Market Trends of North America Coil Coatings Industry
This section covers the major market trends shaping the North America Coil Coatings Market according to our research experts:
Increasing Demand from Building & Construction Industry
- The increasing demand of coil coatings is primarily due to its extensive use as coated material in end-user industries, such as construction, rapid industry development, urbanization, increase in per capita income, along with rise in consumer spending.
- Wood panels, roofs, metal sheets are some of the products, which are using in coating material for construction industry. These products are also providing artistic appeal to commercial and residential buildings. Additionally, rising non-residential construction activities, including commercial building, manufacturing industries, and factories, have activated the demand for coil coatings to sustain in harsh weather conditions.
- Coil coating is basically a multi-layer coating of pigments, resins, and primers that are used to coat metal sheets, such as aluminum and steel. They are used to protect the material against harsh environmental conditions and also for providing corrosion resistance.
- The US construction industry is among the world’s largest, with annual expenditures worth USD 1,231 billion. New construction projects are taking place all over the country.
- The US construction industry continued to expand owing to a strong economy and positive market fundamentals for commercial real estate, along with an increase in federal and state funding for public works and institutional buildings.
- Construction industry in Canada is on an upswing, due to housing boom. A population increase is due to an influx of people from other provinces, which led to rising demand for housing, which in turn, fueled a flurry of construction.
- As the infrastructure is expected to grow in North America, the use of coil coatings in construction industry is also likely to increase, thus driving the market during the forecast period.
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United States to Dominate the Market
- The construction industry in the United States continued to expand, owing to a strong economy and positive market fundamentals for commercial real estate, along with an increase in federal and state funding for public works and institutional buildings.
- The US residential sector’s growth is slower than the non-residential sector. In the country, the growing population is expected to boost the demand for housing. Furthermore, about 20 million households are projected to be constructed over the next decade.
- Some of the upcoming projects that are in the pipeline for the construction sector to boom in the country are:
- City officials in San Francisco recently unveiled designs for the South San Francisco Civic Center campus. It will include a new library, a parks and recreation center, and new City Council chambers. The budget for the project is estimated to be at USD 210 million.
- The University of Illinois at Chicago (UIC) has recently announced plans for a USD 95 million Center for the Arts to be built on its campus. The 88,000-square-foot building will be used primarily by the UIC’s School of Theatre & Music.
- Owing to all these factors, the demand for coil coatings in the country is expected to increase during the forecast period.
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