BRICS Regions to Boost Global Powder Coatings Demand
The global powder coatings demand was 1,680 kilotons in 2011 and is expected to reach 2,667.6 kilotons in 2018, growing at a compound annual growth rate (CAGR) of 6.8% from 2012 to 2018, according to a new market report published by Transparency Market Research. In terms of revenue, the market was valued at $6.5 billion in 2011 and is expected to reach $10.5 billion in 2018, growing at a CAGR of 7.2% from 2012 to 2018. The developing economies of BRICS members have led to an increasing demand for consumer goods such as appliances, automobiles and furniture. In addition, support for the use of powder coatings by authorized environmental agencies such as the U.S. Environmental Protection Agency (EPA) is another major factor responsible for the growing demand for powder coatings.
However, powder coatings do pose a few application and design difficulties, such as application of very thin coats, thin films inside corners and uneven coating thickness at edges. In addition, pigmented powders cannot be blended to form different colors. These factors are expected to hamper the growth of the powder coatings market over the forecast period.
Appliances were the largest application segment for powder coatings, accounting for over 20% of the consumption in 2011. Powder coatings demand from automotives is expected to grow at a CAGR of more than 7% during the next five years due to the rising demand of automobiles, both in terms of original equipment and spare parts across the world.
The Asia-Pacific region is the largest and fastest growing market for powder coatings, consuming over 700 kilotons of powder in 2011. Emerging end user industries in economies such as Brazil and South Africa are expected to further add to the demand for powder coatings.
For additional information, visit www.transparencymarketresearch.com/powder-coatings-market.html.