SELBYVILLE, Delaware, Dec. 19, 2019 /PRNewswire/ -- Global Coil Coatings Market revenue is projected to cross USD 4.5 billion by 2026, according to a new research report by Global Market Insights, Inc. Continuous upsurge construction industry will induce coil coatings demand in the projected time period.
Rising adoption of home appliances owing to increasing urbanization, shifting consumer preferences and expanding middle class population will escalate the coil coatings industry growth. The homeowners are adopting more appliances with the connected home and changing lifestyle. Appliances such as washing machines, refrigerators, ovens, dishwashers etc. provide major contribution in the routine activities. Ongoing government initiatives to enhance the sustainability of the appliances will support the product demand. For instance, in October 2019, the European Union introduced strategic including eco-design to enhance the energy efficiency of the product groups including refrigerators, washing machines, electronic displays, dishwashers, light sources and other appliances.
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Based on type of coatings, the market is segmented into polyester based coatings, silicone modified polyester (SMP), PVDF coatings, PU coatings, plastisol coatings etc. Polyurethane coatings are generally tough, provide high resistance to chemicals and offers enhanced gloss cosmetic finishes. The construction industry is one of the major users of the polyurethane coatings as these prevent corrosion and providing durability. Further, these possess superior weather resistance properties thereby propelling the segment penetration.
Some major findings of the coil coatings market report include:
- China to possess high growth potential with increasing manufacturing and construction activities
- Technological advancements regarding anticorrosive primers and UV technology to fuel product demand
- Storage and transportation constraints may hamper the industry proliferation
- High industry rivalry due to the presence of many established players in the industry. Some major players are Akzo Nobel, Henkel AG & Co. KGaA., Nippon Paint Co. Ltd. etc.
Browse key industry insights spread across 140 pages with 150 market data tables & 11 figures & charts from the report, "Coil Coatings Market Share By Product, End User, Regional Outlook & Industry Forecast, 2019 – 2026" in detail along with the table of contents:
Coil coatings have applications in multiple industries including automotive, construction, home appliances, packaging, and furniture. Construction industry is one of the key consumers of coil coatings. Emerging metallurgy technologies across the globe is inducing growth potential in the industry landscape. In 2018, there are USD 2.5 trillion worth of planned projects in the GCC. Saudi Arabia leads the industry within the region with planned construction projects of over USD 1 trillion followed by UAE with around USD 715 billion worth of planned projects.
In 2018, Asia Pacific led the coil coatings market size followed by Europe and North America respectively. The automotive industry and furniture industry are driving the product demand in the region. According to the China International Furniture Fair (CIFF), in 2018, the region accounted for over 40% furniture consumption. Further, presence of major exporting countries including Chine, Vietnam and Malaysia will support its dominance over the projected timeframe.
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