SEATTLE, Jan. 29, 2018 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global technical coil coatings market was valued at US$ 4,191.6 million in 2016 and is projected to exhibit a CAGR of 5.08% over the forecast period (2017–2025). Regional government authorities across Asia Pacific, Europe, and North America are taking initiatives to develop public infrastructure, which in turn is fueling demand for technical coil coatings in construction.
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Key Trends and Analysis of the Technical Coil Coatings Market:
- Among materials, polyester segment held the largest market share in the global technical coil coatings market in 2016. Polyester offers excellent chemical and corrosion resistance to coated substrate. Moreover, low cost of polyester is propelling demand for it in the market.
- Among end-use industries, construction segment held the dominant position in the global technical coil coatings market in 2016. Favorable growth of the construction industry fuelled by increasing government and private investment is driving growth of this segment. According to the U.S. Department of Housing and Urban Development, rate of ‘privately owned housing start’ per year in September 2017 increased by 10.3%, as compared to that in September 2016.
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Key Market Takeaways:
- Asia Pacific accounted for the largest share in the global technical coil coatings market in 2016. Construction and automotive industries in China and India have witnessed a significant growth in 2016. According to International Trade Administration, China specialty auto parts market witnessed a growth of 30% in 2016 over 2015. In addition to this, according to Coherent Market Insights, in 2016, there were over 950 campgrounds in China, out of which, over 450 were under construction.
- Leading players in global technical coil coatings market are investing in local markets to increase their customer base. In December 2017, BASF S.E. invested over US$ 172 million to develop a new automotive coatings plant in Shanghai, China, in order to enhance company’s local production of resins and electro-coats. Further, in December 2016, PPG Industries Inc. launched ‘DURASTALL ULTRA-COOL’, advanced silicone modified polyester coil coatings with infrared reflective pigments for building components such as metal roofing, siding, and panels.
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