The size of the global powder coatings market in 2017 was USD 9.33 billion and is projected to reach USD 14.70 billion by 2025, growing at a CAGR of 5.8% over the forecast period. Major factors that are driving the market are increasing demand from end-use industries including automotive, consumer goods, architectural, general industries and furniture. Additionally, the penetration of powder coatings is also increasing as compared to liquid coatings, as the former take less time to dry, and offers low weight on end products, corrosion resistance and low emission.
Asia Pacific dominated the global powder coatings market in 2017 by occupying more than 43% of the market share. China and India are the countries with the highest consumption of powder coatings in several industries including automotive, consumer goods and furniture. China’s automotive industry is growing at a fast pace and is the largest consumer of powder coatings in the country. According to the China Association of Automobile Manufacturers, China’s automotive sales were increased by 3% year on year from 28,012,630 units in 2016 to 28,879,000 units in 2017. Moreover, China’s market is highly fragmented, with the presence of many small manufacturing enterprises and large established players including BASF SE, Valspar and AkzoNobel.