Transparency Market Research has published a new report titled “Coil Coatings Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023.” According to the report, the global coil coatings market was valued at US$ 4.05 Bn in 2014 and is estimated to reach US$ 6.27 Bn in 2023, expanding at a CAGR of 5.2% between 2015 and 2023. The global coil coatings market stood at 940 kilo tons in terms of volume in 2014.

Growth in non-residential construction activities is anticipated to drive the global coil coatings market. Industrial development and urbanization are the key factors for the rise in non-residential construction activities. Additionally, fast growing countries in Asia are projected to be major demand markets for coil coatings during the forecast period. Decline in demand for coil coatings in Europe, led by the challenging economic scenario, is projected to hamper market growth during the forecast period. Middle East & Africa is expected to be a key market for coil coatings in the near future. Construction and appliance industries in the region are projected to account for majority of demand for coil coatings during the forecast period.

Asia Pacific dominated the coil coatings market with more than 40% share in terms of volume in 2014. Middle East & Africa is estimated to be the fastest growing market for coil coatings due to increasing demand for coil coatings in end-user industries, rising construction activities, and higher focus by market players in the region. Asia Pacific and North America are other rapidly growing regions due to significant growth in demand for coil coatings in non-residential construction activities and the automotive industry.

Large-scale manufacturers of coil coatings such as The Dow Chemical Company, BASF SE, Akzo Nobel N.V. and Nippon Paint Co. Ltd., are integrated backward into raw material production. This ensures constant  availability of raw materials and significant cost advantage for integrated coil coatings producers. Additionally, most producers of coil coatings operate research and testing centers across all regions. Market players are shifting their focus toward Asia and the Middle East, as these are emerging high growth markets for coil coatings. Manufacturers in Asia, especially in China and India, are helped by inexpensive land and labor in addition to governmental support through subsidies and tax benefits.

The global coil coatings market is consolidated; many globally integrated companies and a few smaller domestic companies operate in the market. Key players in the global coil coatings market include Akzo Nobel N.V., The Valspar Corporation, Beckers Group, Nippon Paints Co. Ltd., BASF SE, The Dow Chemical Company, Henkel AG & Co. KGaA, Dura Coat Products, Inc., Bulk Chemicals Incorporated, Axalta Coating Systems LLC, and PPG.