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Global Coil Coatings Market Benefits from Rapid Urbanization and Industrial Development in Emerging Economies

Article Description

Coil coatings are multilayered coats of pigments, primers, additives, and thermoplastic resins, and these chemical formulations are used to improve the longevity of several metal alloys such as steel and aluminum alloys. Coil coatings market offer corrosion resistance, weather resistance, and increase the aesthetic appeal of metal coils. These features make coil coatings ideal for a number of applications.

Browse the full Global Coil Coatings Market report at http://www.mrrse.com/coil-coating-market

Growth of the Construction Industry Driving the Global Coil Coatings Market

By application, the coil coatings market is segmented into automotive, construction, appliances, and others, including furniture, packaging, and HVAC. In 2014, the construction industry accounted for over two-thirds of the overall market volume and this segment is projected to retain its lead through 2023.

There has been a recent surge in non-residential construction activities across several countries, especially in developing economies. Coil coatings are used in several structural applications owing to the fact that they present a host of corrosion and weather resistance properties. This helps improve the aesthetic appeal and longevity of the formed metal. The rapid industrial development and urbanization in emerging economies have greatly contributed to the growing demand for coil coatings from the construction sector.

Appliances form the fastest developing end-use segment of the overall coil coatings market, driven by the rising disposable income and increasing purchasing power parity of the population in Asia and the Middle East and Africa. The rapid urbanization in these regions has also spurred the demand for appliances and HVAC systems, thereby propelling the demand for coil coatings.

Asia Pacific Emerges as the Dominant Regional Segment

Globally, the coil coatings market is projected to expand at a 5.20% CAGR in terms of value. In 2014, the value of the coil coatings market was pegged at just over US$4 bn and this is estimated to increase to US$6.2 bn by 2023. Geographically segmenting the coil coatings market, there are five main segments: Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Volume-wise, Asia Pacific is the largest market for coil coatings and in 2014, the region accounted for more than one-third of the overall market. The market in this region is fueled by the growing demand for coil coatings from all end-use industries.

The recovery of the automotive and construction industries is anticipated to push the North America market to expand at a CAGR higher than the global market average. However, the growth of the appliances and construction industries and the enhanced focus of the market players on the Middle East and Africa are projected to help the region expand at the highest CAGR from 2015 to 2023. Being an extremely mature market, Europe is anticipated to register below-average growth during the same period.

The vendor landscape of the global coil coatings market is extremely consolidated, with the top four companies accounting for a share of over 55% in 2014. The most prominent participants in the coil coatings market include BASF SE, Akzo Nobel N.V., PPG Industries Inc., The Dow Chemical Company, Beckers Group, Dura Coat Products, Inc., Nippon Paint Co. Ltd., Axalta Coating Systems LLC, Henkel AG & Co. KGaA, Bulk Chemicals Incorporated, and The Valspar Corporation.