06.21.19
According to a new report published by Allied Market Research, titled,"India Powder Coatings Market by Resin Type, Coating Method, and Application: Opportunity Analysis and Industry Forecast, 2018 - 2025," the Indian powder coatings market accounted for revenue of $896.7 million in 2017 and is anticipated to generate revenue of $1,508.2 million by 2025.
The India powder coatings market is projected to grow at a CAGR of 6.6 percent from 2018 to 2025.
Powder coatings are gaining increased importance in the automotive, furniture, appliances, and others, as powders are an essential part of a construction that experience damages such as spillage; abrasion; and exposure to dust, chemicals, heavy load, and UV light. Major manufacturers focus on advancement in technology for the development of eco-friendly products. Epoxy powder coating is a major resin type used across all the major industries in the India powder coatings market. The factors that drive the India powder coatings market growth include the rise in awareness related to the benefits provided by the powder coatings in industrial, and development of powder coatings in compliance with the environment. The India powder coatings market size is expanding at a significant pace on account of rising foreign direct investments (FDI) due to Make in India scheme.
The use of metallic epoxies for garage and other commercial powder spaces is the latest trend in the commercial powder coatings market, as they provide high-gloss, metallic finish, which enhances the look of the powder. Moreover, these powder coatings exhibit prolonged durability and resist abrasion. Also, they are easy to maintain. Imparting aesthetic appearance to the indoor spaces, which further facilitate their adoption in the India powder coatings market. Such innovation and product development shift the use of traditional powder coatings toward new advanced powder coating solutions.
Rapid urbanization in India leads to an upsurge in civil construction activities, which is a key factor that promotes the usage of powder coatings. This is further anticipated to increase the India powder coatings market share in the APAC region.
"The India powder coatings market is heading toward growth expansion phase over the coming years," said Eswara Prasad, manager, Chemical & Material and Energy & Power at Allied Market Research. "This is attributed to the presence of a large consumer base such as automobile, agriculture equipment manufacturers, and others in India. The automobile sector has shown a noteworthy growth in India, specifically in West and North India due to which there is a rise in consumption of powder coatings.
"In addition, there is a significant increase in demand for powder coatings from furniture and general industrial applications," Prasad continued. "Powder coatings demand for furniture application is increasing owing to the surge in demand for outdoor furniture. A rise in a requirement for outdoor furniture boosts the demand for thermoplastic powder coatings. These factors are anticipated to boost the growth of the market during the forecast period."
