Powder coating market, driven by its wide applications across medical & healthcare, architectural & furniture, household appliances & consumer goods, and automotive & transportation sectors, is expected to experience significant growth trends over the coming years. Stringent emission norms related to VOC emissions are expected to drive the industry growth in the near future. According to global market insights, Inc., “Powder coating market revenue is expected to surpass USD 17 billion by 2024.”
Household appliances & consumer goods sector, which accounted for over 20% of powder coating market share in 2015, is expected to contribute substantially towards the overall revenue over the next few years. Architectural & furniture sector is forecast to stimulate the market growth over the coming seven years, primarily driven by enhanced use of powder coatings in metal furniture. Powder coating industry size in automotive & transportation sector is expected to observe significant gains of 4.5% over the period of 2016-2024. Vehicle manufacturers prefer powder coatings as it is cost effective and provides various other benefits over other coatings.
Below are the regional highlights pertaining to powder coating industry over 2016-2024
- North America powder coating market value is expected to grow significantly over the coming timeframe, driven by its growing application across heavy machinery manufacturing sector. U.S. is expected to be a major regional revenue contributor.
- Heavy presence of key automobile manufacturers will drive Europe powder coating industry with Germany driving the regional growth.
- MEA market will observe a substantial growth over 2016-2024, driven by low labor costs related to automobile production along with the rising popularity of powder coatings.
- LATAM powder coatings industry will witness a high surge in the near future, owing to lucrative scope for business expansion across automobile and furniture sectors. Mexico and Brazil are predicted to contribute massively towards the regional share.
- APAC is expected to drive the industry growth, with China, Thailand, Malaysia, and India contributing significantly towards the regional revenue through high vehicle production & sales.
Key industry players include DuPont, Sherwin-Williams, Jotun, AkzoNobel, Axalta Coating Systems, Nippon Paints, and PPG Industries.