Powder Coatings Demand to Increase
The global market for powder coatings is expected to reach $12.48 billion by 2020, according to a recent study by Grand View Research Inc. Powder coatings’ negligible VOC emissions compared to conventional liquid paints is expected to be a key driver for market growth. In addition, growing application demand in automotive, appliances and consumer goods is expected to drive powder coating sales over the next six years.
Consumer goods are the largest application market for powder coatings, with estimated consumption of 437.3 kt in 2013. Automotive and general industries were the key application markets, with combined powder coatings sales expected to reach $5.11 billion by 2020. Powder coatings demand in furniture was relatively small in 2013, but is expected to witness substantial growth of over 7.6% from 2014 to 2020.
For more information, visit www.grandviewresearch.com.