The global powder coatings market size is expected to reach USD 19.9 billion by 2027, at a revenue-based CAGR of 7.0% from 2020 to 2027, according to a report by Grand View Research, Inc. The market is expected to witness significant growth over the forecast period primarily owing to superior properties of powder coatings over conventional paints including high resistance to corrosion, chipping, and abrasion, durability, cost-effectiveness, excellent finishing, and reduced processing time.
Growing purchasing power, high living standard, and rapid urbanization is expected to drive the consumer goods sector, thereby driving product demand over the forecast period. Powder coatings are used in consumer goods such as refrigerators, washer tops and lids, air-conditioner cabinets, water heaters, range housings, dishwashers, microwave oven cavities, and freezer cabinets.
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Asia Pacific emerged as the fastest-growing region and is expected to witness a CAGR of 7.8%, in terms of revenue, over the forecast period. Increasing demand for consumer goods such as washing machines and refrigerators in countries such as India, China, Vietnam, Philippines, and Thailand are expected to boost demand for powder coating in these applications. Growing demand for automobiles in emerging markets such as China and India coupled with favorable FDI norms by governments is expected to facilitate investment in the region.
North America was the third-largest market and held a market share of 21.9%, in terms of revenue, in 2019. Expanding automotive industry in U.S. and rising concerns regarding VOC emissions released from the coatings used in automobile production are expected to boost the demand for powder coatings in the region.
Further key findings from the report suggest:
• Epoxy-Polyester (Hybrid) is expected to be the fastest growing resin type during the forecast period from 2020 to 2027
• Consumer goods application occupied the largest revenue share on account of rising demand for domestic appliances in emerging countries such as India, China, Vietnam, Philippines, and Thailand. This, in turn, is expected to boost the demand for powder coatings in the coming years
• Major key players in powder coatings market includes Akzo Nobel N.V; The Sherwin-Williams Company; PPG Industries, Inc.; BASF SE; DSM; Valspar; Axalta Coating Systems; Arkema S.A.; and Bayer AG.
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Grand View Research has segmented the global powder coating market on the basis of resin, application, and region:
Powder Coatings Resin Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• Epoxy
• Polyester
• Epoxy-Polyester (Hybrid)
• Acrylic
• Polyurethane
• Others
Powder Coatings Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• Consumer Goods
• Architectural
• Automotive
• General Industries
• Furniture
• Others
Powder Coatings Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o U.K.
o France
o Italy
o Russia & CIS countries
o Benelux
o Turkey
o Spain
o Switzerland
o Sweden
o Poland
o Austria
o Norway
o Denmark
o Finland
o Portugal
o Czech Republic
o Slovenia
• Asia Pacific
o China
o India
o Japan
o Thailand
• Central and South America
o Brazil
o Argentina
• Middle East and Africa
o Saudi Arabia
o South Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.