Report Forecasts Growth in Global Coil Coatings Market
VALLEY COTTAGE, NY – A new study from Future Market Insights on the global coil coatings market predicts that by the end of 2027, around 1,368 KT of coil coatings will be sold globally. Between 2017 and 2027, the global coil coatings market is expected to register a CAGR of 4.6%, reaching a valuation of $6.312 billion. Rising expenditures in the construction industry, especially for non-residential construction, are expected to drive sales of coil coatings over the next couple of years. The recent boom in the construction sector has been fueling the demand for coated steel and aluminum coils of late. In addition, continuous demand for domestic appliances and construction materials across the globe are also supporting the market growth.
Development of eco-friendly coatings to check emission levels and the start of grid power projects are some of the key trends governing the global coil coatings market. Among the key regions, sales of coil coatings in Asia-Pacific excluding Japan (APEJ) will remain robust throughout the forecast period due to increasing infrastructure investments in the region, which favor growth of the market. APEJ's coil coatings market, which is currently valued at over $1.472 billion, is expected to surpass $2.525 billion over 2027. During the same period, the Middle East and Africa (MEA) will also become a highly attractive market and is expected to witness a relatively higher CAGR as compared to other regions. Meanwhile, North America and Western Europe are currently identified as the second- and third-largest markets for coil coatings respectively.
The study reports that throughout the assessment period, sales of topcoats are anticipated to remain relatively high compared to all other major coil coatings product types. In 2016, around 369.5 KT of topcoats were sold worldwide, which is expected to increase to 588.6 KT by the end of 2027, expanding at 4.3% CAGR.
By material type, demand for polyester coil coatings will continue to gain traction owing to the material's excellent physical and chemical properties, such as good chemical resistance and high durability for interiors and exteriors of buildings, and good formability.
Coil coatings find widespread application in various steel coating requirements. Rising preference for pre-coated or pre-painted steel sheets is also fueling demand for various coating products, including coil coatings from the steel manufacturing industry.
On the basis of end-use, the construction industry is projected to account for the largest value share of the global coil coatings market over the forecast period.
For additional information about the report, Coil Coatings Market Global Industry Analysis 2012 - 2016 and Opportunity Assessment 2017 - 2027, visit http://www.futuremarketinsights.com/reports/sample/rep-gb-2578.