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The global functional coil coatings market is experiencing healthy growth surpassing a valuation of US$ 465 Mn during the forecast period according to a recent report published by Future Market Insights. Rising demand from end use industries, mainly construction and automotive sectors is elevating market value during the assessment period.
Rapid urbanization, rising infrastructure development, and growth in disposable incomes is elevating the construction industry. This growth is expected to bolster the demand for functional coil coatings over the forecast period.
The growing trend of sustainability is increasing the demand for clean and green buildings worldwide. This creates notable demand for solar reflective, heat management, antimicrobial and other functional coil coatings which is benefiting the market.
With the onset of the COVID-19 pandemic, awareness towards the need of preventing communicable diseases has increased tremendously. Consequently, demand for antimicrobial coatings is expected to witness remarkable growth during the forecast period.
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Stringent regulations imposed in terms of composition and production of functional coil coatings by regulatory bodies is expected to be a major restraining factor. Navigating the challenges posed by these factors will prove crucial for continued growth of the global functional coil coatings market.
Key Takeaways from Global Functional Coil Coatings Market Study
“Rising investments in construction activities coupled with consistent growth in sales of automobiles are key factors that are expected to elevate the demand for functional coil coatings during the forecast period though 2031,” said an analyst at FMI.
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Global Functional Coil Coatings Market: Participant Insights
Key coil coating manufacturers are indulging in research and development activities for product innovation and development to accommodate the changing requirements of the large-scale consumer base.
According to the market research analysis, Akzo Novel NV, JK Coil Coating Pvt. Ltd., Jotun Group, Dura Coat Products Inc., Noroo Coil Coatings, Titan Coatings Inc., Eastman Chemical Company, Modine Manufacturing Inc., Chemetall Group., ALCEA, Recubrimientos Plasticos SA, Italcoat Srl, Lord Corporation, Sherwin-Williams, PPG Industries, Axalta Coating systems, The Chemours Company, Nano-X GmbH, Ozkem Pty Ltd., Blygold International BV, HB Fuller, and many others are identified as key players in the global functional coil coatings market.
Global Functional Coil Coatings Market by Category
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Key Questions Answered in the Report
What is the demand outlook for functional coil coatings market? What is the current worth of the functional coil coatings market? What is the volume outlook for the functional coil coatings market? At what rate did the functional coil coatings market growth in the last 5 years? What is the share of the top players in the functional coil coatings market? What is the North America functional coil coatings market outlook? At what rate is the sales of functional coil coatings expected to rise in Europe? What are the key South Korea and Japan functional coil coatings market statistics? Who are the key exporters in the functional coil coatings market? Who are the key producers of functional coil coatings market? What is the global y-o-y growth for the functional coil coatings market in 2020 -2021? What are the key trends prevailing in the functional coil coatings market?
The post Functional Coil Coatings Demand to Rise at 5% CAGR through 2031 Driven by Surging Application in Construction Sector: FMI Study appeared first on Future Market Insights.
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