Market Trends of Coating Pretreatment Industry
This section covers the major market trends shaping the Coating Pretreatment Market according to our research experts:
The Building and Construction Sector is Expected to Boost the Market
- Increasing usage of coating pretreatment in the building and construction sector is expected to boost the market demand during the forecast period.
- In 2020, the global expenditure of the building and construction industry is estimated to be around USD 11 trillion, which is about 13% of the global GDP. It is predicted to reach USD 14 trillion by 2025.
- Many countries, such as Saudi Arabia, China, and India, have upcoming plans for upgradation and refurbishment by investing in developing their infrastructure facilities, which may propel the market studied.
- Insights show that the United States contributed about USD 91.5 billion for new non-residential business development in 2019. This spending is anticipated to reach more than USD 89.4 billion by 2023.
- All the aforementioned factors are expected to drive the demand for coating pretreatment from the building and construction industry during the forecast period.
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Asia-Pacific is Likely to be Largest Market for Coating Pretreatment
- Asia-Pacific is expected to have the largest market share in the coating pretreatment market globally, during the forecast period.
- In 2021, Asia-Pacific is anticipated to have the highest construction industry output across the world, accounting for roughly half of the global construction industry's total output.
- The total number of vehicles manufactured by the region's top producers, China, India, and Japan, stood at 25.72 million units, 4.516 million units, and 9.684 million units, respectively.
- The market size of aerospace coatings in the Asia-Pacific region is projected to be USD 445.2 million in 2021, and it is expected to reach a market size of USD 617.2 million by 2025.
- Income from the consumer electronics segment is estimated to add up to USD 227.2 billion in 2020 and is predicted to reach a value of USD 262.7 billion by 2024, registering a CAGR of 3.7%.
- Thus, owing to the aforementioned factors, the demand for coating pretreatment is rising from various industries in the region and is expected to rise during the forecast period as well.
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