Coil Coatings Market Expected to be Worth $6.83 Billion by 2024

Inclining growth in non-residential construction will be a major factor propelling global coil coatings market size over the projected timeframe. In 2015, overall non-residential construction spending was around USD 3.5 trillion and is likely to exceed USD 5.5 trillion by 2024. These products are substantially used huge commercial buildings, factories and industrial sites owing to its capability to offer corrosion and weather resistance. It also provides value added aesthetic appearance to metal on walls, roofs and shades.

Rapid industrialization and urbanization, increasing per capita income, purchase power parity and stable political scenario are some key factors driving the APAC coil coatings market size. As of 2015, average GDP growth in Asian countries ranges from 6% to 7%. India, China and Indonesia are amongst the fastest emerging countries. This positively influences the end user sectors including construction, automotive and appliances, consequently boosting the business growth by 2024.

European debt crisis has severely influenced the automotive, construction and appliances business sectors. Declining investments by majority of the industry participants in the region may obstruct the global coil coatings market share over the projected timeframe. However, increasing appliances reach across remote regions will positively influence the industry growth over the forecast timeframe.

Key insights from the report include:

•     Global coil coatings market size is forecast to reach USD 6.83 billion by 2024, with estimated gains at 6 CAGR%.

•     Polyester coil coatings market size is forecast to witness gains more than 6% CAGR by 2024. It is the most commonly use coatings in the industry, mainly due to its superior weather and corrosion resistance characteristics. In addition, these coatings are comparatively economical, resulting in high product demand and consequently boosting industry growth.    

•     In 2015, Polyvinylidine Fluorides (PVDF) coil coatings market share generated revenue more than USD 800 million. It is an expensive product, widely used in outdoor construction as it appropriate for severe climatic conditions. Furthermore, it also offers value added esthetic appearance accompanied with higher weather and corrosion resistance characteristics.

•     Construction coil coatings market size will witness approximately 5% volume growth. The product finds extensive applications in metal roofs and walls to offer weather & corrosion resistance traits. It also provides value added esthetic appearance.

•     In 2015, North America, led by the U.S. coil coatings market share was valued at over USD 900 million. The inclining non-residential construction sector after economic downturn has substantially driven the regional product demand. Furthermore, the U.S. is prominent user of appliances including microwave ovens, freezers, dishwasher’s, range hoods, refrigerators and dryers.    

•     In 2015, Asia Pacific, mainly led by China, India and Japan, accounted for over 40% of the global coil coatings market volume. Rapid industrialization along with escalating construction industry in the region are the major factors for regional growth.    

•     In 2015, the global coil coatings market share was consolidated as major industry participants accounted for more than 50% of the global share. Key industry contributors were Akzo Nobel N.V, The Dow Chemical Company, BASF SE and The Valspar Corporation.