Global Powder Coatings Market to hit US$ 16bn+ by 2024 Powder Coating Market | Page 2

Favorable government policies & regulations pertaining to the reduced usage of
materials containing toxic chemicals & high VOCs content will boost the powder
coating market growth. For instance, in U.S., as per the industrial surface coating
regulation update, Hazardous Air Pollutant (HAP) and Volatile Organic Compound
(VOC) content of these materials are respectively supervised at the local, state, and
federal levels, thereby maintaining safe level of VOCs and HAP in the environment.
However, the procurement of thin films may pose a major threat to product growth
trends. Thin finishes are difficult to achieve through thin film coatings owing to the
formation of uneven texture by the thickening of polymers, hampering the overall
industry expansion.
Thermoset resin is anticipated to surpass USD 15 billion over the forecast period.
Rising product demand in the electronics industry due to its major properties such as
dielectric properties, high-temperature resistance, lightness, and non-toxic nature will
augment segment growth. In addition, key usages including coating of metal
surfaces to form an attractive and durable finish in automotive components,
household appliances, and outdoor furniture will further propel the overall powder
coating market size.
Automotive & transportation components will witness CAGR over 8% in terms of
revenue by 2024. An upsurge in the vehicle production coupled with stringent
regulations pertaining to high carbon footprint is fueling the demand of powder
coatings over automotive wheels and other components, thereby resulting in the
significant business expansion. Further, increasing vehicle demand owing to rising
disposable incomes and technological advancements in the automotive industry will
fuel the powder coating market share. For instance, as per the OICA, the number of
vehicles production has increased from 95.05 million in 2016 to 97.30 million in
2017.
North America Powder Coatings Market, By Application, 2017 & 2024, (USD Million)
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