Epoxy Powder Coatings Global Market Report 2024 - Details on Trends, Drivers, Advancements, and More
Epoxy Powder Coatings Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The epoxy powder coatings market has witnessed a steady surge in recent years. It's expected to grow from the $4.02 billion worth recorded in 2023 to $4.18 billion in 2024 at a compound annual growth rate CAGR of 3.9%, largely characterized by global automotive production growth, urbanization and infrastructure development, usage in electrical and electronic products, and growing demand within the construction industry.
What Is The Future Of The Epoxy Powder Coatings Market?
The epoxy powder coatings market is projected to maintain steady growth in the coming years, with expectations pegging it at $4.91 billion by 2028 at a CAGR of 4.1%. The forecasted growth is attributed to several factors including increased demand from electric vehicles EV manufacturers, stringent environmental regulations and standards, focus on corrosion protection, application in aerospace and defense sectors, and rising demand for sustainable coating solutions. Furthermore, major trends for the forecast period include the adoption of automated and AI-driven systems, advancements in production techniques, development of new formulations, applications, advanced coating solutions, and emerging R&D on coatings to prevent pipeline clogging.
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What Are The Key Drivers Of The Epoxy Powder Coatings Market?
The growth of the epoxy powder coatings market is largely fueled by the rising production of electric vehicles EVs. EVs, powered by one or more electric motors, have seen a surge largely due to a combination of increasing consumer demand, supportive government policies, and technological advancements. Epoxy powder coating plays a critical role in EVs, offering excellent corrosion resistance, durability, and electrical insulation, all essential for protecting components and enhancing the vehicle's longevity. For instance, data from April 2023 report by the International Energy Agency, a France-based intergovernmental organization, showed that over 10 million electric vehicles were sold globally in 2022, with projections indicating a 35% increase in 2023, taking the total to 14 million. This increase underscores the significant role EV production plays in driving the growth of the epoxy powder coatings market.
Explore the full report on the state of the global epoxy powder coatings market: https://www.thebusinessresearchcompany.com/report/epoxy-powder-coatings-global-market-report
What Are Major Players Doing In The Epoxy Powder Coatings Market?
Major companies operating in the epoxy powder coatings market are continually making strides in product innovation, focusing on developments such as zinc epoxy powder primers that offer superior corrosion resistance. One notable instance was in August 2024, when PPG Industries Inc. launched the PPG PRIMERON Optimal zinc epoxy powder primer. It brings immense benefits like better transfer efficiency, superior corrosion protection, compliance with ISO C5 standards, cost and sustainability benefits, and the elimination of volatile organic compounds VOCs.
How Is The Epoxy Powder Coatings Market Segmented?
The epoxy powder coatings market is broadly segmented into:
1 Coatings Type: Fusion Bonded Epoxy Coating, Spray Grade Fusion Bonded Epoxy, Other Coating Types
2 Method: Electromagnetic Brush EMB Coating, Electrostatic Spray Deposition, Fluidized Bed Coating
3 End-User: Automotive, Building And Construction, Industrial, Aerospace And Defense, Marine, Electrical And Electronics, Oil And Gas, Other End-Users
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