The global Colour Coated Steel Market is forecast to reach USD 34.90 Billion by 2027, according to a new report by Reports and Data. The driving factors noted for the global Colour Coated Steel market is increasing requirement from end-use sectors such as construction, automobile industries, and appliances; growing competition in the sector; relatively cheap than electro-galvanizing process; quality of products and differentiation; cutting edge durability; and fluoropolymer continues to expand in the renovation construction market.
The demand for the market is expected to be powered mainly by the growth in the construction field. Expanded development of appliances in various regions, coupled with the advent of a phenomenal mobile aftermarket industry, is expected to lead to the growth of such materials in the coming years. Automation is effective; coating procedures are expected to improve demand over the projected period. Moreover, extensive RD for the manufacture of advanced steel is anticipated to boost the market growth.
The product has a high demand from end-use industries, mostly the construction industries. This strong demand is expected in the near term to raise the global economy. Moreover, polyester resin is widely favored in factories due to its property of being heavily blocked by oxygen, which leaves the steel surface covered with sticky and flexible polyester. The polyester resin is seeing strong demand because of both of these effects, which in turn enhances the global Colour Coated Steel market. Also, increasing people's potential to invest in roofing variation, kitchens, and general household enhancements using steel-coated goods further fosters the market’s growth.
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Leading companies operating in the global Colour Coated Steel market are:
ArcelorMittal S.A., SSAB AB, Salzgitter AG, OJSC Novolipetsk Steel, Voestalpine AG, ThyssenKrupp AG, Nippon Steel, Sumitomo Metal Corporation, Essar Steel Ltd., Tata Steel Ltd., and Jindal Steel Power Ltd., among others.
Further key findings from the report suggest
The APAC is expected to intensify with an estimated 8.4% CAGR, due to the booming construction industry, the demand in emerging nations such as China and India is rising. The government has taken steps for urbanization, and industrialization has led to the rapid growth of the production sector in the country, which will have a significant impact on regional growth.
North America is the second-biggest market trailed by the Asia Pacific due to rapidly increasing semiconductors and electronics. The U.S. soared as the largest market for the components in North America in 2019. This has been credited with the introduction of the country's refurbishing business.
The construction industry established as the most significant application segment, and in 2019 was valued at USD 5.16 billion.
The furniture industry is a sector of low concentration. As the most preferred material for furniture has become wood, the market demand in the segment has moved as well, many new competitors enter this sector, and a substantial part of the demand accounted for by small businesses.
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Major factors driving revenue growth of the global materials chemicals industry are rise in global population, tremendous increase in demand for essential consumer products such as food beverages, cosmetics, and personal care hygiene products, and extensive use of chemicals and raw materials in industries including buildings construction, automotive, agriculture, textiles, packaging, electronics, and several other industries. Other major factors bolstering market revenue growth are increasing focus of manufacturers on using eco-friendly and sustainable materials chemicals for reduced environmental impact, introduction of organic and highly sustainable chemicals, and increasing demand for high-performance agrochemicals and specialty chemicals.
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Market segment analysis:
Type Outlook:
Color Coated
Metallic Coated
Application Outlook:
Automotive Industry
Domestic Appliances
Construction Industry
Furniture
Packaging
Fabrication
Others
Regional analysis covers the following key regions:
North America (U.S.A., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of Europe)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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