Allied Market Research published a report, titled, "Powder Coatings Market by Resin Type (Thermoset and Thermoplastic), Coating Method (Electrostatic Spray and Fluidized Bed), and Application (Appliances, Automotive, Architectural, Furniture, Agriculture, Construction, and Earthmoving Equipment (ACE), General Industrial, and Others): Global Opportunity Analysis And Industry Forecast, 2023-2032 ".  

According to the report, the global powder coatings industry generated $13.3 billion in 2022, and is anticipated to generate $20.8 billion by 2032, witnessing a CAGR of 4.6% from 2023 to 2032. 

Prime determinants of growth 

Powder coatings are gaining popularity in the automotive industry for applications such as wheels, chassis components, and exterior parts. The focus of automotive sector on lightweight materials, coupled with the durability and corrosion resistance offered by powder coatings, contributes to their growing use in this industry. The construction and infrastructure sector is a major driver for the powder coatings market. However, the setup for powder coating application requires specialized equipment, including electrostatic spray guns and curing ovens. The initial investment in this equipment can be relatively high, posing a barrier to entry for smaller businesses or those with limited capital. Nevertheless, surge in technological advancements is expected to offer lucrative opportunities for market growth in the coming years. 

Leading Market Players: -