The powder coatings market has been segmented based on resin type (thermoset and thermoplastic), coating method (electrostatic spray, fluidized bed), end-use industry (appliances, automotive, general industrial, architectural, furniture, others), and region (APAC, Europe, North America, Middle East, South America, and Africa).
The thermoset resin segment is expected to lead the growth during the forecast period. Thermoset powder coatings are used on a wide array of automotive, appliances, and gen-eral industrial products. Thermoset powder coating systems offer broad formulation flex-ibility. They are very durable and are widely used in both decorative and functional applications. Thermosetting powders are derived from polyester, epoxy-polyester hybrid, epoxy, acrylic, polyurethane, and other resins.
The appliance industry is the fastest-growing end-use industry segment of the powder coatings market. Factors such as increase in per capita income and consumer spending, changing consumer preferences, and growing need for automation and technology ad-vancements, are behind the rapid growth of the powder-coated appliances market.
APAC is the leading market for powder coatings. Countries such as India, China, and Indonesia are investing heavily in various end-use industries, which is likely to influence the growth of the powder coatings market in these countries. The market in the APAC region will witness a significant rise owing to the growth of the electronics and automotive industries in China, Thailand, India, South Korea, and Taiwan.