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Waterborne
coatings along with powder coatings were developed to compete with traditional solvent-based coatings.
The goal was to lower the amount of volatile organic compounds (VOCs) emitted
by the paint's solvents while increasing the percentage of resin. Consumers are
preferring or shifting towards powder coatings from liquid coatings. This can
be attributed to the numerous advantages associated with powder coatings over
liquid coatings types such as low VOCs, non-toxic, lower carbon dioxide
emissions, lesser hazardous waste generation, improved film thickness, better
scratch resistance, excellent color retention & corrosion protection, great
film integrity and more. APAC Powder Coatings market size is forecast to reach US$10.7 billion by 2026, after growing at a CAGR of 7.6% during the year 2021-2026
In the upcoming
years, it is projected that manufacturers will be constantly launching new
powder coating products in the Asian market to increase their global reach. For
instance, AkzoNobel Powder Coatings introduced the Interpon Futura Collection
for 2022-2025 in March 2022, unveiling three completely new, on-trend color
palettes – Merging World, Healing Nature, and Soft Abstraction. The Interpon D
Futura Collection is, for now, available from stock to customers in Europe,
Africa, the Middle East, and will be launched in North America and Southeast
Asia later this year. Such product launches in the Asian region in the future
will increase market potential, thereby acting as an opportunity for the APAC
powder coatings market growth.
The COVID-19 outbreak wreaked havoc on the automotive ad construction
sector, posing significant economic concerns. As a result of the government's
severe measures to slow the spread of the coronavirus, automotive
manufacturing, and construction output growth decreased, causing widespread
fear and financial difficulties for the powder coatings industry in APAC. Several projects remained unfinished as a result of a lack of
funding. The construction industry also experienced problems including supply
chain disruption, a shortage of subcontractors and materials, and contract
terminations to save costs, all of which slowed the growth of the powder
coatings market in APAC. Construction
in several Asia-Pacific countries was temporarily halted. For instance, in
reaction to the enlarged state of emergency declared by the Japanese government
over the COVID-19 epidemic, prominent Japanese building companies such as
Kajima Corporation, Obayashi Corporation, and Taisei Corporation have paused
construction activity nationally until early May 2020. According to the Ministry of Trade &
Industry, construction nearly stopped altogether, shrinking 95.6% quarter on
quarter, far more than any other sector in Singapore. With
the temporary decrease in construction activities, the demand for powder
coatings had significantly fallen, which had an immediate major impact on the powder
coatings industry in 2020. Furthermore, powder coatings manufacturers across Asia-Pacific
had to shut down their production facilities and services as countries adopted
partial or absolute lockdown policies to deal with the pandemic, which hindered
the production of powder coatings.
Manufacturers were stranded on raw material orders due to a major effect on the
logistics industry due to the lockdown in the COVID-19 area. However, governments took the initiative to
gain the construction momentum back by heavily taking initiatives to accelerate
the growth of construction activities. For instance, the Australian government
launched the HomeBuilder initiative to keep the residential building industry
afloat during the coronavirus outbreak. HomeBuilder offers a US$25,000 grant to
qualifying owner-occupiers to construct a new home or substantially renovate an
existing home. As a result, the market paced back to its pre-covid market
level.
India is growing
at the fastest CAGR in the APAC powder coatings market, owing to the
flourishing construction and automobile sector in the country, which is
accelerating the demand for powder coatings in India. According to Invest
India, the Construction industry in value terms is expected to record a CAGR of
15.7% to reach US$738.5 billion by 2022. According to Invest in India, the construction
industry in India is expected to reach US$1.4 Trillion by 2025. By 2030, more
than 40% of the Indian population is expected to live in urban India (34%
today) which is likely to create a demand for 25 million additional
affordable units. According to Invest India, by 2026, India is
projected to be the third-largest automotive market in the world in terms of
volume. According to the India Brand Equity Foundation (IBEF), Indian passenger
vehicle sales increased and reached 3,10,294 units in October 2020, compared
with 2,71,737 units in October 2019, a 14.19% growth. As per the Federation of Automobile Dealers
Associations (FADA), passenger vehicle sales in November 2020 stood at 291,001
units, compared with 2,79,365 units in November 2019, registering a 4.17%
growth in India. In such context,
India's increasing automobile production and construction activities are
anticipated to result in an increase in demand for powder coatings in India
during the forecast period.
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APAC Powder Coatings Market Growth Drivers:
Growing investments in the construction sector
Powder coating
comes in a variety of colors and options, including customized options, which
is vital to the construction industry. One of the fastest-growing markets
for powder coating in the construction sector owing to the durability provided
by powder coatings. With the wide variety of colors and finishes available in
powder coatings, more and more construction companies are turning to powder
coatings to provide long-term exterior finishes for outdoor venues and public
works projects. As environmental awareness and regulations continue to gain
momentum, more architects and building owners are specifying powder coatings
for their projects. Also, owing to its long-lasting nature and its resistance to
UV rays the demand for powder coating has increased in the construction
industry. Recently, the construction industry has become the biggest focus area
for the Government of India. India plans to spend US$ 1.4 trillion on
infrastructure during the year 2019-23 to have a sustainable development of the
country. With increasing investments in infrastructure development projects,
the demand for powder coatings surging in the coming years. Furthermore, the
Chinese government approved 26 infrastructure projects worth approximately USD
142 billion in 2019, according to the National Development and Reform
Commission of China, which are anticipated to be completed by 2023. Powder
coatings are likely to benefit from rising infrastructure expenditure and the
construction of more complex structures. Furthermore, the country boasts the
world's largest construction market, accounting for 20% of all worldwide
construction investments. By 2030, the country is estimated to spend roughly
USD 13 trillion on construction. Powder coating has plenty of advantages in the
construction industry. One of the hottest trends for construction is
low-emitting products and sustainable buildings, which means buildings that are
constructed, designed and operated to boost economic as well as environmental
productivity and performance. These increased demands are boosting the market
for powder coating in the construction sector. In the Asia Pacific, about 55%
of the powder coating produced is used to decorate and protect new construction
as well as to maintain existing structures, including residential homes and
apartments, public buildings, plants, and factories.
The
Major Players in this Market Include
The major
companies in the APAC Powder Coatings market include PPG Industries Inc., The
Sherwin Williams Company, AkzoNobel N.V., KCC Corporation, Axalta Coating
Systems, Nippon Paint Holdings Co. Ltd., Jotun A/S, Dai Nippon Toryo Co. Ltd.,
Kansai Nerolac Paints Limited, and Berger Paints India Limited. The key focus of
the companies has shifted towards product launch and expansion.
In October 2020,
AkzoNobel was building a plant in Chungli District, Taoyuan City, Taiwan, that
will allow customers in Taiwan more access to the company’s advanced powder
coatings solutions. The fully automated plant, which represents a €20 million
investment, will have the increased production capacity to fulfill growing
demand in the architecture, auto accessories, telecommunications, electronic
components, furniture, domestic appliances, sports equipment, and machine tools
markets.
In May 2020, PPG
acquired Global Coatings Manufacturer Wörwag, a global manufacturer of coatings
for industrial and automotive applications. The acquisition of Wörwag is
another step forward in PPG’s strategic growth plan that will provide further
value to our customers and shareholders.
In March 2020, PPG acquired Alpha Coating Technologies, a Light Industrial Powder Coatings Manufacturer, of powder coatings for light industrial applications and heat-sensitive substrates. Financial terms were not disclosed.
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