Coil Coatings Market Boosting Growth Worldwide by 2026 | Akzo Nobel, Henkel and Nippon Paints

Coil Coatings Market Boosting Growth Worldwide by 2026 | Akzo Nobel, Henkel and Nippon Paints

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.

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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.

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Increased sales of home appliance products globally

Electrical appliances, which includes home appliances, consumer electronics, kitchen appliances and personal care appliances, among others, represents a crucial application segment in global coil coatings industry. These appliances have become one of the most essential requirements in today’s digital world. The demand for different products offering more advanced features is surging on account of rising disposable incomes and enhanced living standards of consumers.

Pre painted metal is extensively used in the casing for various appliances such as refrigerators, air conditioners, washing machines, heaters, computers, DVD players, and many others. Appliance manufacturers are switching to pre painted coils mainly due to availability of the product at lower costs and ability to provide a durable finish and excellent endurance against wear and tear.

About Global Market Insights

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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