Heading: Coil Coatings Market is Estimated to Witness High Growth Owing to Increasing Demand from Building and Construction Industry
The coil coatings market is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Coil coatings are applied on rolled metal sheets such as aluminum and steel to protect the metal from corrosion and enhance the aesthetic look of the metal surfaces. They find widespread applications in building and construction industry for roofing, walling, and other architectural applications due to properties such as resistance to UV light and corrosion.
Market Dynamics:
The coil coatings market is expected to witness significant growth over the forecast period owing to increasing demand from building and construction industry. Rapid urbanization and infrastructure development activities around the world have boosted the demand for pre-coated steel and aluminum from construction sector. Additionally, growing preference of light weight and energy efficient materials over conventional building materials among builders and architects is further expected to support market growth during the forecast period. Stringent environmental regulations regarding VOC emissions during coating production have led coating manufacturers to develop eco-friendly waterborne and powder-based coil coating technologies, which is another factor likely to propel the market growth.
#1 Market Driver: Rising Demand from Construction Industry Due to Rapid Urbanization
The construction industry has been witnessing significant growth over the past few years primarily driven by rapid urbanization across developing regions. Coil coatings find widespread application in construction of buildings, factories, infrastructure etc. for roofing and cladding applications. The excellent corrosion resistance, durability and low maintenance of coil coatings have made them a preferred material for construction purposes. As urbanization continues to surge, more residential and commercial construction projects are expected to come up, thereby augmenting the demand for coated metal sheets and coils.
