South East Asia (SEA) powder coatings market report published by Allied Market Research is expected to reach $295.9 million by 2022 from $222.7 million in 2015, with a CAGR of 4.2% from 2016 to 2022.The Indonesian powder coatings market is anticipated to remain the highest revenue contributor among other countries.
The demand for powder coatings has increased owing to the growth in technological advancements and increase in demand from applications such as architectural; appliances; automotive; furniture; agriculture, construction & earthmoving equipment (ACE); general industrial; and others. In addition, stringent environmental regulations boost the growth of this market. The market has witnessed steady growth during the past few years, and is expected to grow at a CAGR of 4.2%, in terms of value, during the forecast period.
In the year 2015, the thermoset powder coatings segment dominated the Indonesian market, as these coatings provide superior finish with excellent durability that reduces maintenance cost and prolongs the shelf life of the coated products. Moreover, stringent regulations have led to increased penetration of powder coatings over liquid coatings. Powder coating overspray can be recycled and reused, which ensures optimal utilization of the coating material. Powder coatings in appliances application segment generated the highest revenue in the Malaysian powder coatings market.
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Key findings of the
South East Asia Powder Coatings Market:
- The appliances application
segment occupied the highest share in 2015 in the Philippines powder
coatings market, and is anticipated to grow at a CAGR of 4.4%, in terms of
value, during the analysis period.
- The polyester resin-based
powder coating was the widely used thermoplastic resin type in Singapore,
and is estimated to grow at a CAGR of 3.9%.
- The residential sector in
Singapore reported to account for the largest revenue in the architectural
segment, with a CAGR of 3.3%.
- Appliances and automotive
applications generated the highest revenue in Thailand.
- Rebar accounted for highest
revenue in the Thailand general industrial powder coatings application,
expanding at an estimated CAGR of 4.3%.
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Indonesia showed the
largest growth, in terms of revenue, for the powder coatings market in the
ASEAN countries. Automotive, appliances, architectural, and general industrial
are the major application areas of powder coatings in these countries. The
development in application industries in Thailand, Indonesia, Vietnam,
Singapore, Philippines, and Malaysia is expected to propel the market growth.
Furthermore, improvement in economies of the countries is projected to boost
the market growth.
Prominent players profiled in this report include AkzoNobel, Jotun, PPG
Industries, Axalta, Sherwin Williams, BASF SE, Nippon Paints Holdings Co.,
Ltd., Berger Paints India Ltd., Evonik Industries, Solvay, and others. Local
players also hold a prominent position in the powder coatings market.
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