Powder coating market size worth USD 15.58 billion by 2023

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Powder Coating Market Size, Share, Industry
Outlook Forecast 2016-2024
Powder coating market size worth USD 15.58
billion by 2023
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Global Market Scenario of Powder Coating
Industry

• 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.
• Global powder coatings market share is moderately
  fragmented, with leading companies catering to
  under 40 of the overall demand for 2015. PPG,
  AkzoNobel, Axalta, and Sherwin Williams are
  notable market players.
• Other market participants include DuPont, BASF,
  Valspar, Nippon, Kansai, Jotun, Eastman, DIC
  Corporation, Arkema, Bayer, and Evonik.

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• 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.
• 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.
• 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.

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Application Insights

• Automotive powder coating market size was
  estimated at over 460 kilo tons in 2015, and 7.4
  growth expectation by 2023. Primary usage areas
  include shock absorbers, oil fuel filters,
  brake pads, engine block casings, battery trays,
  suspension components, radiators, wheels, grills,
  bumpers, door handles, roof racks, trailer
  hitches, and exterior and interior trim.
• Key automobile manufacturers such as Lincoln,
  Chevrolet, Daimler-Chrysler, Mercedes-Benz and
  Dodge are using this coating as exterior body
  intermediate coat. Asia Pacific is the largest
  regional industry for these applications, with
  demand exceeding 204 kilo tons in 2015.
• Consumer goods have been a high-volume
  application, accounting for over 22 powder
  coating industry share in 2015. Refrigerators,
  dryer drums, washer tops lids, AC cabinets,
  water heaters, vacuum cleaners, range housings,
  dishwashers, microwave cavities, and freezer
  cabinets are frequent usage channels for the
  industry.

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Regional Analysis

• North America, with over 80 demand coming from
  the U.S. powder coating market share, saw USD
  1.89 billion revenue in 2015. The region may lose
  market share on account of a long-time presence
  and awareness of liquid coatings meant for the
  architectural applications in the U.S.
• Europe powder coatings market share is expected
  to 890 kilo tons by 2023. Principal factor
  driving the demand for powder coating is the
  surging automobile production in Germany,
  Hungary, Romania, Austria and UK with
  manufacturing base of automobile manufacturers
  such as Lincoln, Chevrolet, Daimler-Chrysler,
  Mercedes-Benz and Dodge. These companies have
  increased the use of powder coating as a
  replacement to liquid coating on account of
  adoption of REACH regulations to restrict VOC
  emission in coating process, crediting their
  carbon benefits.
• APAC is the largest regional market, with revenue
  estimates of over USD 3.5 billion in 2015. Strong
  growth across automotive, infrastructure and
  consumer goods should aid demand, especially for
  powder coatings market share in India.
• China powder coating market size accounts for
  over 40 regional demand in APAC.
• MEA and LATAM are relatively under-developed
  markets and may provide significant opportunities
  for industry participants over the next decade.

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