Durable Coil Coatings Market: Overview
The demand for high-?performance composite coatings for metals in various end-use industry verticals is a key factor driving the steady evolution of the coil coatings market. Coil coatings for various high-?quality coating systems are increasingly been used for numerous industries, including the construction, automotive, and consumer appliances industries. The advent of coating formulations that are anti-corrosive and resist harsh weather is a key factor boosting the coil coatings market. The staggering rise in number of residential as well as commercial construction projects, especially in emerging economies, has substantially propelled the demand for coil coatings. Constant advances being made in surface chemistries and advancement being made in treatment techniques are expected to open new, exciting avenues in the coil coatings market.
The coil coatings market stood at US$4.0 billion in 2014. The market is projected to rise at a CAGR of 5.20% during 2015–2023 and reach a worth of US$6.3 billion by the end of the forecast period.
Versatility and High Performace of Polyvinylidene Fluoride Coatings bolster its Applications
The various types of coil coatings used are polyester coatings, polyurethane coatings, plastisol coatings, polyvinylidene fluoride coatings, and silicone modified polyester coatings. Of these, polyester coil coatings held the major share amounting to 64%, vis-à-vis demand, in the overall market. The share is projected to increase to 64.2% by 2023 end.
The extensive demand is attributed to the versatile nature and high performance of the material. The use of polyester helps in imparting increased resistance to corrosion and inclement weather conditions for the substrate material on which the coating is done. Moreover, the cost-effectiveness of polyester coil coatings will keep the demand lucrative in the years to come.
Meanwhile, the market for polyvinylidene fluoride coil coatings is anticipated to expand at a substantial pace during 2015–2023. The rise in demand is on the account of the property of this type of coil coating to impart aesthetics to the composite material. In addition, these coil coatings are highly durable.
Extensive Demand witnessed in Construction Projects to drive Market
The various applications of coil coating process are in the construction, automotive, appliances, packaging furniture, and HVAC industries. Of these, a sizeable chunk of the demand is likely to come through the construction industry. The vast strides taken by urbanization in several parts of the world has spurred the demand for new construction projects, notably in developing and developed economies. The staggering rise in commercial construction activities in emerging nations is bolstering the demand for coil coatings in metal fabrication process. Coil coatings are popularly demanded by metals used on roofs and walls in these construction and buildings, especially to enhance the aesthetics of the structures. The need for bio-based coatings to support the construction of green buildings in developing and developed nations, such as the U.S., India, Mexico, China, Turkey, Indonesia, and Brazil, is opening exciting avenues in the overall coil coatings market.
Potentially Lucrative Demand for Coil Coatings to come from Asia Pacific
Regionally, the global coil coatings market is segmented into Latin America, Asia Pacific, Europe, the Middle East and Africa (MEA), and North America. Of these Asia Pacific led the pack in 2014. By the end of 2023, the regional market is projected to contribute a share of 44.2% to the global market. The demand is primarily fueled by the large strides by residential and non-residential constructions in several of its economies, particularly in China, Japan, and India. This is increasingly supported by the swift pace of urbanization in emerging economies.
The share of the Asia Pacific was estimated at 42.4% in 2014 and is anticipated to increase slightly to 44.2% by 2023 end. Other regional markets are also expected to exhibit promising demand for coil coatings over the assessment period.
Coil coatings are multilayered complex coatings of resins, pigments, and primers over metal rolls. Metal substrates (usually steel and aluminum) are roll coated in order to provide weather resistance and corrosion resistance. Coated metal rolls, sheets, and strips are then molded into necessary shapes. These coil coated metal objects are used in construction projects, automotive fabrication, appliances, HVAC systems, and furniture.
This report provides detailed description of the global coil coatings market based on volume share (kilo tons) and revenue (US$ Mn) from 2014 to 2023. It highlights factors contributing to the growth of the market. It also enumerates the restraints of the market. Detailed forecast for coil coatings from 2015 to 2023 has been provided separately for better understanding of the market scenario. The coil coatings market is described with respect to various segments along with potential opportunities during the next six years.
In terms of geography, the global coil coatings market has been segmented into the following regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). Each region has been further divided into countries that are key markets for coil coatings. The study also analyzes market attractiveness for key countries with the help of the market attractiveness tool.
The study segments the global coil coatings market on the basis of products (active ingredients) such as polyester, silicone modified polyester, Polyvinylidene fluoride, polyurethane, plastisols, and others (including epoxides and acrylics). It provides forecasts and estimates for each product segment in terms of revenue and volume during the forecast period for each region, including countries as well.
The study also segments the global coil coatings market on the basis of end-user industries such as construction, automotive, appliances, and others (including packaging, furniture and HVAC). It provides forecasts and estimates for each application segment in terms of revenue and volume during the forecast period for each region, including countries as well.
Increasing demand for coil coatings in key end-user industries such as construction, especially non-residential construction, is projected to fuel the global coil coatings market. Swift growth in global population, especially in developing countries, is anticipated to boost the construction, automotive, and appliances markets in these countries. This, in turn, is projected to propel the demand for coil coatings. Rapid pace of industrial development and rising prosperity of the population in developing countries is a stimulant for growth of sales of products such as furniture, appliances, automotive, and houses. Coil coatings used in the manufacture of these products in order to impart longevity through weather resistance, corrosion resistance, and aesthetic appeal. However, demand for coil coatings in Europe is likely to decline from previous levels owing to severe debt crisis in the region. Market players are shifting their focus from the once dominant Europe market to Asia and other fast growing regions. Middle East & Africa is projected to offer opportunities for market growth primarily owing to growth in construction and appliances industries in the region.
Value chain analysis and Porter’s Five Forces Model have been included in the report to provide a comprehensive view of the market. These would also help understand specifics of the industry structure apart from providing an overview of the degree of competitiveness. The report also comprises detailed profiles of key players such as Akzo Nobel N.V., The Valspar Corporation, Beckers Group, Nippon Paints Co. Ltd., BASF SE, The Dow Chemical Company, Henkel AG & Co. KGaA, Dura Coat Products, Inc., Bulk Chemicals Incorporated, Axalta Coating Systems LLC, and PPG Industries, Inc. Detailed description of players includes parameters such as company overview, financial overview, business strategies, upcoming facilities, capacity addition, mergers, acquisitions, joint ventures, new products, and recent developments.
The report segments the global coil coatings market as follows:
- Coil Coatings Market – Product Segment Analysis
- Silicone Modified Polyester
- Polyvinylidene Fluoride (PVDF)
- Polyurethane (PU)
- Others (including epoxides and acrylics)
- Coil Coatings Market – Application Analysis
- Others (including packaging, furniture, and HVAC)
- Coil Coatings Market – Regional Analysis
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
- North America