According to an industry report from Global Market Insights Inc., Selbyville, Delaware, the powder coatings market is forecast to join the billion-dollar fraternity within seven years, by exceeding a revenue of $16.5 billion by 2024 with a projected compound annual growth rate (CAGR) of 6% over 2018-2024.
Strong business outlook with versatile applications, including architectural, agricultural/construction equipment, decorative, A&T components and outdoor furniture, are among the key factors propelling the market share. Shifting consumer focus toward green building construction techniques, along with a preference for eco-friendly building materials, will promulgate overall industry scenario.
The incorporation of new and sustainable solutions and technological advancements will fuel the powder coating market expansion, along with consumer preferences toward powder variants with properties that include durability, corrosion resistance, and high luster and shine. Favorable government policies and regulations to reduce the use of materials containing toxic chemicals and high VOCs content will boost market growth.
Thermoset resin is anticipated to surpass $15 billion over the forecast period. Rising product demand in the electronics industry will augment segment growth. In addition, key usages, including coating of metal surfaces for an attractive, durable finish, will further propel the overall powder coating market size.
Automotive and transportation components will see CAGR over 8% in terms of revenue by 2024. An upsurge in vehicle production plus stringent carbon footprint regulations are fueling the demand for powder coatings on automotive wheels and other components, resulting in significant business expansion.
Metallic substrate leads the powder coatings market accounting for over 95% of the powder coating industry share in 2017. These can be used in a wide variety of applications with key features including high thermal resistance and ease in coating application as compared to other non-metallic surfaces.
Asia Pacific accounted for more than 40% of the overall powder coating market share in 2017. Key factors such as a stable economy, rising consumer expenditures and rapid infrastructure development in developing countries, including India, China and Indonesia, will influence the industry share.
Latin America powder coatings market will see CAGR over 7% in terms of revenue over the projected time period. The automotive and transportation domain is experiencing transformative shifts that are mainly driven by the economic and technological disruptions, thereby influencing the business size. The global powder coating market share is highly competitive with a large presence of multinational companies and regional players.
For more information, visit www.gminsights.com/industry-analysis/powder-coating-market.