Functional Coil Coatings Market: Overview
Functional coil coatings is a method of applying an organic coating material on rolled metal sheets such as stainless steel, steel, and aluminum before it is flexed, reshaped, or deep-drawn. Functional coil coatings are usually powder- or liquid-based materials applied to pretreated substrate to prevent corrosion. A conventional functional coating process involves cleaning of substrate, drying, application of primer coating and top coating, and foil lamination.
Functional Coil Coatings Market: Drivers & Restraints
Surge in demand for functional coil coatings from electrical & electronic, construction, and automotive industries is driving the functional coil coatings market. Functional coil coatings offer superior corrosion resistance, flexibility, and stain resistance. Moreover, growth in the construction industry in emerging economies in Asia Pacific, Latin America, and the Middle East and renovation of old building structures in various countries in Europe and North America are boosting the functional coil coatings market. Furthermore, rise in automobile production in Japan, South Korea, India, and China drives the functional coil coatings market in Asia Pacific. However, replacement of metals with engineered plastics is likely to hamper the functional coil coatings market during the forecast period. Increase in penetration of functional coil coatings in pharmaceutical packaging, and aerospace applications is expected to create lucrative opportunities in the functional coil coatings market.
Functional Coil Coatings Market: Key Segments
Based on material type, the global functional coil coatings market can be divided into acrylic, epoxy resins, polyester, polyvinylidene fluoride, Polyvinyl chloride/vinyl, plastisol, and polyurethane. In terms of product type, the market can be segmented into topcoats, primers, and backing coats. Based on technology, the functional coil coatings market can be bifurcated into liquid coatings and powder coatings. The powder coating segment is estimated to expand at a rapid pace owing to its fade resistant and scratch resistant properties.
In terms of end-user industry, the functional coil coatings market can be categorized into construction, appliances, automobile, and others.
Functional Coil Coatings Market: Trends & Developments
Leading coating manufacturers and research institutions are aiming to develop environment friendly coating materials made from bio-based resins. They are also developing function coil coatings that have low volatile organic compound emission to cater to the rising demand of customers.
Functional Coil Coatings Market: Regional Outlook
Asia Pacific is expected to be a lucrative region of the functional coil coatings market during the forecast period owing to the growth in aluminum, steel, and construction industries. Expansion of the functional coil coatings market in Asia Pacific can also be attributed to the rise in the number of production plants in most countries in the region, especially China.
Expansion of the functional coil coatings market in emerging economies such as India, Taiwan, Indonesia, and Malaysia is driven by the surge in construction activities in these countries. Increase in production of automotive in China and Japan has propelled the usage of functional coil coatings. This, in turn, is driving the functional coil coatings market in Asia Pacific.
Functional Coil Coatings Market: Key Players
Key players operating in the global functional coil coatings market include KCC paints SDN BHD, Kel Coatings Limited, Daikin industries, Ltd., Henkel AG & Co. KGaA, NIPSEA Group, BASF SE, Valspar Corporation, Axalta Coating Systems (Axalta), Akzo Nobel N.V., and PPG Industries.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.