The Powder Coatings Market is projected to reach USD 13.49 billion by 2022, at a CAGR of 6.75% from 2017 to 2022. The Asia-Pacific region is the leading market for powder coatings, in terms of value, and the trend is projected to continue till 2022.
Countries in this region, such as China, India, Thailand, Indonesia, and Malaysia, are witnessing an increase in the use of powder coatings for appliances, automotive, general industrial, architectural, furniture, and other such applications.
Asia-Pacific is the fastest-growing region for the powder coatings market as the economy of various countries in this region, especially India and China, is growing at a rapid pace which, in turn, leads to the high growth of the end-use industries.
Request Sample Pages : https://www.marketsandmarkets.com/requestsampleNew.asp?id=151375565
The growth of the market in this region is mainly attributed to the high economic growth rate followed by heavy investments across various industries, such as automotive, appliances, and building & construction.
Various companies, such as AkzoNobel N.V. (Netherlands) and Axalta Coating Systems (U.S.), are setting up new plants or expanding their existing powder coatings production units in the region.
The advantages of shifting production to the Asia-Pacific region include the low cost of production and the ability to serve emerging local markets better. This region accounts for over half of the world’s population, making it become an important region for global trade and commerce.
China leads the Asia-Pacific powder coatings market due to its huge population and growing economy. China is also projected to be the fastest-growing market in the global powder coatings market.
Rapid development in powder coatings technology in the region’s major economies, namely, China, India, Thailand, and Malaysia, is vigorously pushing the demand for powder coatings across the world. Also, with increasing demand and rising income, China is expected to remain the main hub for consumption of powder coatings during the forecast period.
Thermoset is projected to be the fastest-growing resin type segment of the powder coatings market. The thermoset market is primarily driven by the appliances and automotive industries, which are expected to grow during the next five years. The demand is also driven by the increasing acceptance of thermoset in various end-use industries, globally.
Thermoset materials are used for the majority of powder coating processes because they can provide a surface layer that is both durable and decorative. The demand for thermosetting powder coatings has been increasing very rapidly in the appliances and automotive industries.
Appliance is the fastest-growing application segment of the powder coatings market.
China, the U.S., Japan, Germany, and India are the major manufacturing hubs of appliances. An increase in the disposable income of consumers in emerging economies has fueled the demand for appliances, thereby driving the powder coatings market. Appliances manufacturing companies are establishing production facilities in emerging countries to cater to the increased demand.
Read More At https://www.marketsandmarkets.com/PressReleases/powder-coatings.asp
