Growing investment across the non-residential infrastructural development projects will stimulate Coil Coatings Market over the coming seven years. According to Global Market Insights, Inc., “Worldwide coil coatings market was worth 4.27 billion in 2015 and is predicted to record a CAGR of 6% over the period of 2016 to 2024. The on-going development activities across the emerging economies of Asia Pacific like India, Indonesia, and China will favorably influence coil coatings industry share.
The appliances, automotive, and construction are the few of the prominent end-users in the coil coatings market. The automotive sector collected a revenue of more than USD 450 million in 2015 and will exhibit considerable growth rate, primarily driven by its growing requirement for the various automotive metal parts such as body panels, fuel tanks, and bumpers. The construction is also another lucrative end-user segment, which will register a CAGR of more than 5% over the coming years of 2016 to 2024. The growth can be attributed to its increasing uses for the constructive areas such as metal roofs and wall panels, owing to its water resistant and anti- corrosive nature.
U.S Coil Coatings Market size, by end-user, 2013-2024 (USD Million)
Taking into account the product, coil coatings market is mainly segmented into polyvinylidene fluoride (PVDF), plastisols, polyester, polyurethane (PU), and silicone modified polyester. Polyvinylidene fluoride based coil coatings industry collected a revenue of more than USD 800 million in 2015 and will generate considerable revenue over the coming timeframe. It is extensively used for outdoor infrastructure, owing to its capability to resist corrosion and weather traits. Additionally, PVDF based coatings provide the appealing aesthetic look and superior quality glazes, which will boost the demand for PVDF based coil coatings across the globe.
The polyester coil coatings industry is anticipated to exhibit significant annual growth rate of more than 6% over the period of 2016 to 2024, owing to its escalating demand, due to the cost effectiveness of polyester based coatings.
Considering the regional landscape, Asia Pacific dominated the global coil coatings market revenue share in 2015 and will exhibit lucrative growth aspects over the coming timeframe of 2016 to 2024. The increasing urbanization and industrialization across this region will augment the industry growth noticeably. India, Japan, and China will the major revenue contributor.
North America coil coatings market, primarily dominated by the U.S., collected a revenue of over USD 900 million in 2015 and will grow substantially over the coming seven years, owing to the growing demand for automotive and appliances such as freezers, refrigerators, dryers, dishwashers, and microwave ovens. In addition to this, the rising non-residential construction activity across this region will also contribute significantly toward the regional demand.
The industry is quite consolidated with prominent players accounting for over 50% of the worldwide product demand in 2015. The market players will expand their business by adopting strategies such as vertical integration and expansion of sales and distribution channels globally. The Dow Chemical Company, Valspar Corporation, Akzo Nobel N.V, and BASF SE are the few notable participants in the coil coatings market.