Report Projects Powder Coatings Market to Reach $12.48 Billion by 2020
SAN FRANCISCO - The global powder coatings market is an emerging market in the coatings industry and is projected to reach $12.48 billion by 2020, according market research firm Grand View Research Inc.
According to a new report by Grand View Research, the demand for powder coatings is driven by the growing need for quality items in consumer goods, furniture, automotive, architecture and general industry. The use of powder coatings in consumer goods leads the market and accounts for 22.1 percent of the total market volume in 2013.
The automotive sector is also projected to grow at a CAGR of 7.7 percent by 2020, with more focus on enhancing appearance of luxury cars. High disposable income in the Asia-Pacific region has resulted in demand for luxury cars, accelerating the demand for powder coatings in the market.
With growing automobile and electronics industries, Asia-Pacific is expected to become the largest consumer of powder coatings in the future, with a projected CAGR of 8.5 percent by 2020. The report predicts that developing countries like India, Brazil and Russia will become key consumers of powder coatings in the future. The North American and European market have reached the maturity stage and are expected to grow at slower rate in the future, according to the report.
For additional information about the report, Powder Coatings Market Analysis by Product (Systems, Tags), and Segment Forecasts To 2020, visit http://www.grandviewresearch.com/industry-analysis/powder-coatings-market-analysis.