Pure Epoxy Powder Coatings Market - Forecast 2022-2027

KoduriVijay

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Pure Epoxy Powder Coatings Market - Forecast 2022-2027

The Global Pure Epoxy Powder Coatings Market size is forecast to reach US$2.5 billion by 2027 after growing at a CAGR of 6.0% during 2022-2027. Pure epoxy powder coatings are high functional products made up of pure epoxy resins cross-linked with proprietary hardeners. Compared to other type of coatings such as triglycidyl isocyanurate powder coatings, pure epoxy coatings come with robust chemical resistance and corrosion protection, making them suitable for use in a wide spectrum of applications. Pure epoxy powder coatings are extensively used in the construction sector where they are utilized for coating pipes, ceiling panels, concrete floors, and several other construction applications. The construction sector is booming with increasing investment and new construction projects and this is expected to augment the market’s growth during the forecast period. For instance, according to the stats by India Brand Equity Foundation, FDI received in the construction development sector (townships, housing, built up infrastructure, and construction development projects) stood at US$ 26.14 billion between April 2000 and June 2021. Furthermore, pure epoxy powder coatings find their massive usage in the automotive sector due to their excellent temperature tolerance and corrosion resistance. The automotive sector is expanding globally with increasing vehicle production and sales and this in turn is expected to propel the market’s growth during the forecast period. For instance, as per the 2021 report by the European Automobile Manufacturers Association, passenger car registrations in the European region surged 25.2% in the first half of 2021. The use of pure epoxy powder coatings under direct sunlight leads to chalking, limiting the functionality of the coatings and this might hamper the market’s growth during the forecast period.

COVID-19 Impact

The global pure epoxy powder coatings market was deeply impacted due to the COVID-19 pandemic. The market came across challenges in the form of disruption in the supply chain and the idling of factories amid the pandemic. Market players came up with contingency plans to withstand the severity of the pandemic. Moreover, the slow growth rate in several end use sectors such as construction and automotive further affected the market’s growth. For instance, as per the stats by International Organization of Motor Vehicle Manufacturers, automobile production dropped 16% globally in 2020 due to the COVID-19 pandemic. Going forward, the market is expected to witness significant growth owing to the expansion of the construction and automotive sector.

Report Coverage

The “Pure Epoxy Powder Coatings Market Report - Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the pure epoxy powder coatings industry.

By Type: Technical Grade, Industrial Grade, Chemical Grade, Others

By Form: Liquid, Solid

By Finish: Glossy, Semi Glossy, Satin, Matt, Texture, Sand Texture, Others

By Application: Heating and Lighting Equipment, Light Fittings, Internal Auto Components, Household Utensils, Fire Extinguishers, Laboratory Equipment, Water Transmission Pipelines, Metal Cans and Containers, Oil Filters, Control Panels, Garden Equipment, Others

By End Use Industry: Automotive (Passenger Vehicle, Commercial Vehicle), Electrical and Electronics, Construction (Residential, Commercial), Marine, Food and Beverage, Agriculture, Oil and Gas, Furniture, Others

By Geography: North America (USA, Canada, Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, Rest of Asia Pacific), South America (Brazil, Argentina, Colombia and Rest of South America), and RoW (Middle East and Africa).

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Key Takeaways:

The automobile sector is driving the global pure epoxy powder coatings market’s growth. As per the June 2021 data by European Automobile Manufacturers Association, registrations of passenger car jumped 53.4% in the European region in May 2021 compared to the same month in 2020.
The construction sector is expected to propel the market’s growth during the forecast period. As per the November 2021 stats by Council on Foreign Relations (CFR), the US Congress announced its investment plan of US$1 trillion for the up-gradation of physical infrastructures such as bridges and roads.
The Asia-Pacific region is expected to witness the highest demand for pure epoxy powder coatings owing to the booming construction industry in the region. As per the stats by India Brand Equity Foundation, FDI received by India in construction (infrastructure) activities recorded at US$ 25.38 billion between April 2000 and June 2021.

Figure: Asia Pacific Pure Epoxy Powder Coatings Market Revenue, 2021-2027 (US$ Billion)

Pure Epoxy Powder Coatings Market Segment Analysis - By Form

The solid form dominated the global pure epoxy powder coatings market in 2021, with a share of over 65%. Solid form specifically powder form offers formation of thicker and durable coating. Moreover, powder form allows manufacturers to prepare unique blend to match any texture, color, and finish. Owing to such robust properties, market players are focused on strengthening the powder form epoxy coating portfolio. For instance, In November 2021, AkzoNobel launched its new powder-based coating solution, Interpon W for heat sensitive substrates such as wood and plastic. Interpon W involves Interpon W Core range of powder coatings which includes epoxy and epoxy-polyesters and pure polyesters. Such expansion of powder-based epoxy coatings is expected to increase their demand in the market during the forecast period.

Pure Epoxy Powder Coatings Market Segment Analysis - By End Use Industry

The construction sector dominated the global pure epoxy powder coatings market in 2021, with a share of over 24%. The epoxy resin based pure epoxy powder coatings are extensively used in the construction sector owing to their superior chemical resistance. Pure epoxy powder coatings are used for coating floors, ceilings, pillars, and multiple other construction structures. The construction sector is booming globally with increasing investment and project announcements and this is expected to bolster the market’s growth during the forecast period. For instance, as per the August 2021 report by Eurostat, production in the building construction segment in the European Union and Euro Area grew by 3.8% and 3.1% respectively in June 2021. Similarly, according to the January 2021 stats by India Brand Equity Foundation, demand for residential properties surged in India due to increased urbanization in the country. Such huge growth in the construction sector globally is expected to catapult the use of pure epoxy powder coatings, thereby driving the market’s growth during the forecast period.

Pure Epoxy Powder Coatings Market Segment Analysis - By Geography

The Asia-Pacific region held the largest share in the global pure epoxy powder coatings market in 2021, up to 34%. The high demand for pure epoxy powder coatings is attributed to the booming construction sector in the region. Pure epoxy powder coatings are used in large quantities for protecting several building structures such as facades, pipes, ceilings, pillars, among others. The construction sector in the region is displaying tremendous growth and this is expected to increase the demand for pure epoxy powder coatings during the forecast period. For instance, according to the Q4 2020 Global Construction Monitor stats by the Royal Institution of Chartered Surveyors, the construction market in Asia-Pacific had positive momentum (+8), making it the world’ largest construction market in 2020. This massive growth in the region’s construction sector is expected to stimulate the demand for pure epoxy powder coatings during the forecast period.

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Pure Epoxy Powder Coatings Market – Drivers

Expanding automotive sector is driving the market’s growth

The automotive sector is one of the important markets for pure epoxy powder coatings. Compared to their counterparts such as triglycidyl isocyanurate powder coatings, the epoxy resin based pure epoxy powder coatings come with superior properties such as excellent corrosion protection and thermal resistance, making them a preferred choice in the automotive sector. The pure epoxy powder coatings are used in interior and exterior trim parts, seats, doors, and several other auto components. The automotive sector is expanding globally with increasing vehicle production and sales and this is expected to amplify the requirement for pure epoxy powder coatings. For instance, according to the stats by the European Automobile Manufacturers Association, passenger cars registrations surged in June 2021 in the European Union with Germany witnessing maximum demand with a 24.5% rise. Similarly, as per the data by India Brand Equity Foundation, in 2020, passenger cars and two wheelers dominated the domestic Indian auto industry accounting for a market share of 12.9% and 80.8% respectively, with a combined sale of over 20.1 million vehicles in the fiscal year 2020. Such massive expansion in the automobile sector globally is expected to increase the requirement for pure epoxy powder coatings, ultimately driving the market’s growth during the forecast period.

Booming construction sector is influencing the market’s growth

Pure epoxy powder coatings find their extensive usage in the construction sector. These coatings provide good chemical resistance and protection against abrasion, owing to which they are used in numerous building and construction structures such as concrete floors, roof sheets, pillars, facades, etc. The construction sector is booming globally with increasing investment by governments and new project announcements and this in turn is expected to propel the growth of the market during the forecast period. For instance, according to the data by InvestIndia, construction sector in India is projected to reach US$ 1.4 trillion by 2025. Similarly, as per the report by Federal Reserve Economic Data, total spending in the US residential construction segment amounted to US$ 657,608 in September 2020 compared to US$ 642,031 in August 2020. Such a massive boost in the global construction sector is expected to bolster the use of pure epoxy powder coatings, in turn influencing the market’s growth during the forecast period.

Pure Epoxy Powder Coatings Market – Challenges

Insufficient resistance to ultraviolet light might hamper the market’s growth

The pure epoxy powder coatings are prone to chalking when used on outer surfaces or open-air conditions. This has been a challenge in the market and is expected to hamper the market’s growth during the forecast period. The use of pure epoxy powder coatings is restricted as exposure to ultraviolet rays causes chalking. Owing to this, market players and research organizations are looking to improve the quality of epoxy powder coatings to withstand UV rays efficiently. For instance, as per the 2021 journal by ScienceDirect, hydrophilic nanosilica was added to epoxy powder coatings to enhance the performance of the coatings under ultraviolet rays. Such limitation of functionality of pure epoxy powder coatings might hamper the market’s growth during the forecast period.

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Pure Epoxy Powder Coatings Market Industry Outlook

Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the global pure epoxy powder coatings market. Global pure epoxy powder coatings top 10 companies include:

PPG Industries
Solvay S.A.
Evonik Industries
Axalta Coating Systems
AkzoNobel N.V
KCC Corporation
Jotun
Diamond Vogel
Carpoly Chemical
3M

Recent Developments

In March 2022, PPG launched its new phenolic epoxy tank coating, PHENGUARD 985, for the marine and tank storage sectors.
In March 2022, PPG announced the expansion of its AMERLOCK Series of epoxy protective coatings with the launch of PPG AMERLOCK 600.
In July 2019, AkzoNobel added three new production lines (acrylic powder coatings, metallic powder coatings and powder primers) for the automotive sector at its powder coatings plant in China.