Powder coating market in Southeast Asia is expected to continue to grow
According to a recent study, powder coating market in South East Asia in 2015 values 222.7 million dollars, and in 2022 it is expected to reach US $295.2 million, a compound annual growth rate of 2016-2022 will be 4.2%.
Indonesia is the largest powder coating market of South East Asia and will maintain this position in the next 6 years.
Powder coating market growth in this region is mainly due to advances in technology and construction, appliance, automotive, furniture, ACE (agriculture, construction, engineering and equipment) as well as the demand in general industry, additionally, the increasingly strict environmental regulations also promotes the growth of powder paint in this area. Over the past few years, powder coating market in Southeast Asia was growing steadily.
The day-by-day increasingly strict environmental regulations are driving a replacement for the liquid paint by powder paint, and the growing demand for home appliances, buildings and cars, as well as the rapid economic growth in South East Asia are an important driver to the powder coating growth in the region.
Indonesian market is dominated by thermosetting powder coating, this kind powder coating can provide excellent weather resistance, low maintenance costs and extend the service life of the coated part, over-sprayed powder can be recycled, this characteristics ensure its high efficient use.
Home appliance is the most important areas of application in the powder coating market of Malaysia and Philippines, it is expected to grow at a annual rate of 4.4%.
Construction is a major application of powder coatings market in Singapore, the future expect a compound annual growth rate of 3.3%.
Auto and home appliance is the most important area of application in Thailand powder market.
Polyester powder coatings are the main popular type in Singapore market, expects compound annual growth rate of 3.9%.
Major companies in Southeast Asia include Akzo Nobel, Juton, PPG, and Axalta, and Sherwin, and BASF and Nippon, Indian Berger, the local companies also play an important role.