Powder Coatings Market to Approximate US$10.5 Billion by 2018 with Increasing Deployment in BRICS Countries
According to a new market study released by Transparency Market Research (TMR), a leading U.S.-based market intelligence firm, the global powder coatings market is expected to expand rapidly in the coming years thanks to growing demand for consumer goods from the emerging BRICS economies. These countries have some of the fastest developing economies in the world and goods ranging from appliances to automobiles have a high demand from these countries.
The high population of India and China, collectively accounting for 36% of the global population, also aids the powder coatings market.The report, compiled by experienced analysts using analytical tools such as Porter’s five forces analysis and market attractiveness analysis, is titled ‘Powder Coatings Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018’ and is available for sale on TMR’s website. The report presents historical statistics regarding the growth of the powder coatings market in the last few years and, upon a methodical analysis of the current market trends and their impact on market development, presents refined growth forecasts for the market’s expansion from 2012 to 2018.
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According to the report, the global powder coatings market was worth US$6.5 billion in 2011 and growing at a CAGR of 7.2% from 2012 to 2018. The market will reach a total value of US$10.5 billion by 2018. Technological advancements to overcome existing market restraints such as the difficulty in applying thin layers of coatings evenly will be crucial in the market’s growth.By application, the global powder coatings market is taken up by automotives, appliances, general industry, furniture, architecture, and others. The automotive industry and appliances take up a significant share of global consumption of powder coatings.
Cooking and household appliances accounted for 20% of the total powder coatings market, while the application of the same in the automotive industry is expected to grow at a robust CAGR of 7% during the forecast period.The BRICS countries all have rapidly expanding automobile markets and thus contribute significantly to the automotive industry and in turn the powder coatings market. Increasing urbanization in these countries, particularly China, India, and Brazil will also drive up the demand for modern appliances, further aiding the powder coatings market.
Asia Pacific, as may be gleaned, is the leading regional segment of the global powder coatings market due to the strong performance of the market in China and India. These two countries, along with other developing Asian countries such as Japan and South Korea, are expected to prop up the Asia Pacific powder coatings market in the coming years. Asia Pacific is estimated to have consumed close to 700 kilo tons of powder coating in 2011, more than 40% of the global consumption figure of 1,680 kilo tons. The global consumption of powder coatings is expected to rise to 2667.6 kilo tons by 2018, with Asia Pacific expected to increase its share further.
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