Report Predicts Coil Coatings Market to Reach $6.83 Billion by 2024
DOVER, DE - According to a study by research firm Global Market Insights Inc., the global coil coatings market is expected to reach $6.83 billion by 2024.
Growth in non-residential construction will be a major factor propelling market size over the projected timeframe. The study reports that in 2015, overall non-residential construction spending was around $3.5 trillion and is likely to exceed $5.5 trillion by 2024. Coil coatings are used in commercial buildings, factories and industrial sites owing to their ability to offer corrosion and weather resistance. They also provide value-added aesthetic appearance to metal on walls, roofs and shades.
Rapid industrialization and urbanization, increasing per-capita income, parity in purchasing power, and stable political scenarios are key factors driving the APAC coil coatings market size. As of 2015, average GDP growth in Asian countries ranged from 6% to 7%. India, China and Indonesia are among the fastest emerging countries. This positively influences the end-user sectors, including construction, automotive and appliances, which is expected to boost business growth by 2024.
A factor that could negatively impact the coil coatings market going forward is the European debt crisis, which has affected the automotive, construction and appliances business sectors.
According to the report, the market for polyester coil coatings is expected to witness gains of more than 6% CAGR by 2024. They are the most commonly use coatings in the industry, mainly due to their superior weather and corrosion resistance. In addition, these coatings are comparatively economical, resulting in higher product demand.
In 2015, polyvinylidene fluorides (PVDF) coil coatings market share generated revenue of more than $800 million. It is an expensive product that is widely used in outdoor construction, as it works well in severe climates. It also offers a value-added esthetic appearance and excellent weather and corrosion resistance.
The report predicts that the market for construction coil coatings will witness approximately 5% volume growth. These products are used extensively in metal roofs and walls.
In 2015, North America, led by the U.S. coil coatings market share, was valued at over $900 million. The upturn in non-residential construction has driven demand, along with the market for appliances in the United States.
In 2015, Asia-Pacific, mainly led by China, India and Japan, accounted for over 40% of the global coil coatings market volume. Rapid industrialization along with an escalating construction industry are the major factors impacting regional growth.
In 2015, the global coil coatings market share was consolidated, as major industry participants accounted for more than 50% of the global share. Key industry contributors were Akzo Nobel N.V, The Dow Chemical Co., BASF SE and Valspar Corp.
For additional information about the report, Coil Coatings Market Size By Product (Polyester, Silicone Modified Polyester, Polyvinylidine Fluorides (PVDF), Polyurethane (PU), Plastisols), By End-user (Construction, Automotive, Appliances), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016–2024, visit https://www.gminsights.com/industry-analysis/coil-coatings-market.