Global Powder Coating Market Expected to Grow to $14.7 Billion by 2025
The global powder coating market is expected to grow steadily over the coming years. Forecasts suggest the global powder coating market will reach a value of $14.7 billion by 2025 and perhaps as high as $19.9 billion by 2027.
The increasing demand for powder coating services across the world is driven by several factors. Firstly, regulations against VOC emissions are leading companies to move away from traditional liquid coating options and towards powder coating solutions.
As well as regulating against VOC emissions, governments have been actively promoting the powder coating sector as an alternative. The double pressure of regulation and promotion is driving the market forward at a global level.
These pressures are also supported by regional demand increases, particularly in the Asia-Pacific region. This includes an increase in demand for metal powder coatings by industries exporting to the Asia-Pacific region, including the automotive industry, construction, home appliances, and furniture. Therefore, demand increases in the Asia-Pacific will increase the demand for powder coating in other areas, such as the UK powder coating sector.
Demand has not increased in a uniform manner across all sectors. In the automotive industry output has decreased globally causing a slump in demand for powder coating. However, this slump has been balanced by an increase in demand for powder coating from the construction and decoration industries. Due to its durability, powder coating is increasingly being chosen over liquid alternatives for construction and decoration projects.
Global growth in the sector is expected despite a rise in the price of raw materials exerting a downward pressure on demand. However, some uncertainty has arisen over the last two months due to the global coronavirus pandemic and the uneven effects it is exhibiting on the market.
EQC is proud to continue offering its services during these difficult times and looks forward to contributing to the growth of the UK powder coating sector.