Sellbyville, DE -- (SBWIRE) -- 11/13/2018 -- Coil Coatings Market will likely surpass USD 6.8 billion by 2024 according to this new research report. High growth in construction industry, mainly in the non-residential section, will drive the global coil coatings market during the forecast period as the product finds application in the construction of non-residential buildings and commercial complexes. In 2015, worldwide construction expenditure in the non-residential sector was near USD 3.5 trillion while it will likely exceed USD 5 trillion by 2024. This sector is poised to grow at a fast rate owing to rapid infrastructural developments in the emerging economies and is expected to drive the coil coatings market in the coming years.

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Rapid economic development in Asia Pacific region has led to high demand for the product and is expected to propel the coil coatings market in the forecast timespan. Asia Pacific is characterized by a high annual GDP of around 6.5% and the presence fast developing economies such as India, China, Indonesia, and Japan. Rising income levels, urbanization and industrial development in the Asia Pacific has led to increased product demand in end-use sectors such as construction, automotive, appliances, etc. This will positively influence the global coil coatings market during the forecast timespan.

Global economic slowdown has severely affected the European economy and slowed down its construction and automotive industries growth. This factor coupled with declining investments in this region may hinder the overall coil coatings market during the forecast timespan.

There are six product segments in the coil coatings market including Polyester, Polyvinylidine Fluorides (PVDF), Silicone Modified Polyester, Plastisols, Polyurethane (PU) and other products. Polyester segment has a substantial share of the overall industry and is the most popular product segment owing to its easy availability, low cost and resistance to corrosion as well as weather. This segment is expected to grow with a CAGR of 6% till 2024. PVDF segment generated revenues amounting above USD 800 million in 2015 and this segment is expected to grow by a healthy rate owing to the its superior resistance to corrosion and usability in extreme weather conditions.

Global coil coatings market is categorized into four major end-user segments namely construction, automotive, appliances and others. The construction end-user segment, on the basis of volume, is anticipated to grow by 5% CAGR. Increased spending in infrastructure development around the globe will likely drive the industry growth in the coming years. Automotive end-user segment is also expected to grow at a favorable rate and generated a revenue above USD 450 million in 2015. High demand for steel and other metals in the automotive sector will boost the automotive coil coatings market during the forecast timespan.

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North America is a significant coil coatings market with revenue in 2015 exceeding USD 900 million. The regions construction industry has recovered from the economic slowdown up to a considerable extent and will drive the product demand. Matured appliances and automotive industry in this region will also boost demand for the product. Asia Pacific is also an important coil coatings market with the fast-developing automotive industry. Budding electronics appliances sector will also positively influence the industry growth in Asia Pacific during the forecast years.

Key players in the global coil coatings market occupied more than half of the overall market in terms of volume in 2015. This industry is consolidated and key market participants include Akzo Nobel N.V., The Valspar Corporation, The Dow Chemical Company, and BASF SE. The major companies in the coil coatings market maintain a robust sales and distribution network to gain an upper hand on their competitors.

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