The global market for powder coating is expected to reach $12.48 billion by 2020, according to a new study by Grand View Research, Inc. Growing support for the use of powder coatings in comparison to conventional liquid paints by regulatory agencies such as EPA and REACH on account of negligible VOC emissions is expected to be a key driver for market growth. In addition, growing application demand with regards to automotive, appliances and consumer goods is also expected to drive powder coating sales over the next six years.
Consumer goods are the largest application market for powder coatings, with estimated consumption of 437.3 kilo tons in 2013. Automotive and general Industries were the key application markets, with combined powder coating sales expected to reach $5.11 billion by 2020. Powder coating demand in furniture was relatively small in 2013 but is expected to witness substantial growth of over 7.6 percent from 2014 to 2020.
Further key findings from the study suggest:
The global market for powder coatings was 1,977.1 kilo tons in 2013 and is expected to reach 3,202.5 kilo tons by 2020, growing at a CAGR of 7.2 percent from 2014 to 2020.
Asia Pacific was the largest regional market for powder coatings, with estimated consumption of over 900 kilo tons in 2013. This can be attributed to the presence of large manufacturing setup in the region, especially in India and China, as well as rapidly growing domestic demand in various applications. This region is also expected to witness fastest growth and grow at a CAGR of 8.5 percent from 2014 to 2020.
Europe and North America were the other key markets for powder coatings. However, they are expected to lose regional market share owing to the shift in manufacturing units from these regions to emerging economies in Asia and Latin America.
AkzoNobel, Sherwin Williams and PPG were the largest companies in the market with a combined share of over 25 percent in 2013. Other key participants in the market include Dupont, BASF, Valspar and Nippon Paints.
