Powder Coating Resins: Introduction
- Powder coating resins are polymer compounds that are used as major element in the manufacture of powder coatings. Powder coatings are used to provide protective layers for a wide variety of objects. They offer resistance from corrosion, weather, and stain. Powder coating resins are formulated using water-based or solvent-based techniques. The method chosen to synthesize the coating resin for a particular application depends upon its specifications such as location, base material, and purpose for coating.
Key Drivers of Global Powder Coating Resins Market
- The powder coating resins market is expected to expand at a significant pace during the forecast period. Expansion of the paints & coatings sector is anticipated to drive the demand for powder coating resins in the near future.
- Significant demand for powder coating from diverse industries such as automotive, electronics, and building & construction is estimated to fuel the powder coating resins market during the forecast period
- Resins offer various advantages to powder coating such as reduced drying time, gloss retention, corrosion resistance, weather resistance, and stain resistance. Therefore, powder coating resins are used extensively in various end-use industries such as automotive, aerospace, marine, and building & construction. Powder coating resins are used for heavy and light-duty vehicles along with passenger cars in the automotive industry in order to achieve mechanical strength, adhesion to metals, and heat resistance.
- Powder coating resins are also employed significantly for wooden structures in the furniture industry
Building & Construction End-use Industry Segment to Dominate Global Market
- Based on end-use industry, the building & construction segment accounted for major share of the global powder coating resins market in 2020. Increase in building and infrastructure construction activities, rise in investment in residential construction and renovations, and growth in demand for paints and coatings in the construction sector are key factors that are estimated to drive the demand for powder coating resins during the forecast period.
Acrylic Resin Type Segment to Dominate Global Market
- Based on resin type, the acrylic segment is expected to dominate the powder coating resin market during the forecast period. Acrylic is extensively used as a resin type in powder coatings. Demand for acrylic type of resin is high owing to its low-cost and water resistance and stain protection properties.
Fluctuation in Prices of Raw Materials to Hamper Global Market
- Volatility in prices of various resins is a major factor likely to hamper the market during the forecast period. Resins are petrochemical-based products. Prices of resins vary owing to the supply-demand gap of crude oil. Thus, fluctuation in prices of raw materials is likely to hamper the powder coating resins market.
Covid-19 Impact on Powder Coating Resins Market
- The COVID-19 pandemic has led to interruption of various manufacturing facilities, disruption of the supply chain, and reduced demand for products from construction, automotive, and various other industries. Demand for powder coating resins was low in several end-use industries in 2020.
- Demand for powder coating resins has been declining owing to reduced manufacturing output and delays in expansion projects across the globe owing to the COVID-19 pandemic
- However, demand is anticipated to a rise in 2021 and 2022, owing to recovery of economy and steady progress of various end-use sectors
Asia Pacific to Hold Significant Share of Global Powder Coating Resins Market
- In terms of region, the global powder coating resins market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the global market for powder coating resins in 2020. The market in the region is estimated to expand significantly during the forecast period, largely driven by increase in investments in the building & construction sector and growth in the industrial sector in developing countries such as China and India.
- Several cities in China are working toward restricting the use of solvent-based coatings. This is likely to boost the powder coating resins market in Asia Pacific in the near future. Manufacturers in China have started using water-based powder coatings as substitute for solvent-based coatings.
- The powder coating resins market in North America and Europe is estimated to expand at a significant pace during the forecast period, mainly due to the large-scale investment in industries such as automotive, consumer goods & appliances, building & construction, and furniture
Key Players Operating in Market
The global powder coating resins market continues to remain consolidated among a few large players, which currently account for nearly 50% share in terms of revenue. Companies are focusing on expanding their regional footprint. Key players operating in the global powder coating resins market include:
- Allnex Netherlands B.V.
- The Sherwin-Williams Company
- Evonik Industries AG
Global Powder Coating Resins Market: Research Scope
Global Powder Coating Resins Market, by Resin Type
Global Powder Coating Resins Market, by End-use Industry
- Building & Construction
- Consumer Goods
Global Powder Coating Resins Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Interested in this report?
Get a FREE Brochure now!