The Powder Coatings market size is estimated to be USD 13.8 billion in 2021 and is projected to reach USD 16.7 billion by 2026, at a CAGR of 3.9% between 2021 and 2026. Strong growth can be witnessed in the powder coatings market in the Asia Pacific region, especially in China, India, and South-East Asian countries. The increasing use of Powder Coatings in the appliance and automotive industry is projected to create new opportunities for the market players.
Technological advancements in powder coating materials, their unique applications, and advanced curing methods have enhanced the use of powder coating in heat-sensitive substrates. Medium-density fiberboard (MDF), a combination panel bonding between particles of wood and synthetic resin, is one of the most important advancements in powder coatings used in heat-sensitive substrate applications.
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Asia Pacific is expected to be the largest and fastest-growing market for Powder Coatings. The rising disposable income in the developing countries of Asia Pacific is driving the powder coatings market. The demand for powder coating has increased in countries such as India, Indonesia, Malaysia, and Vietnam because of the growing automotive, furniture, appliances, industrial, and agriculture sectors. Countries such as India, China, and Indonesia are investing heavily in various end-use industries, which is likely to influence the growth of the powder coatings market in these countries. Asia Pacific is the most promising market for polyethylene foams and is projected to remain the same in the next few years. Asia Pacific is witnessing an increased demand for high-end products because of the rise in the purchasing power of consumers.
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The appliance industry is expected to lead the overall Powder Coatings market, in terms of both value and volume, between 2021 and 2026. The global appliances market is increasing due to the technological advancements, growth in the housing sector, rapid urbanization, rise in per capita income, improved standard of living, change in consumer lifestyle, and the escalating number of smaller households.
Continuous developments in the market, including new product launches, contracts & agreements, joint ventures, and acquisitions, are expected to help the market grow. Several products are being introduced, and investments are made on increasing the production capacity of powder coatings by manufacturers for different applications. The advancement in technology is expected to increase the penetration of powder coatings in various end-use industries.