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Rising construction industry to amplify coil coatings market demand, Asia Pacific to be a major revenue pocket
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Currently, Asian countries are the prime markets for the global investors as this region includes some of the fastest developing economies in the world. The average annual GDP growth rate in APAC ranges from 6% to 7%, which is stimulating rapid industrial development and expansion of coil coating industry.
Asia Pacific coil coatings industry covered more than 40% of the global volume in 2015, owing to the huge expansion of industrial sector and surging construction industry in countries such as India, Japan, and China. Companies such as AkzoNobel and The Valspar Corporation have shifted their manufacturing base to APAC to harvest maximum gains and match with the product demand.
Increase in governmental funding for public infrastructural development will favor the growth of coil coating industry. The construction application of coil coatings will register an annual growth rate of 5% in terms of volume over the period of 2016-2024. Polyester type of coil coatings is most widely used in this sector due to its excellent properties of resistance to weather & corrosion. Polyester is also low in price, which will multiply its demand in the coil coatings industry and is further projected to register a CAGR of 6% between the timeframe of 2016-2024.
U.S. being a renowned user of appliances including ovens, dishwashers, range hoods, microwave, freezers, dryers, and refrigerators, which essentially require coil coatings will propel the industry growth. The upliftment of the commercial & industrial construction sector and automobile industry post economic turmoil have now gained significant momentum in the region. In 2015, North America coil coatings market collected revenue worth USD 900 million, led by US.
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Global coil coatings industry has been triggered by the rising industrialization and urbanization across the globe. A report by Global Market Insights, Inc., states that, “Coil Coatings Market is set to record a CAGR of 6% from 2016-2024 and will generate revenue over USD 6.8 billion by 2024.” Thus, in consequence the major industry players are establishing strong distribution and sales channel to enhance their global reach. Companies are likely to offer higher value for better competitive pricing and customer service. Key coil coatings industry players include The Valspar Corporation, AkzoNobel, The Dow Chemical Company, and BASF SE.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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