Rise in Non-residential Construction Activities to Fuel Demand for Coil Coatings Market, reports TMR :2023

Although the global coil coatings market demonstrates a consolidated structure, the degree of competition is relatively high within the market. In 2014, the top four coil coatings producers, namely, Akzo Nobel N. V, The Valspar Corp., PPG Industries Inc., and Beckers Group, represented 56% of the market, reports Transparency Market Research in a new study.

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However, the recent acquisition of Valspar Corp. by Sherwin Williams is likely to change the dynamics of the competitive landscape of this market. Valspar Corp. boasts of a robust global presence, which is expected to open lucrative sales channels for Sherwin Williams in the highly dynamic emerging countries of Asia Pacific and the Middle East and Africa. Other leading players are also projected to develop their distribution channels in order to establish a strong reach across the world.

Increasing Construction Projects Boost Demand for Coil Coatings

The demand for coil coatings is directly proportional to the growth in the construction industry. Nowadays, the number of construction projects is reporting a significant increase in economies such as the U.S., Canada, Mexico, Australia, India, China, Indonesia, Brazil, and Turkey on account of the industrial development and rapid urbanization.

Over the coming years, non-residential construction activities, such as the construction of large commercial buildings, factories, and industrial sites, are likely to increase remarkably in Asia Pacific, specifically in India, Australia, and China. As coil coatings provide weather and corrosion resistance, as well as the aesthetic finish to metals used on walls, roofs, and shades, a huge demand for these coatings is likely to arise in the near future due to the rise is construction activities in this region.

Slowdown in European Economy to Limit Application of Coil Coatings

On the other hand, the slowdown in the European industries, particularly in automotive, construction, and consumer appliances, severely affected by the economic crisis in the region, may limit the application of these coatings considerably, resulting in a significant decline in their demand across the world. The high cost involved will also affect the application of these coating in the near future, reports TMR.

Asia Pacific to Remain Leading Consumer of Coil Coatings

The global market for coil coatings has been witnessing a strong rise since the past few years, states an analyst at TMR. In 2014, the opportunity in coil coatings was worth US$4.05 bn. TMR estimates show that this opportunity will increase at a CAGR of 5.20% during the period 2015 to 2023 and reach a value of US$6.2 bn by the end of the forecast period.

At present, Asia Pacific is the key contributor to the overall consumption of coil coatings across the world. The region accounted for a share of 42.4% in the overall demand for coil coatings in 2014, which is likely to increase to 44.2% by 2023.

The construction industry has emerged as the leading end user of coil coatings and is expected to maintain its position during the forecast period. Polyester coil coatings will remain the key product in the global market over the forthcoming years.

The study presented here is based on a report by Transparency Market Research (TMR) titled “Coil Coatings Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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This release was published on openPR.