Research and Markets Releases Report on Powder Coatings
DUBLIN — Research and Markets has released a new study of the powder coatings market that projects the industry to grow from $15.7 billion in 2020 to $21.4 billion by 2025. The report expects a compound annual growth rate of 6.3% between 2020 and 2025. The APAC region is the largest consumer of powder coatings due to investments in the automotive, appliances, architectural and furniture industries in the region. High energy consumption during application is projected to restrain the market growth during the forecast period. The report predicts that the automotive segment will be the largest consumer of powder coatings during the forecast period.
Automotive was the fastest-growing industry in 2018. Increasing consumer preference is a key factor driving the global automotive powder coatings market. The powder coatings market in the automotive segment is anticipated to witness healthy growth owing to increased competition among players, growing demand for vehicles, supportive government policies, development of transportation infrastructure, and rapid economic growth. Powder coatings are used on oil and fuel filters, battery trays, brake pads, shock absorbers, engine-block casings, suspension components, and radiators. Powder coatings are also applied to wheels, grills, bumpers, door handles, roof racks, trailer hitches, and exterior and interior trim.