Growth in coil coating market poised to be triggered from automotive and construction sectors
Selbyville, Delaware, United States, September 9 2020 (Wiredrelease) Global Market Insights, Inc –:The coil coating market report is a deep-dive collection of important deliverables. An inherent sub-vertical of the global chemical’s domain, the coil coating market has carved out quite a remunerative growth path in recent years. The report enlists substantial details about this market with respect to its overall foothold in the chemical industry and how the product would find applications across major end-user sectors.
Robust growth of automotive and construction sectors particularly in emerging economies will be the major factor driving future demand for metal coils and other essential components. Global Market Insights, Inc., estimates that global coal coatings market size will reach over US$4.5 billion by 2026.
Infrastructure development has been a major force driving the economic growth in developing regions such as Asia Pacific and the Middle East. Rapid population growth and the subsequent rise in urbanization are further expected to accelerate public and private investments. The Asian Development Bank (ADB) has forecasted that a developing APAC will need to spend close to $1.7 trillion per year on infrastructure through 2030 to keep pace with the current rate of economic growth.
Majority of the spending will be aimed to develop basic infrastructure such as schools, healthcare facilities and senior care centers along with road, transport and utility networks. Rapidly expanding industrial sector has propelled the demand for industrial properties such as factories, warehouses and logistic houses. Coil coating products will observe increased demand in the near future for widespread use in metal roofs, building panels, wall panels, office infrastructure, and garage doors, among several other applications.
Favorable impact of the booming automotive sector:
The global automotive sector is undergoing a profound transformation. This can be majorly attributed to millennials and their growing preference to purchase their own vehicles. According to the International Organization of Motor Vehicle Manufacturers (OICA), total vehicle production jumped to more than 95 million vehicles in 2018, up from around 90 million in 2015.
These numbers are further expected to grow over the coming years on account of strong economic development, increasing purchasing powers of consumers globally and robust demand for electric vehicles.
Pre painted metal finds widespread use in various parts and components in both commercial as well as passenger vehicles. This includes doors, beams, windscreen, wiper blades, oil filters, instrument dials, and corrosion prevention to name a few.
Recreational vehicles prominently used pre painted metal as the key material for construction of the body. Coil coatings serves as a cost-effective option for achieving a high-quality and reproducible finish in automobiles.
Rapid urbanization and growing middle-class population have considerably contributed to massive demand for home appliances globally, which is likely to influence coil coatings industry growth. In addition, the incorporation of technologically advanced appliances in modern-day lifestyles, along with augmenting demand for connected homes is also anticipated to induce substantial coil coatings industry demand. Several home appliances, such as refrigerators, washing machines, dishwashers, and ovens are extensively used for carrying out routine activities. Also, governments of multiple countries are undertaking initiatives to improve sustainability of appliances. The fact can be validated by European Union’s 2019 initiative pertaining to energy efficiency. The organization introduced strategies, including eco-designs to increase energy efficiency of various home appliances, such as light sources, refrigerators, electronic displays, washing machines, etc.
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