01.25.19
As per a recent industry report put forward by Global Market Insights Inc., the powder coatings market is forecasted to exceed revenue of $16.5 billion by 2024 with a projected CAGR of six percent between 2018-2024.
Strong business outlook with versatile applications including architectural, agricultural/construction equipment, decorative, A&T components, and outdoor furniture are among the key factors propelling the powder coating market share. Shifting consumer focus towards the adoption of new green building construction techniques along with surging preferences toward eco-friendly building materials will promulgate overall industry scenario in the projected timeframe.
The incorporation of new & sustainable solutions and rapid technological advancements to meet the efficiency, durability, and environmental requirements will fuel the powder coating market expansion. Besides, consumer preferences toward powder variants due to the major properties including durability, corrosion resistance, and high luster and shine will further augment product portfolio.
Favorable government policies and regulations pertaining to the reduced usage of materials containing toxic chemicals and high VOCs content will boost the powder coating market growth.
Thermoset resin is anticipated to surpass $15 billion over the forecast period. Rising product demand in the electronics industry due to its major properties such as dielectric properties, high-temperature resistance, lightness, and non-toxic nature will augment segment growth. In addition, key usages including the coating of metal surfaces to form an attractive and durable finish in automotive components, household appliances, and outdoor furniture will further propel the overall powder coating market size.
Automotive & transportation components will witness CAGR over eight percent in terms of revenue by 2024. An upsurge in the vehicle production coupled with stringent regulations pertaining to high carbon footprint is fueling the demand for powder coatings over automotive wheels and other components, thereby resulting in the significant business expansion.
Metallic substrate leads the powder coatings market accounting for over 95 percent of the powder coating industry share in 2017. These can be used in a wide variety of applications such as automotive components, agricultural & construction equipment, outdoor furniture, HVAC, and electrical. Key features including high thermal resistance along with the advantage of ease in coating application as compared to other non-metallic surfaces will proliferate the business expansion.
Asia Pacific accounted for over 40 percent of the overall powder coating market share in 2017. Key factors such as stable economy, rising consumer expenditure level, and rapid infrastructural development in developing countries including India, China, and Indonesia will influence the industry share.
Latin America powder coatings market will observe CAGR over 7% in terms of revenue over the projected time period. The automotive and transportation domain is experiencing several transformative shifts that are majorly driven by the economic and technological disruptions thereby influencing the business size.
Strong business outlook with versatile applications including architectural, agricultural/construction equipment, decorative, A&T components, and outdoor furniture are among the key factors propelling the powder coating market share. Shifting consumer focus towards the adoption of new green building construction techniques along with surging preferences toward eco-friendly building materials will promulgate overall industry scenario in the projected timeframe.
The incorporation of new & sustainable solutions and rapid technological advancements to meet the efficiency, durability, and environmental requirements will fuel the powder coating market expansion. Besides, consumer preferences toward powder variants due to the major properties including durability, corrosion resistance, and high luster and shine will further augment product portfolio.
Favorable government policies and regulations pertaining to the reduced usage of materials containing toxic chemicals and high VOCs content will boost the powder coating market growth.
Thermoset resin is anticipated to surpass $15 billion over the forecast period. Rising product demand in the electronics industry due to its major properties such as dielectric properties, high-temperature resistance, lightness, and non-toxic nature will augment segment growth. In addition, key usages including the coating of metal surfaces to form an attractive and durable finish in automotive components, household appliances, and outdoor furniture will further propel the overall powder coating market size.
Automotive & transportation components will witness CAGR over eight percent in terms of revenue by 2024. An upsurge in the vehicle production coupled with stringent regulations pertaining to high carbon footprint is fueling the demand for powder coatings over automotive wheels and other components, thereby resulting in the significant business expansion.
Metallic substrate leads the powder coatings market accounting for over 95 percent of the powder coating industry share in 2017. These can be used in a wide variety of applications such as automotive components, agricultural & construction equipment, outdoor furniture, HVAC, and electrical. Key features including high thermal resistance along with the advantage of ease in coating application as compared to other non-metallic surfaces will proliferate the business expansion.
Asia Pacific accounted for over 40 percent of the overall powder coating market share in 2017. Key factors such as stable economy, rising consumer expenditure level, and rapid infrastructural development in developing countries including India, China, and Indonesia will influence the industry share.
Latin America powder coatings market will observe CAGR over 7% in terms of revenue over the projected time period. The automotive and transportation domain is experiencing several transformative shifts that are majorly driven by the economic and technological disruptions thereby influencing the business size.
