Powder coating market size worth USD 15.58 billion by 2023: Global Market Insights, Inc.
Powder coating market size was 2.25 million tons in 2015, as per the latest research report by Global Market Insights, Inc. Consumer goods and automotive are the leading revenue generating applications for powder coating industry.
Powder coating market size is set to register USD 15.58 billion by 2023. Favorable sales potential from domestic appliances including microwave ovens, freezer cabinets, and washing machines should instigate growth.
Strong vehicle production growth in Brazil, Germany, China, and Malaysia are the driving factors across various applications which include door rims, handles, and under the hood components.
Automotive applications are forecast to witness maximum growth, with expectations of 7.2% CAGR up to 2023. Major automotive consumers include Chevrolet, Lincoln, Daimler-Chrysler, Dodge, and Mercedes-Benz to use this coating in the manufacturing process.
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APAC powder coatings market size for furniture applications was more than 210 kilo tons for 2015. Strong growth outlook in the Chinese metal furniture industry, owing to raw material availability may positively influence growth.
Superior properties in terms of heat and corrosion resistance has fueled the consumption in defense and outdoor home products including wheelbarrows, lawn mowers, snow shovels, snow blowers, barbecue grills, garden tools and propane tanks.
Raw material trends are a key industry driving factor, covering over 38% of total production cost. Balanced supply will be critical for favorable powder coatings market prices. Moreover, limited wastage and ability to recycle is another positive factor to foster product demand.
Key insights from the report include:
Global powder coating market size is forecast at 3.82 million tons by 2023, growing at 6.8% CAGR. Environment regulations by EPA & REACH to control VOC emission will continue to aid industry development.
Consumer goods dominated the application segment and accounted for over 20% of the total volume in 2015, followed by general industries application, with overall consumption of over 450 kilo tons.
Furniture is the second fastest growing application, increasing with estimated gains of 7.2% CAGR up to 2023. Weather resistances and durability are the key product properties to drive demand in this segment.
Asia Pacific, led by China, Malaysia, and India powder coating market share, dominated the regional industry and accounted for over 45% of the global demand in 2015.
In terms of growth, Latin America is likely to be another attractive region for industry participants. Strong infrastructure spending Brazil for upcoming summer Olympics 2016 may influence demand.
North America, driven by U.S. powder coating market size, with consumption likely to exceed 580 kilo tons by 2023. North America automotive applications accounted for over 20% of regional volume in 2015.
Global powder coatings market share is moderately fragmented, with leading companies catering to under 40% of the overall demand for 2015. PPG, AkzoNobel, Axalta, and Sherwin Williams are notable market players.
Other market participants include DuPont, BASF, Valspar, Nippon, Kansai, Jotun, Eastman, DIC Corporation, Arkema, Bayer, and Evonik.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.