DALLAS - According to a new report released by research company MarketsandMarkets, the current size of the powder coatings market was estimated to be about $8,274.26 million in 2013. The report projects the market will reach $12,055.13 million by 2019, growing at a CAGR of 6.54% between 2014 and 2019. The high demand across industries such as architectural coatings, automotive coatings, general industrial coatings, appliances coating, furniture coatings, and others will increase overall powder coating consumption.
The report, Powder Coatings Market by Resin Type (Epoxy, Epoxy-Polyester Hybrid, Polyester, Acrylic, Polyurethane, & Others) and by End-User Industries (Architectural, Appliances, Automotive, General Industrial, Furniture & Others) - Global Forecast to 2019, analyzes the global powder coatings market with respect to market drivers, restraints and opportunities in different regions.
According to the report, the Asia-Pacific region is the fastest-growing segment of the global powder coatings market. This growth is mainly attributed to a high economic growth rate followed by heavy investment across industries, such as automotive, consumer goods and appliances, building and construction, and furniture. The Asia-Pacific and Rest of the World markets are estimated to grow in the next five years while the allied industries are projected to stabilize the overall business need in the respective regions.
Research and development is a key part of this market. Manufacturing companies, associations and end-product manufacturers infuse high investments for future advancements and technology modifications of powder coatings to replace other solvent-borne coating and match the new demands coming from various types of applications.
Asia-Pacific is the largest market, both in terms of volume and value, followed by Western Europe. China, Japan, Thailand, the United States, Germany, India, Brazil and Russia are projected to continue to provide a successful market for powder coating manufacturers.
The Eastern and Central European nations, emerging Southeast Asian, and Latin American nations that will host future global events will help to drive the growth of powder coatings in different applications. Governmental regulations and proposals for improvement of infrastructure, and the rising housing market in emerging economies, will also drive the market.
For additional information about the report, visit http://www.marketsandmarkets.com/Market-Reports/powder-coatings-market-151375565.html.