New Report Studies Global Market for Powder Coatings
OCEAN VIEW, DE - According to a new study by Global Market Insights, the global powder coatings market is forecast to exceed 3,800 kilo tons by 2023, growing at a CAGR of 6.8 percent. The analysis predicts revenue of $15.58 billion by 2023.
A strong automotive production outlook in China, Brazil, Malaysia and Germany is expected to drive powder coatings market size across applications including door handles, rims and under-the-hood components. Since 2012, when automotive production was close to 84 million units, the industry has witnessed over 10 percent growth every year. Powder coatings have seen renewed interest in automotive applications that include wheels, radiators, bumpers, shock absorbers, engine blocks, coil springs and mirror frames. Additionally, expected positive sales from domestic appliances including washing machines, freezer cabinets and microwave ovens should also spur growth in the industry.