International. According to transparency market research's report, the global coil coatings market was valued at $4 billion in 2014 and is estimated to reach $6 billion by 2023, growing at a CAGR of 5.2% between 2015 and 2023. The global market for coil coatings stood at 940 kilotons in terms of volume in 2014.
Growth in non-residential construction activities is anticipated to drive the global coil coatings market. Industrial development and urbanization are the key factors for the increase in non-residential construction activities. In addition, fast-growing countries in Asia are anticipated to be the main demand markets during the forecast period.
Declining demand in Europe, led by the difficult economic scenario, is projected to hamper the growth of the market during the forecast period. The Middle East and Africa are expected to be a key market in the near future. The construction and appliance industries in the region are projected to account for the majority of demand for coil coatings during the forecast period.
Asia Pacific dominates the market with over 40% share in terms of volume in 2014. The Middle East and Africa are estimated to be the fastest growing markets due to increasing end-user demand, increasing construction activities, and increased attention by market players in the region. Asia-Pacific and North America are other fast-growing regions due to a significant increase in demand in non-residential construction activities and in the automotive industry.
