Canada is anticipated to expand at a significant CAGR over the forecast period and is expected to remain a fast growing region in the global coil coatings market
Consumption of coil coatings in Canada was pegged at close to 40 KT in 2016 and is expected to increase at a CAGR of 4.1% by volume over the forecast period to reach a little more than 60 KT by the end of 2027. Canada is expected to gain 70 BPS in market share over the forecast period to account for more than US$ 300 Mn by the end of 2027. This represents a CAGR of 4.3% in terms of value. However, the U.S. dominates the North America coil coatings market in terms of value. The market in the country is mainly propelled by the rising demand for coil coating materials from the construction industry. The U.S., though expanding at a value CAGR of 3.9% over the forecast period, is projected to lose 70 BPS in market share by 2027 as compared to 2017. The U.S. is expected to be the most attractive market in the North America coil coatings market over the forecast period. The demand for coil coatings for steel and aluminium, which are utilised across various end-use industries including construction, home appliances, etc. is expected to be driven by the rise in non-residential construction spending across the country.
Rising expenditure in the U.S. construction industry likely to fuel revenue growth of the coil coatings market in North America
There has been substantial growth in the U.S. construction industry in the recent past. As per the U.S. Census Bureau, there has been tremendous growth in non-residential construction spending and it is also estimated that this particular segment will grow at a rapid CAGR over the forecast period. With the growing construction industry, a rise in demand for coated steel and aluminium coils for the construction of various structures in buildings is expected; which, in turn, will upsurge the demand for coil coatings over the forecast period. Since 2010, there has been a continuous rise in the U.S. non-residential construction spending and this is boosting the coil coatings market in North America.
Growing consolidations and implementation of new technologies are some of the recent trends observed in the North America coil coatings market
Rising adoption of new technologies for the production of coil coatings is one of the factors that is fuelling the growth of the North America coil coatings market. The coil coatings industry has changed significantly over the recent past. Implementation of new technologies and several consolidations among key players are some of the key trends identified across the value chain in the North America coil coatings market. For instance, recently BlueScope entered into a joint venture with Tokyo based steel manufacturing company Nippon Steel. This consolidation will likely help the company in enhancing its presence in the global coil coatings market.
Topcoats product type segment is expected to dominate the coil coatings market in North America
Topcoats are the most utilised materials in the coil coating process. Topcoats provide colour, gloss and mechanical, chemical and UV resistance to the finished coil and hence they are widely adopted. The topcoats segment in the North America coil coatings market is inclined towards high value-high growth and is expected to follow the same trend over the forecast period. On the other hand, polyester is the most widely adopted material for coil coatings in North America, owing to its inherent advantages such as good chemical resistance and weather resistance, making it fit to be utilised in interiors and exteriors of buildings, profiling and roofing material and home appliances. \"
MRRSE offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.Get A Free Custom Research Quote