Albany, New York, Oct. 30, 2018 (GLOBE NEWSWIRE) -- The global coil coatings market depicts the presence of a substantially fragmented vendor landscape mainly due to the presence of innumerable players, says Transparency Market Research on the basis of a newly published report. This study further mentions that the top four companies comprised a collective share of 56% in 2014. These four companies are Sherwin Williams, Beckers Group, Valspar, and PPG Industries, Inc. The global coil coatings market demonstrates a high degree of competition mainly due to most companies vying to achieve the top spot by manufacturing high quality coating products. Most players are participating in important mergers & acquisitions, partnerships, and collaborations. They are also improving their distribution channels in order to enhance their presence in the global coil coatings market.
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In terms of statistics, the global coil coatings market had amassed revenue worth US$4.0 bn in 2014, according to expert analysts. This is further expected to rise up to US$6.3 bn by the end of 2023. This growth is expected to occur at an impressive CAGR of 5.20% during the forecast period ranging from 2015 to 2023.
From a geographical perspective, the global coatings market is spread across North America, Asia Pacific, South America, the Middle East and Africa, and Europe. Of these, Asia Pacific held a leading share in the market in recent times thanks to a briskly expanding construction industry in the region. In terms of products, the polyester coil coatings segment holds topmost spot thanks to the versatile use of the product.
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Burgeoning Construction Sector Pushes Demand for Coil Coatings Globally
The coil coatings market is majorly being driven due to a rapidly advancing construction industry all over the world. This is mainly due to the innumerable advantages offered by use of coil coatings such as resistance to corrosion, ability to sustain wear and tear, provision of long life to coils, and other associated products, such coils play a crucial role in construction processes. Moreover, with rapid industrialization, high quality coils are required for use in different manufacturing techniques. And as this is possible by using components such as coils covered with strong coating materials, the global coil coatings market depicts a splendid progress. In addition, a rising demand for multipurpose coil coatings in residential as well as non-residential construction projects. Use of these coatings is also advantageous from the perspective of their antibacterial, self-cleaning, and abrasion resistant qualities. Thanks to these aspects, the coal coatings find extensive employment in metals to provide finishing touches to roofs, walls, and other similar components, consequently propelling progress in the global coil coatings market.
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Preference for Alternatives Makes Market Grow Sluggishly in Some Regions
However, the global coil coatings market is majorly restrained due to fluctuation of raw material availability in many regions. In addition, numerous companies prefer alternatives to coil coatings thanks to the easier availability of the latter products. Moreover, lack of necessary expertise needed to manufacture the coil coatings in such regions too contributes towards a retarded growth. Nonetheless, many players are trying to develop bio-based coating solutions that can attract numerous clients as maintain demand of coil coatings mainly in the construction sector. In addition, coil coatings are being utilized extensively in various other industries such as automotive, consumer appliances, packaging, and others. These factors are soon expected to offset most restraints affecting the global coil coatings market.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Coil Coatings Market (Product - Polyester, Silicone Modified Polyester, Polyvinylidene Fluoride (PVDF), Polyurethane (PU), Plastisol Epoxides, and Acrylics; Application- Construction, Automotive, Appliances, Packaging Furniture, and HVAC) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
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The coil coatings market is segmented based on:
Product
- Polyester
- Silicone Modified Polyester
- Polyvinylidene Fluoride (PVDF)
- Polyurethane (PU)
- Plastisol
- Epoxides
- Acrylics
Application
- Construction
- Automotive
- Appliances
- Packaging
- Furniture
- HVAC
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