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.