World powder coatings market to reach US$12,332M by 2022

According to a report published by Allied Market Research, titled, ‘World Powder Coatings Market – Opportunities and Forecasts, 2014–2022’, the powder coatings market is expected to generate US$12,332M by 2022. Powder coatings in the appliance application segment occupied the major volume share in 2015 and is expected to maintain its lead throughout the analysis period.

The demand for powder coatings has increased owing to growing technological advancements and increasing demand from applications, namely, architectural; appliances; automotive; furniture; agriculture, construction and earthmoving equipment (ACE); and general industrial. Strict environmental regulations also boost the growth of this market.

The market has witnessed moderate growth during the past few years and is expected to grow at a CAGR of 6.3%, in terms of volume, during the analysis period.

Significant drivers of the market include increasing adoption of powder coatings over liquid coatings, supporting environmental regulations, increasing demand for appliances, booming construction industry and rapid economic growth in emerging countries. However, difficulty in the application of thin coats is expected to impede this growth.

In year 2015, the thermoset powder coatings segment occupied a dominating position as it provides superior finish with excellent durability that reduces the maintenance and prolongs the shelf life of the coated products. Stringent regulations have led to increased penetration of powder coatings over liquid coatings. Powder coating overspray can be recycled and reused, which means 100% coating material can be utilised. Powder coatings in appliances application segment occupied around one-fourth of the total market in 2015 and is expected to continue the same trend throughout the forecast period.

www.alliedmarketresearch.com/powder-coatings-market