Epoxy Powder Coatings Market Report 2024

This Epoxy Powder Coatings market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The epoxy powder coatings market size has grown steadily in recent years. It will grow from $4.02 billion in 2023 to $4.18 billion in 2024 at a compound annual growth rate (CAGR) of 3.9%. The growth during the historical period can be attributed to the global increase in automotive production, rising urbanization and infrastructure development, a greater use of epoxy powder coatings in electrical and electronic products, improved capabilities for applying thinner and more uniform coatings, and a growing demand within the construction industry.

The epoxy powder coatings market size is expected to see steady growth in the next few years. It will grow to $4.91 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The anticipated growth during the forecast period can be attributed to the increasing demand from electric vehicle (EV) manufacturers, heightened environmental concerns coupled with stringent regulatory standards, a greater emphasis on corrosion protection, an expanding use of epoxy powder coatings in the aerospace and defense sectors, and a rising demand for sustainable coating solutions. Key trends expected in this period include the adoption of automated and AI-driven systems, advancements in production techniques, the development of novel formulations and applications, innovative coating solutions, and emerging research and development focused on coatings to prevent pipeline clogging.

The growing production of electric vehicles is anticipated to drive the expansion of the epoxy powder coatings market in the future. An electric vehicle (EV) is defined as a vehicle that relies on one or more electric motors for propulsion. This rise in electric vehicle production is fueled by increasing consumer demand, supportive government policies, and advancements in technology. Epoxy powder coatings are utilized in electric vehicles due to their excellent corrosion resistance, durability, and electrical insulation, which are crucial for protecting components and enhancing the vehicle's lifespan. For example, in April 2023, the International Energy Agency, a France-based intergovernmental organization, reported that over 10 million electric vehicles were sold worldwide in 2022, with projections suggesting a 35% increase in 2023, totaling 14 million vehicles. Hence, the increasing production of electric vehicles is boosting the growth of the epoxy powder coatings market.

Key companies in the epoxy powder coatings market are concentrating on developing innovative products, such as zinc epoxy powder primers, to provide outstanding corrosion resistance. Zinc epoxy powder primers are protective coatings made from zinc particles and epoxy resin, which are applied to metal surfaces to enhance corrosion protection and improve adhesion for subsequent layers of paint or coatings. For instance, in August 2024, PPG Industries Inc., a US-based manufacturer of paints and coatings, introduced the PPG PRIMERON Optimal zinc epoxy powder primer. This product features an advanced zinc formulation that offers superior transfer efficiency, achieving 85% efficiency compared to standard zinc-rich primers, and complies with ISO C5 standards (ISO 12944 Corrosion Category C5 - Very High Corrosivity) for protection in high humidity and harsh conditions. Its significantly lower specific gravity (2 vs. 3.6) makes it lighter and easier to apply, requiring about half the amount of traditional primers, which leads to cost savings and improved sustainability. Additionally, the PRIMERON Optimal primer is solvent-free, which eliminates the release of volatile organic compounds (VOCs).

In February 2022, Westlake Chemical Corporation, a US-based petrochemical manufacturer, acquired the epoxy business of Hexion Inc. for $1.2 billion. This acquisition will enable Westlake to significantly enhance its integrated business by integrating a leading portfolio of coatings and composite products, thereby supporting renewable energy and contributing to lightweight solutions in the aerospace and automotive sectors. Hexion Inc. is a US-based producer of epoxy powder coatings.

Major companies operating in the epoxy powder coatings market are BASF SE, Henkel AG & Co. KGaA, Sherwin-Williams Company, PPG Industries Inc., Evonik Industries AG, Akzo Nobel N.V., Nippon Paint Holdings Co. Ltd., RPM International Inc., Wacker Chemie AG, Axalta Coating Systems Ltd., Asian Paints PPG Pvt. Ltd., Jotun A/S, Allnex Group, Berger Paints India Ltd., Kansai Nerolac Paints, Teknos Group, Beckers Group, Tnemec Company Inc., Cardinal Paint and Powder, Solvay S.A., Crest Coatings Inc., Hempel A/S.

Asia-Pacific was the largest region in the epoxy powder coatings market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the epoxy powder coatings marker report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the epoxy powder coatings marker report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Epoxy powder coating is a protective finish used on metal surfaces, consisting of a blend of epoxy resins and hardeners that are formulated into a fine powder. This powder is electrostatically applied to the surface of the object and then cured in an oven, resulting in a strong and durable finish. Epoxy powder coatings are widely utilized across various industries due to their resilience and protective properties.

The primary types of epoxy powder coatings include fusion-bonded epoxy coating, spray-grade fusion-bonded epoxy, and others. Fusion-bonded epoxy (FBE) coating is a specific type of powder coating that is applied to a pre-heated surface, typically steel, allowing the epoxy powder to melt and fuse into a protective layer. Various application methods are used, including electromagnetic brush (EMB) coating, electrostatic spray deposition, and fluidized bed coating. This type of coating is employed by a range of end-users in industries such as automotive, building and construction, industrial, aerospace and defense, marine, electrical and electronics, oil and gas, and more.

The epoxy powder coatings market research report is one of a series of new reports that provides epoxy powder coatings market statistics, including epoxy powder coatings industry global market size, regional shares, competitors with a epoxy powder coatings market share, detailed epoxy powder coatings market segments, market trends and opportunities, and any further data you may need to thrive in the epoxy powder coatings industry. This epoxy powder coatings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The epoxy powder coatings market consists of sales of architectural coatings, marine coatings, corrosion-resistant coatings, custom colors and finishes. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

This product will be delivered within 3-5 business days.