International. According to the recent publication of MarketsandMarkets, a compound annual growth rate (CAGR) of 3.9% is forecast.
Technological advances in powder coating materials, their unique applications, and advanced curing methods have improved the use of powder coating on heat-sensitive substrates.
Medium density fiberboard (MDF), a combination of joining panels between wood particles and synthetic resin is one of the most important advances in powder coatings used in heat-sensitive substrate applications.
APAC is expected to be the largest and fastest growing market for powder coatings. Increasing disposable income in APAC developing countries is driving the powder coatings market.
The demand for powder coating has increased in countries such as India, Indonesia, Malaysia, and Vietnam due to the growth of the automotive, furniture, appliance, industrial and agricultural sectors.
Countries such as India, China, and Indonesia are investing heavily in various end-use industries, which will likely influence the growth of the powder coatings market in these countries.
The Home Appliances industry is expected to lead the overall Powder Coatings market, both in terms of value and volume, between 2020 and 2025.
The global appliance market is increasing due to technological advancements, growth in the housing sector, rapid urbanization, increase in per capita income, improving standard of living, change in consumer lifestyle, and the increasing number of smaller households.
Continued developments in the market, including new product launches, contracts and agreements, joint ventures, and acquisitions, are expected to help market growth.
Several products are being introduced and investments are being made to increase the production capacity of powder coatings by manufacturers for different applications. Technology advancement is expected to increase the penetration of powder coatings in various end-use industries.