全球粉末涂料行业市场持续增长，粉末涂料用聚酯树脂行业迎契机（二）

Investment Rating - The report indicates a positive investment outlook for the powder coating industry, highlighting its growth potential driven by environmental regulations and market demand for eco-friendly products [1]. Core Insights - The powder coating industry is experiencing continuous growth, with a significant increase in production and sales driven by environmental policies and a shift towards sustainable practices [2][4]. - In 2021, China's total paint production reached approximately 38 million tons, with a year-on-year growth of 16%, and the main business revenue was 460 billion yuan, also reflecting a 16% increase [1]. - The market for thermosetting powder coatings in China saw a sales volume of around 235,000 tons in 2021, marking a year-on-year growth of 10.8% [2]. Summary by Sections Overview of the Powder Coating Industry - The powder coating sector is a subfield of the broader coatings industry, characterized by its environmentally friendly and energy-saving properties, which have allowed it to compete effectively against traditional solvent-based coatings [2]. - The application areas for powder coatings have expanded from traditional sectors like furniture and appliances to include marine engineering and pipelines [2]. Market Dynamics - The market for powder coatings is benefiting from various national and local environmental regulations aimed at promoting green practices, which have increased the demand for eco-friendly coatings [2]. - The sales volume of polyester resin used in powder coatings reached 1.15 million tons in 2021, reflecting a year-on-year growth of 15.6% [4]. Product and Application Segmentation - In 2021, the market share of thermosetting powder coatings by application included 31.0% for construction materials, 20.5% for general industrial use, and 18.1% for household appliances [7]. - The composition of thermosetting powder coatings in 2021 included 18.2% pure epoxy, 23.5% epoxy/polyester blends, 32.8% polyester/TGIC, and 24.8% polyester/HAA [4][6].