Sellbyville, DE -- (SBWIRE) -- 11/05/2018 -- North America, led by the U.S. powder coating market accounted for more than 18% of the global industry share in 2015. Technological advancement has led to increasing industrial applications in several heavy machineries including boilers furnaces, HVAC and heaters.

In Asia Pacific, China and India powder coating market jointly are expected to hold 20% of the global industry share by 2024. Increasing furniture, household appliances, automobiles, agricultural equipment manufacturing facilities particularly in China will propel the industry growth. Extensive R&D activities to enhance product consumption in consumer goods including refrigerators & washing machines will fuel the product penetration.

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High application scope in consumer goods, industrial and automotive applications will drive the powder coating market. Stringent government regulation regarding VOC emissions along with product features including emit less, ecofriendly and solvent free will fuel the industry growth.

Expansion in the automotive & transportation industry particularly in the emerging nations will propel the powder coating market growth. Shifting trends towards reduction of heat requirement during the production process are the key factors driving the industry growth.

Increasing product usage particularly in the architectural & furniture and household appliances owing to its benefits over conventional paints will drive the industry growth. Preservation from the external conditions and enhancing the aesthetic look are the key properties enhancing the powder coating market demand.

Technological advancement and product innovations including ultra-reflective covers increasing the effectiveness of commercial lighting fixtures will propel the product development. Development in the varnish application equipment will also support the industry growth.

Thermoset resin powder coating market will observe growth over 4.5% up to 2024. Protection of automobile parts, household appliances and industrial equipment from corrosion and shock along with improving product lifespan are the key factors fueling the product scope. Increasing consumer requirement to improve the durability of products will further propel the industry growth.

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Epoxy polyester hybrid powder coating market is projected to account for over 50% of the overall industry share by 2024. Rising demand from consumer appliances, heavy duty equipment, agricultural and electrical enclosures due to its cost-effective properties will drive the industry demand.

Metal substrate accounted for over 90% of the overall powder coating market in 2015. Several nonmetallic products including wood plastics, composites and glass are widely used. Nonmetallic substrates are supported by medium density fiber board (MDFD) which has increased product usage in wood based furniture.

Architectural & furniture accounted for more than 30% of the overall powder coating market share in 2015. Scratch resistance and glossy look have enhanced product consumption in the metal furniture.

Automobile & transportation will observe gains at around 6% up to 2024. Increasing product usage by the numerous auto manufacturers due to its significant properties including glossy look, high efficiency and cost-effectiveness will propel the industry growth. The product has witnessed increased consumption for chassis, wheels, frames and rims.

Global powder coating market is fragmented owing to the presence of various local as well as global manufacturers. The major industry players include BASF, Nippon Paints, Jotun, Dupont, PPG, AkzoNobel, Sherwin Williams, Kansai Paint, Evonik Industries and Kansai Paint.

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