Powder Coatings Market Is Anticipated to Grow at CAGR of 6.3% During 2014-2022
Powder Coatings Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $12,332 billion by 2022, registering a CAGR of 6.3% during the period 2014-2022. Powder coatings in appliances application segment occupied the major volume share in 2015 and is expected to maintain its lead throughout the analysis period.
Significant drivers of the market include increasing adoption of powder coatings over liquid coatings, supporting environmental regulations, increasing demand for appliances, booming construction industry, and rapid economic growth in emerging countries. However, difficulty in the application of thin coats is expected to impede this growth.
In the year 2015, thermoset powder coatings segment occupied a dominating position as it provides superior finish with excellent durability that reduces the maintenance and prolongs the shelf life of the coated products. Moreover, stringent regulations have led to increased penetration of powder coatings over liquid coatings. Powder coating overspray can be recycled and reused, which means 100% coating material can be utilized. Powder coatings in appliances application segment occupied around one-fourth of the total market in 2015 and is expected to continue the same trend throughout the forecast period.
The demand for powder coatings has increased owing to growing technological advancements and increasing demand from applications, namely, architectural; appliances; automotive; furniture; agriculture, construction, and earthmoving equipment (ACE); general industrial; and others. This trend is expected to continue as it is a volatile organic compound (VOC) and solvent-free. Strict environmental regulations also boost the growth of this market. The market has witnessed moderate growth during the past few years and is expected to grow at a CAGR of 6.3%, in terms of volume, during the analysis period.
The electrostatic spray is the most adopted coating technique as it enables coating of intricate shapes and does not require preheating of components. This segment is expected to continue its dominance throughout the forecast period.
Key Findings of Powder Coatings Market
- The appliances application segment occupied the highest share in 2015 and is expected to grow with a CAGR of 6.7%, in terms of volume.
- Electrostatic spray technique was the dominant segment in 2015 and is anticipated to maintain its lead in the powder coatings market.
- The thermoset segment is expected to expand with the highest CAGR of 6.4%, in terms of volume.
- China is the leading consumer of powder coatings in the Asia-Pacific region followed by India.
- The furniture application is projected to be the fastest-growing segment.
Asia-Pacific accounted for more than half of the total powder coatings market in 2015 and is expected to maintain its lead position throughout the forecast period. This is attributable to the increasing domestic production of automotive, appliances, and growing construction industry. In Asia-Pacific, China is the fastest growing country for the consumption of powder coatings and is expected to continue this dominance during the forecast period in terms of both, volume and revenue.
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