Coil Coatings Market to Expand with Significant CAGR During 2023
The
coil coatings market features a fairly fragmented landscape as the
top four players accounted for a combined share of 56% of the market
in 2014, finds Transparency Market Research (TMR). These leading
companies are Beckers Group, PPG Industries, Inc., Valspar, and
Sherwin Williams. The market demonstrates a relatively high degree of
competition. With the acquisition of Valspar by the Sherwin-Williams
Company in 2017, the competition is likely to intensify in the coming
years, observes TMR. The acquisition will enable Sherwin Williams, a
company majoring in paints solutions, to capitalize on the worldwide
presence of Valspar. This is anticipated to open up lucrative growth
avenues in various regions, particularly in emerging markets of Asia
Pacific and the Middle East and Africa.
Read
Report Overview @
Several
leading players are manufacturing high-performance coil coatings that
also help end users meet a variety of purposes. Furthermore, top
manufacturers of coil coatings are actively developing their
distribution channels in a move to consolidate their presence.
Rising
at a CAGR of 5.20% from 2015 to 2023, the opportunities in the coil
coatings market is expected to reach US$6.3 bn by the end of the
forecast period. The market was valued at US$4.0 bn in 2014.
Burgeoning
Construction Activities in Asia Pacific to Boost Consumption
Regionally,
the coil coatings market is segmented into Asia Pacific, Europe,
Latin America, North America, and the Middle East and Africa (MEA).
Of these, the Asia Pacific market held the leading share and is
projected to attain a share of 44.2% by the end of 2023. The growth
of the market is driven by the rapidly growing construction
activities, particular those of non-residential buildings, in several
key economies in the region.
Based
on product, the market is segmented into polyurethane coatings,
polyester coatings, plastisol coatings, silicone modified polyester
coatings, polyvinylidene fluoride coatings, plastisol epoxides, and
acrylics. Of these, the polyester coil coatings segment contributed
the major share in 2014, in terms of aggregate demand, attributed to
their versatility and high-performance. The segment is projected to
reach a share of 64.2% by the forecast period.
Multi-purpose
Coil Coating Solutions in Construction Sector to Bolster Uptake
The
growth of the coil coatings market is primarily driven by the rising
number of construction activities world over in the residential as
well as non-residential sectors. The rapid pace of urbanization in a
number of advanced and emerging nations such as the U.S., China,
India, Mexico, Indonesia, Brazil, and Turkey has accelerated the
construction of new buildings, thereby boosting the demand for coil
coatings. Compared to other coating options and alternative
substrates, the use of coil coatings is stimulated by the several
benefits they offer in the metal fabrication process. Coil coatings
are characterized by being corrosion- and abrasion- resistant and are
thermally reflective. In addition, some high-end coating coils
possess antibacterial and self-cleaning properties. Furthermore, coil
coatings are extensively used in metals to impart aesthetic finishes
to metals used on roofs, and walls, thereby boosting the market.
Request
to view Sample Report:
However,
the marked stagnation of various industries in several European
nations is expected to negatively impact the coil coatings market to
some extent. Nevertheless, the advent of innovative coil coatings,
such as bio-based coating solutions, and its demand in the
construction of buildings is expected to open up exciting
opportunities for manufacturers. Furthermore, coil coatings are
witnessing a variety of emerging applications in industries such as
automotive, consumer appliances, and packaging. This is anticipated
to accentuate the market in the coming years.
Comments
Post a Comment