Disclosed herein is a powder coating suspension prepared by a method comprising (1) emulsifying a liquid component comprising a liquid starting product in an aqueous medium in the presence of an emulsifier whose aqueous solution at the critical micelle concentration (CMC) has a surface tension >30 mN/m to give an aqueous emulsion of liquid particles and (2) cooling the emulsion so that a suspension of dimensionally stable particles is formed. Also disclosed are a process for preparing a powder coating suspension and a process for preparing a powder coating material.