Coil Coatings Market –Middle-East and Africa Industry Analysis, and Forecast |
The Middle-East and Africa coil coatings market is estimated to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to its application in the manufacturing of several components, such as caravan and interior, sheet and panels for containers, trailer bodies, insulated boxes, roads, and railway coaches and the upsurge demand by the end-user industries for building and construction, appliance, automotive, and others.
Coil coating refers to a multi-layer coating of resins, pigments, and primers that are used to coat metal sheets, such as steel and aluminum. It is used to protect the material against harsh environmental conditions and also provide corrosion resistance.
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The Covid-19 pandemic had an adverse impact on the Middle-East and Africa coil coatings market. The production and supply of coil coatings in the market has been on halt owing to lockdown; however, the government’s steps and strategies have helped to neutralised the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.
Market Trends, Drivers, Restraints, and Opportunities
- Enormous properties of coil coatings such as stain resistance, hardness, flexibility, and corrosion resistance are likely to drive the market growth during the forecast period.
- Increase in per capita income, urbanization and increasing competitiveness of leading coil coating manufacturers are projected to spur the market expansion of Middle-East and Africa coil coatings in near future.
- Booming construction and automotive industry coupled with growing demand from downstream industries are estimated to propel the Middle-East and Africa coil coatings market
- Growing environmental compliance and stringent government regulations are anticipated to fuel the market growth in coming years
- Rising replacement of metals by plastics in the automotive industry is likely to hinder the market growth.
- R&D investment and technological advancement in Middle-East and Africa coil coatings market are expected to offer lucrative opportunities for the market players.
Market Segment insights
The polyester segment is projected to constitute a large market share
Based on resin type, the Middle-East and Africa coil coatings market is segregated into polyester, polyvinylidene fluorides, polyurethane, plastisols, and other Resin Type. The polyerter segment is expected to account for a key share of the market during the forecast period owing to its availability and application in the construction industry.
The building and construction segment is expected to register a substantial CAGR
Based on end-user industries, the Middle-East and Africa coil coatings market is divided into building and construction, industrial and domestic appliances, transportation, home and office furniture, and other end-user industries. The building and construction segment accounts for a key share of the market and is estimated to propel even further over the forecast period owing to swift industry development, urbanization, and increase in per capita income, coupled with rise in consumer requirements and spending. Roofs, wood panels, metal sheets are some of the products, which are using in coating material for the construction industry. These products are further providing artistic appeal to residential and commercial buildings. Furthermore, rising non-residential construction activities, including manufacturing industries, commercial building, and factories, have fueled the demand for coil coatings to sustain in harsh weather conditions.
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In terms of geography, the market is broadly classified into Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman, South Africa, and Rest of Middle-East and Africa. The market in Saudi Arabia is anticipated to expand at a robust CAGR during the forecast period. Government strategies for the development of social infrastructure, transportation, and energy and utility construction with investments in diversified sectors and an increased inflow of FDI is expected to drive the market growth in near future. Furthermore, Saudi Arabia is aiming to establish itself as the new automotive hub in the Middle East. The country is trying to attract original equipment manufacturers (OEMs) to open their production plants in the country, to develop the domestic auto industry. Moreover, the country is experiencing a steady growth in new car sales in the market, which is expected to reach one million units by 2020, growing at a rate of 6.7% per annum.
Key players competing in the Middle-East and Africa coil coatings market include AkzoNobel N.V, Alcoa Corporation, The Sherwin-Williams Company and PPG Industries, Inc.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.
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