BRICS Economies Drive Demand for Powder Coatings
ALBANY, NY - According to a new market study released by Transparency Market Research, the global powder coatings market is expected to expand rapidly in the coming years thanks to growing demand for consumer goods from the emerging BRICS (Brazil, Russia, India, China and South Africa) economies. These countries have some of the fastest-developing economies in the world and show growing demand for goods ranging from appliances to automobiles. The high population of India and China, collectively accounting for 36 percent of the global population, also helps the powder coatings market in these countries.
The report, titled Powder Coatings Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018 is available for sale on Transparency Market Research's website. It presents historical statistics regarding the growth of the powder coatings market in the last few years and, upon a methodical analysis of the current market trends and their impact on market development, presents refined growth forecasts for the market's expansion from 2012 to 2018.
According to the report, the global powder coatings market was worth $6.5 billion in 2011 and will grow at a CAGR of 7.2 percent from 2012 to 2018. The market will reach a total value of $10.5 billion by 2018. Technological advancements to overcome existing market restraints such as the difficulty in applying thin layers of coatings evenly will be crucial in the market's growth. By application, the global powder coatings market consists of automotive, appliances, general industry, furniture, architecture and others. The automotive and appliance industries take up a significant share of global consumption of powder coatings. Cooking and household appliances accounted for 20 percent of the total powder coatings market, while the application of the same in the automotive industry is expected to grow at a robust CAGR of 7 percent during the forecast period. The BRICS countries all have rapidly expanding automobile markets and thus contribute significantly to the automotive industry and in turn the powder coatings market. Increasing urbanization in these countries, particularly China, India and Brazil, will also drive up the demand for modern appliances, further growing the powder coatings market.
Asia-Pacific is the leading regional segment of the global powder coatings market due to the strong performance of the market in China and India. These two countries, along with other developing Asian countries such as Japan and South Korea, are expected to prop up the Asia-Pacific powder coatings market in the coming years. Asia-Pacific is estimated to have consumed close to 700 kilo tons of powder coating in 2011, more than 40 percent of the global consumption of 1,680 kilo tons. The global consumption of powder coatings is expected to rise to 2667.6 kilo tons by 2018, with Asia-Pacific expected to increase its share further.
For more information about the report, visit http://www.transparencymarketresearch.com/powder-coatings-market.html.