The global powder coatings market size is expected to reach USD 19.9 billion by 2027, at a revenue-based CAGR of 7% from 2020 to 2027.
The market is expected to witness significant growth over the forecast period primarily owing to superior properties of powder coatings over conventional paints including high resistance to corrosion, chipping, and abrasion, durability, cost-effectiveness, excellent finishing, and reduced processing time.
Growing purchasing power, high living standard, and rapid urbanization is expected to drive the consumer goods sector, thereby driving product demand over the forecast period. Powder coatings are used in consumer goods such as refrigerators, washer tops and lids, air-conditioner cabinets, water heaters, range housings, dishwashers, microwave oven cavities, and freezer cabinets.
Asia Pacific emerged as the fastest-growing region and is expected to witness a CAGR of 7.8%, in terms of revenue, over the forecast period. Increasing demand for consumer goods such as washing machines and refrigerators in countries such as India, China, Vietnam, Philippines, and Thailand are expected to boost demand for powder coating in these applications. Growing demand for automobiles in emerging markets such as China and India coupled with favorable FDI norms by governments is expected to facilitate investment in the region.
North America was the third-largest market and held a market share of 21.9%, in terms of revenue, in 2019. Expanding automotive industry in U.S. and rising concerns regarding VOC emissions released from the coatings used in automobile production are expected to boost the demand for powder coatings in the region.