As per a recent study by Global Market Insights Inc. the global coil coatings market size  is likely to cross USD 7.2 billion by 2032. Strong construction sector growth across the APAC region, increasing product demand from the automotive industry, and growing need for high efficiency packaging materials are expected spur market outlook.

Rising infrastructure development initiatives to kick of post-pandemic global economic recovery is likely to shape coil coatings market through 2032. A number of global economies are stimulating their post-pandemic through infrastructure investments funnelling capital towards construction projects, and coil coatings by extension. Market growth is also pegged to come from the food and beverages, and automotive sectors, driven mostly by innovations in the field and growing spending power of consumers.

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Here are three key factors fueling business prospects for coil coatings market:

1. Growing efforts to bridge Asia-Pacific’s infrastructure gap:

Coil coatings are extensively used across both commercial and residential construction projects to not only improve the overall strength of the structure, but also give the floors and walls a smooth, aesthetic finish.

Asian countries have long been suffering from serious infrastructure gaps, which were further widened during the COVID-19 pandemic. Today, as governments look for ways to make the economy recover from the pandemic slump, many in the region are turning to infrastructure development initiatives to stimulate the flow of capital. As per the International Transport Forum, the immediate boost to economy from infrastructure related investment comes from construction spending; each dollar spent creates more economic activity.

Recent estimates from the Asian Development Bank say that Asia needs to make annual infrastructure investments of about USD 1.7 trillion through 2030 to maintain its economic growth, and simultaneously mitigate climate risk and battle poverty.

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2. Rising demand for sustainable and efficient packaging in the F&B sector

Sustainability and safety of food packaging is increasingly becoming a topic of vital importance for businesses. Several government agencies across the globe are paying heed to the health as well as environmental impact of food packaging, pushing industry players to innovate more frequently. Through these innovations, the demand for coil coatings to improve safety and quality of packaged food products is increasing notably.

The road to post-pandemic recovery for F&B firms is now leading several to once again look at global expansion initiatives. Ranging from exploring new markets to gain a competitive share to seeking diversified distributors and suppliers, the notion that globalization is the inevitable step for long-term growth is taking root in the sector once more. These efforts are creating a heightened demand for more F&B packaging, creating further opportunities for the coil coatings market.

3. Novel revenue prospects coming from expanding automotive sector ambitions:

The automotive sector is among the largest growth facilitators for the coil coatings market, injecting capital into the industry through paint and coatings related applications. In the automotive sector, coil coating is regarded as a highly efficient way to impart a quality, uniform, coated finish on metal surfaces in a continuous automated manner.

Going ahead, the market is slated to draw considerable gains from the industry’s all-encompassing shift to clean energy. Leading automakers such as Volkswagen and Toyota are making significant investments towards transitioning their portfolios to electric vehicles. Recently, Volkswagen earmarked €73 billion (USD 86.4 billion) between 2021 and 2025 to innovate future technologies, while Toyota set a goal to sell over 3.5 million EVs in 2030.

The driver of environmental awareness that is fueling this EV shift is also influencing the sourcing of all other components that are used during the vehicle manufacturing process, including coatings and paints. Many automakers are increasingly making a shift away from solvent-borne paints and more towards water-borne paints, which contain a notably low amount of volatile organic compounds.

In summary, revenue inflows from the three end-use avenues outlined above are likely to spur the coil coatings market outlook through 2032. In addition, increasing sales of consumer electronics and home appliances, augmented by increasing disposable income across emerging economies, are likely to create further growth prospects for the market.

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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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