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What Does The Growth Trend Reveal About The Metallic Powder Coating Industry?
The metallic powder coating market size has shown steady growth over the years. It is set to rise from $2.22 billion in 2023 to $2.38 billion in 2024, growing at a compound annual growth rate CAGR of 7.2%. This notable growth during the historic period can be attributed to the rise of automotive manufacturing, increased focus on corrosion resistance, the push for environmentally friendly coatings, and the demand for high-quality aesthetic finishes in various industries.
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What Factors Will Drive The Metallic Powder Coating Market Forward?
The metallic powder coating market is poised to witness robust growth in the coming years, rising to $3.15 billion in 2028 at a compound annual growth rate CAGR of 7.3%. The growth in the forecast period can be credited to increasing demand for environmentally friendly coatings, growth in the automotive and construction industries, rising consumer preference for aesthetic finishes, and stringent regulations on volatile organic compounds VOCs. Apart from these drivers, significant trends in the forecast period include the rise of eco-friendly formulations, automation in application processes, advancements in multi-layer coating systems, and the integration of smart coatings with functionality.
Moreover, the increasing production of automobiles is expected to boost the growth of the metallic powder coating market going forward. Automobiles, primarily designed for transporting passengers on roadways, are experiencing a global demand rise for personal transportation and growth of electric vehicles, which are reshaping consumers' preferences and propelling innovation in the industry. Metallic powder coatings in automobile productions enhance durability, corrosion resistance, and impart a premium metallic finish to the vehicle components. For example, according to the European Automobile Manufacturers Association, a Belgium-based lobbying and standards group, global production of motor vehicles reached 85.4 million in 2022, marking a 5.7% increase from 2021.
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What Actions Are Industry Leaders Taking In The Metallic Powder Coating Market?
Key players in the metallic powder coating market are strategically developing advanced coating solutions. The focus is on superdurable low-energy powder coatings to enhance finish quality, durability, and resistance to environmental factors. These innovative coatings cure at lower temperatures which significantly reduces energy consumption and production costs. For instance, in September 2024, AkzoNobel NV, a Netherlands-based paint and coating manufacturing company, launched the Interpon D2525 Low-E range. This series of superdurable low-bake powder coatings is designed to protect architectural surfaces in harsh environments and can be cured at lower temperatures, resulting in considerable energy savings and quicker curing times compared to conventional powders.
How Is The Metallic Powder Coating Market Segmented?
The metallic powder coating market is broadly segmented -
1 By Type: Bonding Process, Blending Process, Extrusion Process
2 By Resin Type: Epoxy Polyester, Polyester, Epoxy, Polyurethane
3 By Pigment Type: Aluminum, Mica, Other Pigment Types
4 By Application: Architectural, Automotive, Appliance, Furniture, Leisure Equipment
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