Powder Coating Market size likely to exceed revenue of USD 15.58 billion by 2023, at 6.8% CAGR from 2016 to 2023: Global Market Insights Inc.
Global powder coating market share is quite fragmented, with top participants catering to less than 40% of the global demand in 2015. AkzoNobel, PPG, Sherwin Williams and Axalta are relative market leaders, with a number of regional companies fighting fordomestic market position.
The volume of the global powder coating market is predicted to cross 3800 kilo tons by the end of year 2023. The global market is predicted to register a CAGR of about 6.8% during the forecasted period. The industry is predicted to earn total revenue of 15580 million US dollars till the end of year 2023.
The growth & expansion of the global powder coating market is mainly promoted by growing demand for customer goods like automobiles and modern appliances in growing economies like Brazil, China and India due to rapid urbanization & high population. Further, government authorities like REACH and EPA are responsible for the expansion of the global market.
The characteristics of powder coatings that include resistance to rust, temperature, abrasion, chemical reactions, solvent reactions, ultra violet rays and hot weather conditions are the main factors influencing the demand & growth of the global powder coating market. Owing to these properties powder coatings are utilised in different kinds of applications. Production of the powders that can be coated to high temperature instruments like steam engines, charcoal grills and boilers is predicted to enhance the use of powder coatings in future. This factor will contribute towards the growth & expansion of the global powder coating market. The growth of in-mold powder coatings is predicted to explore future power coating market globally.
The global powder coating market is witnessing tremendous expansion owing to strict government rules, growth in end user applications, technological breakthroughs and tremendously growing markets of APAC zone, North American subcontinent and rest of the world.
But the designing & application problems like uneven layers in edges and corners are predicted to hinder the growth of the global powder coating market.
Based on the resin type, the global powder coating market is bifurcated into thermoplastic and thermoset.
Depending upon the end user applications, the global powder coating market is divided into consumer goods, furniture, architectural, automotive, appliances, general industrial and others.
Consumer goods section evolved as a dominant application section during year 2013. But automotive section is predicted to be the rapidly expanding application section during the estimated period.
Rapid expansion of automotive section can be attributed to growing highlight of exterior appearance of the high end cars. The growing automotive sector in APAC zone along with the rising expenditure by the regions of the zone leads to enhanced demand for high end luxury cars. This has led to enhanced demand & growth of powder coatings market in the zone.
Utilization of the powder coatings in the furniture section is comparatively undiscovered market. But with enormous benefits provided by powder coatings, furniture section is predicted to experience rapid growth during the estimated span.
Based on geographical locations, the global powder coating market is segmented into North American subcontinent, APAC zone, European continent and region of the rest of the world.
APAC zone dominated the global powder coating market in terms of volume during year 2013. The reason for this was that APAC zone was the biggest consumer of powder coatings owing to large scale presence of electronic industries and automotive firms in the zone. The powder coating market of APAC zone is predicted to expand rapidly during the forecasted period.
APAC zone is the market leader owing to strong growth of the powercoatings market in countries like India and China. These regions combined with South Korea & Japan is predicted to expand the power coatings industry in the APAC zone in future.
China of APAC zone is the biggest producer of automobiles across the globe. It is also the biggest global customer of powder coatings. Further, the growing economies like Russia, India and Brazil are predicted to be key customers of the global industry due to rapid growth of consumer goods section in these regions.
The North American subcontinent and European continent are matured powder coating markets. So they are anticipated to expand at a slow rate during the estimated span.
Browse key industry insights spread across 88 pages with 40 market data tables & 11 figures & charts from the report, “Powder Coating Market Size By Application (Automotive, Architecture, Consumer Goods, Industrial, Furniture), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents:
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