International. The powder coating's ability to improve product performance and appearance is helping to drive the industry's global growth, according to a report by BCC Research. Powder coating is now offered in an almost unlimited selection of colors, with clear layers available to provide even more flexibility.
The industry expects to see a compound annual growth rate (CAGR) of 5.4% through 2022, when it is forecast to reach more than $13.6 billion, according to the Powder Coatings: Materials, Technologies and Applications report.
Major players in the market include Akzo Nobel, Belco Industries, Cardinal Paints, DowDuPont, Eastman Chemical, Gema USA, Huntsman Advanced Materials, Jamestown Coating Technologies, MCL Group, Nippon Paint Co., Pioneer Powder, Spraylat, Tiger Drylac, and Valspar.
Research Highlights:
- Powder coatings will see a CAGR through 2022 of 5.5% and an estimated value of US$10.3 billion. Teams will see a CAGR during the period of 5.2%, followed by standalone coating services, with a CAGR of 5.1%.
- The Asia-Pacific region will lead the market in both growth and size, with a CAGR through 2022 of 6.3% and a value of US$6.4 billion.
- According to the end user, the automotive industry will see the fastest growth, with a CAGR through 2022 of 7.0% and a value of US$4.7 billion. Non-metallic will see a CAGR of 6.7%, followed by household appliances at 6.0%.
"Powder coatings have become more ubiquitous in recent years and have served as increasingly strong decorative and functional solutions," said report author Andrew McWilliams. "The scope of products finished by powdered materials has grown and currently involves many industries. Powder coatings have become highly competitive with liquid coatings."
