market Size

Powder Coatings Market was valued at over USD 15.2 billion in 2023 and is expected to record over 6.2% CAGR between 2024 and 2032, driven by the rapid technological advancements and increasing demand from various end-use industries.

For instance, in May 2024, FANUC America launched the CRX-10iA/L painting collaborative robot, its first explosion-proof paint robot suitable for industries including painting, powder coating, and gel coating due to its compliance with safety standards. The superior characteristics of powder coatings over conventional liquid paints, such as enhanced durability, resistance to corrosion, chipping and fading, can be attributed to their ability to maintain an even and aesthetically pleasing finish. The increasing emphasis on eco- friendliness has accelerated the shift to powder coatings, which contain no volatile organic compounds (VOCs) and generate less hazardous waste.
 

The economic benefits of powder coatings, including reduced wastage and lower operational costs, will also fuel the market growth. Easy-to-use and efficient rapid curing in coatings is increasing the productivity and cost-effectiveness for manufacturers. Continued advances in powder coating technology, such as the development of flexible thermoplastic powders and ultrathin coatings are opening new possibilities for application in a wide range of materials. Increasing investments in processing industries and the rising demand for raw materials in emerging economies are also fueling the product demand.
 

However, the initial high cost of equipment and setup is deterring small and medium-sized enterprises from adopting this technology. The need for a controlled environment and specialized equipment may limit its use in some industries. The difficulty of obtaining thin or smooth surfaces coated with powder technology compared to liquid formulation may restrict its application in areas requiring high-quality finishing. The limited color palette and difficulties in color matching is also a drawback for projects that require aesthetic versatility.