Powder Coating Market Size Worth Usd 15.58 Billion by 2023: Global Market Insights, Inc.

Powder coating market size was 2.25 million tons in 2015, as per the latest research report by Global Market Insights, Inc. Consumer goods and automotive are the leading revenue generating applications for powder coating industry.

Powder coating market size is set to register USD 15.58 billion by 2023. Favorable sales potential from domestic appliances including microwave ovens, freezer cabinets, and washing machines should instigate growth.

Strong vehicle production growth in Brazil, Germany, China, and Malaysia are the driving factors across various applications which include door rims, handles, and under the hood components.

Automotive applications are forecast to witness maximum growth, with expectations of 7.2% CAGR up to 2023. Major automotive consumers include Chevrolet, Lincoln, Daimler-Chrysler, Dodge, and Mercedes-Benz to use this coating in the manufacturing process.

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APAC powder coatings market size for furniture applications was more than 210 kilo tons for 2015. Strong growth outlook in the Chinese metal furniture industry, owing to raw material availability may positively influence growth.

Superior properties in terms of heat and corrosion resistance has fueled the consumption in defense and outdoor home products including wheelbarrows, lawn mowers, snow shovels, snow blowers, barbecue grills, garden tools and propane tanks.

Raw material trends are a key industry driving factor, covering over 38% of total production cost. Balanced supply will be critical for favorable powder coatings market prices. Moreover, limited wastage and ability to recycle is another positive factor to foster product demand.

Key insights from the report include:

Global powder coating market size is forecast at 3.82 million tons by 2023, growing at 6.8% CAGR. Environment regulations by EPA & REACH to control VOC emission will continue to aid...