The Coil Coatings Market size was USD 5.43 billion in 2021 and it is expected to grow to USD 8.71 billion in 2030 with a CAGR of 5.7% in the 2022-2030
Global Coil Coatings Market: Overview
Coil Coating is a process of application of coating material (e.g. film, paints, etc.) on the surface of the metal in the form of liquid, paste or powder in order to form a protective, decorative or other specific covering over the metal. Ideal properties of the coating materials include i. Good Surface Hardness ii. High Outdoor Durability iii. Glossy texture and iv. Good chemical resistance or corrosion resistance. Based on the objective, a suitable coil coating material is selected. Coil coating is also referred to as pre-painting because it is done prior to fabrication. A number of coil coating materials are used now-a-days, but the most commonly used coil coating materials are polyesters, plastisols, polyurethanes, polyvinylidene fluorides (PVDF), epoxy coatings, backing coats and laminate films.
The expansion of construction industry, automobile industry, along with appliances, Electrical and electronics industries is propelling the growth of the coil coating market. Apart from this, government emphasis on infrastructure development and highly increasing urbanization is also a major cause. Recent technological developments in the field of metallurgy and surface technology also providing the cost-effective coating materials with increased durability. The Coil coating market is expected to experience significant growth during the forecast period owing to these key reasons. However, the high cost associated with the coil coating process as a whole is a restraining factor for the growth of the market.
Key Insights
- As per the analysis done by our research analyst, the Coil Coatings Market is estimated to grow with a CAGR 5.7% over the forecast period (2022-2030).
- In terms of revenue, the Global Coil Coatings Market size was valued at USD 5.43 billion in 2021, and is estimated to grow to around USD 8.71 billion in 2030.
- Due to various driving factors, the Coil Coatings Market is predicted to grow at a significant rate. Government assistance in the field of infrastructure development is the leading cause of the market growth.
- Based on the Type Segmentation, polyester coatings are going to dominate the market in the forecast period due to its intense demand.
- Based on the Application Segmentation, Steel coating application dominates the market.
- Based on the End User Analysis, the construction segment is going to lead the market growth followed by Electrical and Electronics sector.
- By Regional Analysis, Asia Pacific will dominate the market based on the growing number of construction and development projects, along with the rapid rise in the industrialization.
COVID-19 Impact:
During the pandemic times, as experience by every market activity worldwide, the industrial sector experienced a setback due to various reasons such as forcibly imposed curfews, labor shortage, lockdowns, and halting of transportation systems. Thus, the coil coating industry also suffered a lot during this pandemic time owing to decline in the demand for these products. As no one was willing to invest in non-essential items. Which had a negative impact on the coil coatings market as a whole.
Global Coil Coatings Market Dynamics:
Driving factors:
- Growing number of Construction & Infrastructure Development: With rise in urbanization, growing number of construction and infrastructure development is a driving factor for the market growth as construction segment is a leading shareholder in the market. This coupled with rapid industrialization, expansion of automobile and electrical & electronics sector also fuelling the market growth.
- Technological Developments in Metallurgy & Surface Coatings: Due to technological developments happening in the field of metallurgy and surface coatings, the sector will experience a growth as the emphasis is being made on having cost effective coating solutions. Apart from this, high prevalence of competition will also create a healthy market growth.
Restraints:
- High Coast of the process: The high cost associated with the coil coating process, in general, serves as a barrier in the growth of the Global Coil Coatings Market. This is because of the rise in prices of raw materials, high maintenance cost of the process equipment also adds to the cost.
Global Coil Coating Market: Opportunities
- Innovative Products will drive the future growth of the market: Innovative products as a result of Research and Development of the key companies will drive the market growth. The coating process must be cost effective and the resultant product should be durable and must sustain all the wear and tear. This is the ultimate goal of the coating process.
Coil Coating Market Scope:
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Attribute
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Details
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Market Size in 2020
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USD 5.43 billion
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Estimated Market Size in 2028
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USD 8.71 billion
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CAGR Growth Rate
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5.7%
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Base Year
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2021
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Forecast Years
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2022-2030.
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Major Regions Covered
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- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East & Africa
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Companies Covered
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- Akzonobel N.V.
- PPG Industries Inc.
- The Valspar Corporation
- BASF SE
- DuPont
- Henkel AG & Company
- Kansai Paint Chemical Limited
- The Beckers Group
- The Sherwin-Williams Company
- Wacker Chemie AG
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Report Coverage
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Revenue Forecast, Company Share, Competitive Landscape, Growth Factors, Restraints, Opportunities, Value Chain Analysis, Porter’s Five Forces Analysis, Patent Analysis, Market Attractiveness Analysis by Segments
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Global Coil Coating Market: Segmentation
- Based on Types: Based on the types, the market is divided into Fluoro-polymers, silicone modified polyester, plastisols, polyester, and other. Of these, the polyester coatings have dominated the market growth due to increased demand. Polyester coil paint is increasingly being used in both the exteriors and interiors of buildings due to its numerous advantages. Polyester is resistant to harsh weather, has excellent formability, and has high chemical resistance. It also has good flow properties at a wide range of temperatures, making it suitable for use in pre-engineered buildings.
- Based End User: The market is further segmented into automobile, construction, electrical & electronics, and others. construction segment is likely to dominate the market because of a large number of infrastructure development projects. The market is expected to expand as the number of residential and commercial construction projects increases in both developed and developing countries. Cleaner public infrastructure technologies are expected to boost sales of color-coated coils. The growing popularity of the westernization trend in emerging countries is expected to result in a high demand for personal residences among younger people, advancing market growth.
- By Application Analysis: The market is segmented into Aluminum & Steel. Of these, steel coated coils may dominate the market.
Regional Insights:
Asia pacific leads the market share and is likely to continue the same trend because of the expansion of construction, automobile, and building activities. Asia pacific held the largest revenue share of more than 45% in 2021. China is the major manufacturer in the region. A huge population base serves as a large consumer base for this region. Europe to hold a dominant position in the world coil coating market as it is a manufacturing hub for automobiles. North America will also experience significant growth because of the increase in refurbishing projects of old infrastructure.
Competitive Analysis:
Global Coil Coating Market key players include - Akzonobel N.V., PPG Industries Inc., The Valspar Corporation, BASF SE, DuPont, Henkel AG & Company, Kansai Paint Chemical Limited, The Beckers Group, The Sherwin-Williams Company, and Wacker Chemie AG.
Recent Developments:
- January 2022: Modine coatings a leading manufacturer has announced to exhibit its novel GulfCoat Technology at the AHR Expo.
- February 2021: In February 2021, DuPont and Nissan edams Formula E team announced a partnership to accelerate the delivery of new technologies in vehicle electrification.
Global Coil Coating Market Segment as follows:
By Types
- FLuoro-Polymer
- Plastisol
- Polyster
- Silicone Modified Polyester
- Others
By Application
By End User
- Automobile
- Construction
- Electrical & Electronics
- Others
Frequently Asked Questions (FAQs):
Which is the leading segment in the market?
Among Types, the Polyster Coatings are the leading segment of the market.
What are the key factors driving the market?
Growing construction, Infrastructure, manufacturing, automobile activities are the driving forces behind Coil Coating Market growth.
Which region will contribute notably towards the Coil Coating Market growth?
Asia Pacific region contributes notably towards the Coil Coating Market.
What are the key players in Coil Market?
Akzonobel N.V., PPG Industries Inc., The Valspar Corporation, BASF SE, DuPont, Henkel AG & Company, Kansai Paint Chemical Limited, The Beckers Group, The Sherwin-Williams Company, and Wacker Chemie AG.