Metal Coatings Market with Global Competitive Analysis, and New Business Developments
The construction industry has been growing rapidly over the past few years, in both developed and developing countries. As per the Bureau of Labor Statistics, the construction industry is registering 4.5 year-on-year growth rate and is further expected to become the fastest growing industry by 2020s. Other than this, the automotive industry is also witnessing swift expansion, particularly in Asia-Pacific. As per the Society of Indian Automobile Manufacturers, the automobile industry in India produced about 2.9 million vehicles in the fiscal year 2018, in comparison to 2.5 million vehicles in 2017.
This growth of the construction and automotive industry is resulting in the rising demand for metal coating products, which, in turn, is predicted to lead to the growth of the global metal coatings market in the coming years, according to a report by P&S Intelligence. These coatings are applied on metal for protecting the surface and reducing wear and tear. Since unprotected metal will eventually corrode and rust due to environmental exposure, it is coated with an extra layer of protection. The type of coating which is applied to a metallic surface is determined by which industry is going to make use of the substrate.
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Metal coatings are made up of different types of resins, namely polyester, fluoropolymer, plastisol, polyurethane, and siliconized polyester. Out of all these, the demand for polyester-based metal coating is projected to be significantly high in the coming years, which can be attributed to the uniform properties of this resin, such as hardness, good bendability, and gloss and resistance to chemicals, ultraviolet (UV) rays, and scratches. Polyester resins are further of two types, namely cycloaliphatic polyester and aromatic polyester. Aromatic polyester resin is utilized widely as it is cost-effective.
Out of all these, the building & construction industry made a significant use of metal coatings in the past. In the industry, metal coatings are applied on trims, heating, ventilation, & air conditioning systems, ceiling grids, purlins, railings, blinds, doors, and roof and wall panels. Geographically, Asia-Pacific emerged as the largest metal coatings market in the past, which can be attributed to the surging population, requirement for quality metal coating products, and rising innovations & developments in end-use industries in the region.
In conclusion, the demand of metal coatings is growing due to the expanding construction and automotive industry.
