The powder coatings market is projected to grow from USD 15.7 billion in 2020 to USD 21.4 billion by 2025, at a CAGR of 6.3% between 2020 and 2025. APAC is the largest consumer of powder coatings. The powder coatings market is witnessing high growth followed by heavy investment across appliances, automotive, general industrial, architectural, and furniture industries in APAC.
The key players operating in the market are PPG Industries, Inc. (US), Akzo Nobel N.V. (Netherlands), The Sherwin-Williams Company (US), Axalta Coating Systems, LLC. (US), Asian Paints Limited (India), and Nippon Paint Holdings Co., Ltd. (Japan). These players have adopted various strategies, such as merger & acquisition, investment & expansion, and new product launch to grow in the market. Investment & expansion was the key strategy adopted by the major players between 2016 and 2020. This strategy helped companies enhance their foothold and global presence.
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PPG (US), which is headquartered in Pennsylvania (US), is dominating the global powder coatings market. This position is achieved by the company after many successful small and big acquisition and expansion activities. The major acquisition done by the company was of Whitford Worldwide, a global coatings manufacturer. The company is specialized in nonstick and low-friction coatings for consumer and industrial products. Moreover, the acquisition has expanded the company’s customer base as well as strengthened the relationship with stakeholders with the help of product expansion and increased R&D investments. The company should now focus more on product innovation, differentiation, and brand awareness activities to compete and maintain its dominating position in the market.
Akzo Nobel N.V. (US) is a diversified chemical company founded in 1994 and headquartered in Amsterdam (Netherlands). The company comprises of two business segments, namely, Performance Coatings and Decorative Paints. It has a strong customer base and operates in more than 80 countries of Europe, Asia Pacific, South America, and the Middle East. In November 2017, Akzo Nobel agreed to acquire the business of V.Powdertech Co., Ltd., the leading Thai manufacturer of powder coatings, supplying a range of products for domestic appliances, furniture, and general industrial applications. This acquisition will bring new technologies and services to complement Akzo Nobel’s global technology portfolio and business in market segments such as architectural and automotive coatings.
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