Report Predicts Powder Coatings Market to Reach $16.5 Billion by 2024
SHELBYVILLE, DE — Market research firm Global Market Insights Inc. has released a report, Powder Coatings Market, that forecasts the market will exceed a revenue of $16.5 billion by 2024 with a projected compound annual growth rate (CAGR) of 6% during the period of 2018-2024.
A strong business outlook in applications including the agricultural and construction equipment market, the architectural finishes market, and the outdoor furniture market are among the key factors propelling the powder coatings market. Shifting consumer focus towards the adoption of green building construction techniques along with surging preferences for eco-friendly building materials will drive market conditions in the projected timeframe.
The incorporation of new and sustainable solutions and rapid technological advancements to meet the efficiency, durability and environmental requirements of the future will fuel powder coatings market expansion. Additionally, consumer preferences, such as the durability, corrosion resistance, and high luster and shine of coatings, will further augment growth. Favorable government policies and regulations regarding the use of materials containing toxic chemicals and high VOCs will boost powder coatings market growth.
According to the study, thermoset resins are anticipated to surpass $15 billion over the forecast period. Rising demand for these resins in the electronics industry, due to dielectric properties, high-temperature resistance, lightness, and non-toxic formulas, will augment segment growth. In addition, the use of coatings on metal surfaces to form an attractive and durable finish in automotive components, household appliances, and outdoor furniture will further propel the overall powder coatings market size.
The report predicts that automotive and transportation components will witness a CAGR of over 8% in terms of revenue by 2024. An upsurge in vehicle production coupled with stringent regulations regarding a product’s carbon footprint will fuel demand for powder coatings on automotive wheels and other components, resulting in business expansion.
Coatings on metallic substrates lead the powder coatings market, accounting for over 95% of the powder coatings industry shares in 2017. These can be used in a wide variety of applications, such as automotive components, agricultural and construction equipment, outdoor furniture, HVAC, and electrical products. Key features of these coatings include high thermal resistance and ease in application.
Asia-Pacific accounted for over 40% of the overall powder coatings market share in 2017. Key factors such as a stable economy, rising consumer expenditures, and rapid infrastructural development in developing countries — including India, China and Indonesia — will influence the industry share.
According to the report, the powder coatings market in Latin America will observe a CAGR over 7% in terms of revenue over the projected time period. The automotive and transportation segment is experiencing several transformative shifts that are driven by economic and technological disruptions, which will impact the market.
For additional information about the report, visit https://www.gminsights.com/industry-analysis/powder-coating-market.