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Global Coil Coatings Market to be Driven by Rapid Urbanization in Developing Economies

Blog Description

Coil coating is a highly automated process that is used widely for coating coils of metal efficiently. As the metal is treated and then cut and formed, the surface needs to be clean and have tightly-bonded finishes. Coil coated metal is regarded as being more corrosion-resistant and durable compared to other painted metal. Coil coating is a chemical process, which is used to boost the longevity of metal alloys, especially aluminum and steel alloys. They are multilayered coats of additives, pigments, primers, and thermoplastic resins.

According to a research study by Transparency Market Research, in 2014, the global market for coil coatings was worth US$4.05 bn and is anticipated to reach a value of US$6.27 bn by 2023. The market is projected to exhibit a 5.20% CAGR between 2015 and 2023.

Browse the full Report of Global Coil Coating Market

Increasing Disposable Income to Indirectly Benefit Global Coil Coating Market

The increasing activities in the non-residential construction segment owing to the development of the industrial sector and rapid urbanization are some of the key factors expected to boost the demand for coil coatings in the next few years across the globe. In addition, the rising sales of appliances, furniture, houses, and automobiles due to the growing disposable income among the population in several developing nations of Asia Pacific are further projected to fuel the growth of the overall coil coatings market in the near future.

On the flip side, the declining coil coatings demand in Europe, owing to the challenging economic situation, is expected to curb the growth of the market in the next few years. Nevertheless, the growing demand from the Middle East and Africa is estimated to augment the growth of the global coil coating market.

The global coil coatings market finds applications in diverse industries such as appliances, automotive, construction, HVAC, packaging, and furniture. Among all of these, the construction segment led the overall coil coatings market in 2014 and is expected to remain in the leading position in the next few years. On the other hand, the appliances segment is estimated to grow rapidly, followed by steady growth of the automotive segment.

North America Market for Coil Coatings to Exhibit High Growth Rate in Coming Years

The global coil coating market can be divided on the basis of geography into the Middle East and Africa, North America, Latin America, Europe, and Asia Pacific. On the basis of volume, in 2014, the Asia Pacific market led the overall market holding around a third of the global coil coatings market. Furthermore, the North America market for coil coatings is estimated to witness a high growth rate in the coming years owing to the developing automotive and construction industries in this region. The growing appliances and construction industries are projected to fuel the growth of the Middle East and Africa coil coatings market.

Browse the full Press Release of Global Coil Coating Market

Some of the major players operating in the global coil coatings market are Dura Coat Products, Inc., Akzo Nobel N.V., Bulk Chemicals Incorporated, Beckers Group, Henkel AG & Co. KGaA, The Valspar Corporation, Axalta Coating Systems LLC, The Dow Chemical Company, BASF SE, PPG Industries, Inc., and Nippon Paints Co. Ltd.