Chemical industry reports Powder Coating Market Applications | Page 2

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The automotive sector is also expected to witness a rapid growth with a CAGR of over 8 % during the
estimated years. Shelving systems, outdoor metal furniture, metal cabinets etc. are several other lucrative
applications with a revenue forecast of over USD 3 billion by 2024. The advent of Medium D ensity Fiber
Board (MDF) has strengthened the wood furniture application scope over the few years.
Regionally, North America dominated the global powder coating market with revenue of USD 2 billion.
However, the region may lose its share as a result of a long-time presence and awareness of liquid coatings
intended for the architectural applications in the United States. The European regional market is expected to
gain a share of over 890 kilo tons by 2024. The major factor driving the European market is th e growing
production of automobiles in Hungary, Germany, Romania, United Kingdom, and Austria with the production
base of automobile manufacturers such as Chevrolet, Lincoln, Daimler-Chrysler, Dodge, and Mercedes-Benz.
The APAC region is also anticipated to witness huge growth on account of rapid growth across various sectors
such as consumer goods, infrastructure, and automotive. The Middle East & Africa and Latin America regions
are comparatively immature markets; however, they may provide lucrative opportunities for the market
players during the next few years.
Some of the major companies in the global powder coating market are PPG Industries; Axalta Coating
Systems; and Akzo Nobel N. V.
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