The surge of global Coil Coatings Market is directly proportional to the growth of automobile, construction, and consumer appliances sectors. Several inherent benefits of coil coatings in these sectors is likely to keep the demand high. The product offers better weather & corrosion resistance along with aesthetic finish to metal, which reflects its high demand especially in non-residential construction sector. Global expenditure on non-residential construction sector was worth USD 3.5 trillion in 2015. Coil coatings industry will observe a major boost from the non-residential construction sector which is foreseen to exceed USD 5.5 trillion by 2024.
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Currently, Asian countries are the prime markets for the global investors as this region includes some of the fastest developing economies in the world. The average annual GDP growth rate in APAC ranges from 6% to 7%, which is stimulating rapid industrial development and expansion of coil coating industry.
Asia Pacific coil coatings industry covered more than 40% of the global volume in 2015, owing to the huge expansion of industrial sector and surging construction industry in countries such as India, Japan, and China. Companies such as AkzoNobel and The Valspar Corporation have shifted their manufacturing base to APAC to harvest maximum gains and match with the product demand.
Increase in governmental funding for public infrastructural development will favor the growth of coil coating industry. The construction application of coil coatings will register an annual growth rate of 5% in terms of volume over the period of 2016-2024. Polyester type of coil coatings is most widely used in this sector due to its excellent properties of resistance to weather & corrosion. Polyester is also low in price, which will multiply its demand in the coil coatings industry and is further projected to register a CAGR of 6% between the timeframe of 2016-2024.
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U.S. being a renowned user of appliances including ovens, dishwashers, range hoods, microwave, freezers, dryers, and refrigerators, which essentially require coil coatings will propel the industry growth. The upliftment of the commercial & industrial construction sector and automobile industry post economic turmoil have now gained significant momentum in the region. In 2015, North America coil coatings market collected revenue worth USD 900 million, led by US.
Global coil coatings industry has been triggered by the rising industrialization and urbanization across the globe. A report by Global Market Insights, Inc., states that, “Coil Coatings Market is set to record a CAGR of 6% from 2016-2024 and will generate revenue over USD 6.8 billion by 2024.” Thus, in consequence the major industry players are establishing strong distribution and sales channel to enhance their global reach. Companies are likely to offer higher value for better competitive pricing and customer service. Key coil coatings industry players include The Valspar Corporation, AkzoNobel, The Dow Chemical Company, and BASF SE.
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