North America Coil Coating Market - Segmented by Product Type, Application, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The North America Coil Coating market is expected to register a CAGR of 4.2% during 2018 to 2023 (the forecast period). The United States accounted for more than half of the market supported by open investment policy, a large consumer market, available infrastructure, highly skilled workforce, government incentives, making the United States a premier market for any automotive company.
Market is Driven by Rising Demand for Transport Vehicles
Coil coatings find their application in manufacturing of typical components, such as sheet and panels for containers, caravan and interior, insulated boxes, trailer bodies, road and railway coaches. The production of commercial vehicles increased from 5.68 million units in 2011 to 8.26 million in 2016. The increase in the overall production of automotive is expected to drive the growth of the coil coating market in the region.
Polyester Coil Coating to Continue its Growth during the Forecast Period
By material type, the demand for polyester type coil coating is likely to continue its growth, due to its superior physical and chemical properties, such as high resistance to chemicals and high durability for interior and exterior surface of buildings, and good formability. Polyester coil coatings are formulated for interior or exterior surface, and can be applied as one-coat application, or basecoat, or topcoat, where durability and protection from corrosion are needed.
United States to Possess the Highest Share of Market
In North American region, the United States accounts for more than half of the coil coating market, supported by open investment policy, a large consumer market, available infrastructure, highly skilled workforce, government incentives, making the United States a premier market for any automotive company. During the forecast period, residential, commercial, and education construction is likely to be strong in the pacific region, mainly in California, where the pricing for housing is very high.
Key Developments in the market