Powder Coatings Market to hit $17bn by 2024: Global Market Insights, Inc.

The industry growth report “Powder Coating Market Size By Resin (Thermoplastic, Thermoset), By Application (Architectural & Furniture, Automotive & Transportation, Household Appliances & Consumer Goods, Medical & Healthcare, Industrial), By Substrate (Metal, Non Metal), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Netherlands, Russia, China, Japan, India, South Korea, Vietnam, Australia, Indonesia, Thailand, Mexico, Brazil, Argentina, Saudi Arabia. UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” by Global Market Insights, Inc. says Powder coatings market size is slated to surpass USD 17 billion by 2024.

Strong automotive production outlook from Mexico, Thailand and Germany is anticipated to drive global powder coating market size during the forecast timeframe. Automotive applications of these products are expected to witness strong growth over 7% up to 2024.

Market is currently driven by China and India accounting for more than 45% of total powder coatings consumption, however Southeast Asian nations also hold great potential. The movement of investment from China to these countries has increased opportunities for paint and coating manufacturers in these regions.

Commercialization of innovative offerings with enhanced functionalities will boost product demand. The industry recently witnessed launch of ultra-reflective products which can enhance the productivity of commercial lighting fittings by 30%. This makes it possible to diminish the number of light sources thus leading to low energy requirement for achieving desirable light output with minimal cost.

Household appliances and consumer goods applications hold upwards of 20% of global powder coating market. AC cabinets, vacuum cleaners, refrigerators, freezer cabinets and microwave cavities are the key applications areas in this segment.

Latin America powder coating market will be driven by Brazil and Mexico with gains over 8% and worth over USD 1.1 Bn by end of forecast timeframe. Market will be driven by growing furniture and automotive production in Mexico, which is a favorite destination for manufacturers due to its proximity to U.S.

Thermoset will maintain its dominant position in global powder coatings market with CAGR over 6%. Epoxy polyester hybrid resins are anticipated achieve highest gains over 7% by 2024. U.S epoxy polyester hybrid consumption will account for over 220 kilo tons by the end of 2024.

Germany powder coating market was over 140 kilo tons for 2015, and will witness gains over 6% during the forecast timeframe. The industry is fueled by automotive sector which was worth over USD 427 billion in 2016 and makes around 20% of total revenue.

China polyester based powder coating market is expected to gains over 8% and will account for consumption over 215 kilo tons by 2024. Pure polyester powder coatings are mainly utilized in building hardware’s like steel grills, gates well as in automobile parts.

U.S. architectural & furniture applications consumed over 96.3 kilo tons in 2015 and will grow at CAGR over 4.5% during the forecast timeframe. U.S. will be driven by Industrial and healthcare applications. MEA will be fueled by African countries. As China is on verge of losing its competitive edge because of strong increase in labor wages, manufacturers are keen on shifting their production bases to low cost Asian & African countries leading to increased demand for products and services like powder coatings.