Metal Coatings Market to Grow 6%
In 2015, the Asia-Pacific region accounted for the largest market share.
The global metal coatings market is estimated to reach $14.34 billion by 2026, at a compound annual growth rate (CAGR) of 6.1% from 2016 to 2026, according to "Metal Coatings market to register a CAGR of 6.1% from 2016 to 2026."
Reportedly, the market growth of metal coatings is attributed to the high performance of coatings available at reasonable rates, as well as the increased acceptance from various application segments, high growth in its end-use industries, and the increasing demand from the emerging countries. Metal coatings are largely used in industries such as; building and construction, automotive and transportation, consumer goods and appliances, marine and protective coatings, and others.
According to the report, in the past few years, it was seen that the aluminum sheets used in the building and construction market are now being replaced by plastic panels. This replacement has reduced the market demand for architectural aluminum, which, in turn, has affected the demand for metal coatings.
The report also states that in 2015, the Asia-Pacific region accounted for the largest market share in terms of volume and value. This is considered to be due to the increasing demand for quality metal coatings products, rising population in the region, and growing innovation and developments in end-use industries, making it a strong industry hub. The high demand in the Asia-Pacific region is expected to be the major driver in the Asia-Pacific market.
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