North America Powder Coatings Market size crossed USD 2.3 Billion in 2020 and is anticipated to expand at a CAGR of 5.5% from 2021 to 2027.
Powder coating is a type of dry coating process mainly used for metal finish on equipment used in wide range of industries. This type of coating is applied in a dry powder form through an electrostatic process, further it is cured with heat. Powder coating provide high-quality finishes in terms of overall look and functionality. It is mainly based on polymer resin combined with curative, pigments, leveling agents, flow modifiers, and various other additives. Powder coatings offer various benefits including high efficiency, low cost, easy availability of wide range of varieties, ease of application, reduced cleanup, fast turnaround, provide more consistence finishes and offers more durable and tougher coating. Owing to its benefits, powder coating is used in many small- and large-scale applications to protect substances ranging from kitchen substances to heavy machinery in industries.
The thermoset segment will showcase 5.5% growth rate during the forecast period. Thermoset resins such as epoxy, polyester, polyurethane, acrylic, and epoxy polyester hybrid are used extensively for the powder coating processes as they provide a surface layer that is decorative and highly durable. Thermoset powder coats provide a high level of impact, temperature, and corrosion resistance.
Growing manufacturer focus on developing light weight industrial components is set to fuel the thermoset resin use. Increasing use of thermoset resin for producing automotive components, including horns, wipers, radiator grills, door handles, wheel rims, bumpers, and metallic structural component will drive the segment growth.
The general metal segment revenue was around USD 840 million in 2020. Powder coating can be used for coating wide range of metals such as bronze, aluminum, brass, titanium, copper, and steel including galvanized, stainless, and anodized. Increasingly used of powder coating in general metal applications owing to its low cost and high performance should stimulate the market expansion.
The metallic segment value is estimated to cross USD 3.2 billion by 2027. Increasing demand for metallic components across wide range of industries such as automotive, medical, architectural, agriculture, and construction have accelerated the growth of metallic segment in the market. Rapid industrial production across the U.S. and Canada is projected to boost the demand for powder coatings on metallic substrate.
North America powder coatings market share is significantly competitive with major players including Axalta Coating System, AkzoNobel N.V., Kansai Paints, Somar Corporation, PPG Industries, Asian Paints, BASF, Dupont Coating & Colour Technologies Group, RPM International, and The Sherwin-Williams Company.
Companies are focusing on strategic initiatives such as agreement, acquisition, and merger to expand their presence into the industry. In March 2020, Alpha Coating Technologies LLC was acquired by PPG Industries. Alpha Coating Technologies LLC is involved in the development and production of powder coatings primarily for heat-sensitive substrates and light industrial applications.