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Asia Pacific coil coatings market is projected to showcase significant growth over 2020-2026

Author : Ravi Chawat | Published Date : 2021-01-06 

Asia Pacific is a key revenue terrain for coil coatings market, followed by North America and Europe. With robust investments in infrastructure development, Asia Pacific is poised to experience substantial consumption of the materials in the near future.

In addition to the construction sector, the regional coil coatings demand will also be propelled by the automotive and furniture industries. China accounted for more than 40% of furniture sales in 2018, according to China International Furniture Fair (CIFF). China, Japan, Malaysia, and Vietnam being major exporting countries will positively impact APAC coil coatings market outlook.

Coil coatings are utilized for a slew of purposes in several industries, construction, automotive, home appliances, furniture, and packaging being the key ones. The construction industry, in particular, generates a substantially high demand for coil coatings due to developing metallurgy technologies around the world. In 2018, the Gulf Cooperation Council (GCC) had planned projects worth $2.5 trillion. Saudi Arabia has a majority contribution among GCC countries with planned construction projects of almost $1 trillion. The UAE is the second leading country in the industry within the region with planned projects worth $715 billion.

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Robust growth of automotive and construction sectors particularly in emerging economies will be the major factor driving future demand for metal coils and other essential components. Global Market Insights, Inc., estimates that global coal coatings market size will reach over US$4.5 billion by 2026.

Infrastructure development has been a major force driving the economic growth in developing regions such as Asia Pacific and the Middle East. Rapid population growth and the subsequent rise in urbanization are further expected to accelerate public and private investments. The Asian Development Bank (ADB) has forecasted that a developing APAC will need to spend close to $1.7 trillion per year on infrastructure through 2030 to keep pace with the current rate of economic growth.

Majority of the spending will be aimed to develop basic infrastructure such as schools, healthcare facilities and senior care centers along with road, transport and utility networks. Rapidly expanding industrial sector has propelled the demand for industrial properties such as factories, warehouses and logistic houses. Coil coating products will observe increased demand in the near future for widespread use in metal roofs, building panels, wall panels, office infrastructure, and garage doors, among several other applications.

On the basis of product, coil coatings market has been segmented into silicone modified polyester (SMP), polyester-based coatings, PVDF coatings, plastisol coatings, PU coatings, etc. Among all, polyurethane coatings are likely to witness huge adoption owing to their desirable attributes, such as toughness, improved gloss cosmetic finish, and high resistance to chemicals. Moreover, high durability, enhanced corrosion resistance, and superior weather resistance properties of polyurethane coatings have favored their utilization the construction industry, which is likely to generate substantial market demand.

Major key players in the market are BASF SE, Akzo Nobel N.V., The Valspar Corporation., PPG Industries Inc., Beckers Group, Dura Coat Products, Inc, Henkel AG & Co. KGaA., The Dow Chemical Company, Bulk Chemicals Incorporated, Nippon Paint Co. Ltd., Axalta Coating Systems LLC, Metal Coatings (INDIA) limited (MCIL), Solvosol Paints Pvt.Ltd., Toyo Ink., ACE Coating.

Browse More News:

https://www.prnewswire.com/news-releases/powder-coating-market-to-exceed-usd-17-bn-by-2025-global-market-insights-inc-300940763.html

https://www.prnewswire.com/news-releases/leather-chemicals-market-to-reach-usd-11-42-billion-by-2026--says-global-market-insights-inc-300980524.html

 

About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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