Asia-Pacific Epoxy Powder Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Asia-Pacific epoxy powder coatings market is estimated to witness a significant growth, at an estimated CAGR of over 3%, over the forecast period. Rising demand from the building and construction industry and soaring demand for eco-friendly coatings are expected to drive the market during the forecast period.

• Immiscibility with other coatings and increasing prices of raw materials are likely to hinder the market’s growth.
• Increasing Applications of Epoxy Powder Coatings is expected to create opportunities to the market’s growth in the future.
• China is expected to dominate the market and is also expected to witness the fastest CAGR during the forecast period.

Key Market Trends

Increasing Usage in the Automotive Industry

• In the automotive sector, powder coatings are used in interior and exterior parts of vehicles, to add a pleasant appeal to them. They are also used in metallic parts, as well as plastic vehicle components of both interior and exterior types.
• Automotive coatings are used as protection against sunlight, material corrosiveness, and environmental effects, such as acid rain, hot-cold shocks, stone chips, UV radiation, car washing, and blowing sand, among others.
• Over a period of time, various companies have come up with different and new variants in coatings, such as heat and anti-reflective coating, electro-chromatic and smart coatings for windows, self-cleaning top coats, UV-curable powder coating system, iridescent and color changing base coat, and abrasion-resistant coatings for head lamps, among others.
• Automotive coatings can majorly be divided into two types, namely, automotive refinish and automotive OEM coatings.
• Automotive refinishing coatings are used to enhance the appearance and recover the damages caused by external factors, like temperature, and damage due to accidents, stones, and other debris, among others.
• These coatings are used by the automotive body shops and repair centers for refinishing the vehicles.
• All the aforementioned factors are expected to boost the demand for epoxy powder coatings in the region during the forecast period.

China to Dominate the Market

• In the Asia-Pacific region, China is the largest economy, in terms of GDP. China is one of the fastest emerging economies and has become one of the biggest production houses in the world, today. The country’s manufacturing sector is one of the major contributors to the country’s economy.
• The continuous improvements in economic conditions in the region have enhanced the financial status of the consumers, in turn, boosting the demand for buildings and other infrastructural activities in the country.
• China’s 13th Five Year Plan started in 2016 as it was an important year for the country’s engineering, procurement, and construction (EPC) industry. In addition to this, the country ventured into new business models domestically and internationally, during the year.
• The Chinese aircraft industry depicted significant growth over the years. According to Boeing, China is estimated to require around 7,600 new commercial aircraft, valued at USD 1.2 trillion, over the next two decades.
• Foreign investment in China has also been extended into the aviation sector, which is projected to register a CAGR of 6%, owing to China’s geographical location, which provides easy access to the industrial goods markets in the neighboring countries, as well as, other countries globally, making it a major access point for manufacturers and suppliers.
• Due to all such factors, the market for epoxy powder coatings in the country is expected to have a steady growth during the forecast period.

Competitive Landscape

The Asia-Pacific epoxy powder coatings market is partially fragmented in nature. Key players in the market include Akzo Nobel N.V., 3M, Jotun, PPG Industries, Inc., and The Sherwin-Williams Company, among others.

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