Growth Predicted for Powder Coatings Market in Southeast Asia
PORTLAND - According to research firm Allied Market Research, the powder coatings market in Southeast Asia is expected to reach $295.9 million by 2022, up from $222.7 million in 2015, with a CAGR of 4.2% from 2016 to 2022. The Indonesian powder coatings market is anticipated to remain the highest revenue contributor among other countries.
The demand for powder coatings has increased owing to the growth in technological advancements and increase in demand from applications such as architectural, appliances, automotive, furniture, general industrial, and agriculture, construction and earthmoving equipment (ACE). In addition, stringent environmental regulations boost the growth of this market. The market has witnessed steady growth during the past few years and is expected to grow at a CAGR of 4.2%, in terms of value, during the forecast period.
According to Eswara Prasad, Team Lead, Chemicals & Materials at Allied Market Research, “Increase in adoption of powder coatings over liquid coatings, supportive environmental regulations, rise in demand for appliances, growth in construction and automotive industry, and rapid economic growth in the Southeast Asian countries are the major factors that accelerate the growth of the market.”
In 2015, the thermoset powder coatings segment dominated the Indonesian market, as these coatings provide superior finish with excellent durability that reduces maintenance cost and prolongs the shelf life of the coated products. Moreover, stringent regulations have led to increased use of powder coatings over liquid coatings. Powder coating overspray can be recycled and reused, which ensures optimal utilization of the coating material. Powder coatings in the appliances application segment generated the highest revenue in the Malaysian powder coatings market.
The study reports that in the Philippines powder coatings market the appliances application segment occupied the highest share in 2015 and is anticipated to grow at a CAGR of 4.4%, in terms of value, during the analysis period.
Polyester resin-based powder coating was the widely used thermoplastic resin type in Singapore and is estimated to grow at a CAGR of 3.9%. The residential sector in Singapore is reported to account for the largest revenue in the architectural segment, with a CAGR of 3.3%.
Appliances and automotive applications generated the highest revenue in Thailand. Rebar accounted for the highest revenue in the Thailand general industrial powder coatings application, expanding at an estimated CAGR of 4.3%.
Indonesia showed the largest growth, in terms of revenue, for the powder coatings market in the ASEAN countries. Automotive, appliances, architectural, and general industrial are the major application areas of powder coatings in these countries. The development in application industries in Thailand, Indonesia, Vietnam, Singapore, Philippines and Malaysia is expected to propel market growth. Furthermore, improvement in economies of these countries is projected to boost the growth.
For more information about the report, South East Asia (SEA) Powder Coatings Market Is Expected to Reach $295.9 Million by 2022, visit https://www.alliedmarketresearch.com