Powder Coating Market Projected To Grow At 7% CAGR Till 2024 - Hexa Research

Powder coating market is expected to grow at a significant pace from 2016 to 2024 due to its application versatility and market innovations.

The global powder coating market is expected to grow at a healthy CAGR of over 7 % over the forecast period (from 2016 to 2024). Strong automobile production outlook in Brazil, China, Germany, and Malaysia is anticipated to drive the global market across various applications such as door handles, rims etc. Steady raw materials supply is said to result in a stable price trend during the next few years. The global market is categorized as applications and regions.

The application sector includes architecture, automotive, industrial, consumer goods, and furniture. The consumer goods sector dominated the global market in 2015 occupying over 23 % of the total revenue. This is mainly because coatings provide a supple, consistent finish that resists cracking and/or peeling. In addition to this, the rising demands for domestic appliances such as freezer cabinets, microwave ovens, washing machines etc., are also projected to augment the market growth. The automotive sector is also expected to witness a rapid growth with a CAGR of over 8 % during the estimated years. Shelving systems, outdoor metal furniture, metal cabinets etc. are several other lucrative applications with a revenue forecast of over USD 3 billion by 2024. The advent of Medium Density Fiber Board (MDF) has strengthened the wood furniture application scope over the few years.

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Regionally, North America dominated the global powder coating market with revenue of USD 2 billion. However, the region may lose its share as a result of a long-time presence and awareness of liquid coatings intended for the architectural applications in the United States. The European regional market is expected to gain a share of over 890 kilo tons by 2024. The major factor driving the European market is the growing production of automobiles in Hungary, Germany, Romania, United Kingdom, and Austria with the production base of automobile manufacturers such as Chevrolet, Lincoln, Daimler-Chrysler, Dodge, and Mercedes-Benz. The APAC region is also anticipated to witness huge growth on account of rapid growth across various sectors such as consumer goods, infrastructure, and automotive. The Middle East & Africa and Latin America regions are comparatively immature markets; however, they may provide lucrative opportunities for the market players during the next few years.

Some of the major companies in the global powder coating market are PPG Industries; Axalta Coating Systems; and Akzo Nobel N. V.

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