Powder coating is either polyester or polyurethane based powder which are plastics. If you chip, crack of pierce the coating, moisture will get under the coating and corrode like crazy.
Manufacturers use it as because it is a cheap finish and it looks very good when it leaves the factory.
I used to run a fabrication company and we only ever powder coated products after they had been galvanised. If the customer refused to pay for galvanising we turn the job down. The best finish for steel is a good coat of oil based paint.
You can see powder coating peeling off everything from garden furniture to mini diggers.