Global Technical Coil Coatings Market: Overview
Technical coil coatings offer several properties such as high flexibility and excellent stain and corrosion resistance. The building industry accounts for the largest share in the global technical coil coatings market. Increasing penetration of technical coil coatings in the end-use industries is projected to tremendously increase the market’s growth over the forecast period.
Global Technical Coil Coatings Market: Notable Developments
Below are a few notable developments that may aid the growth of the global technical coil coatings market:
- The environmentally friendly coil coatings developed by Shewin-Williams Coil Coatings have highly steered the growth opportunities of the market. They have incorporated recycled materials in the manufacturing of these coil coatings. Additionally, they reduced the VOCs by using a high percentage of solids and introducing ways to eliminate waste. In addition to the environmental benefits, their coatings also offer high sustainability. Rising environmental concerns have led to a great adoption of this product, thereby fuelling the global technical coil coatings market’s growth.
- Dura Coat has developed a new water base air-dry PVDF called Hydropon. It is a high performance construction industry coating formulated to revitalize old roofs to look brand new. It offers an excellent solar reflectance value and ensures protection from humidity, acid rains, and extreme temperatures. Moreover, it provides a smooth surface and restores the beauty of the roof. Such developments have presented new growth opportunities for the technical coil coatings market.
Prominent industries in the global technical coil coatings market include BASF SE, Shewin-Williams Coil Coatings, Kansai Paint Chemical Ltd., and Henkel AG & Co.
Global Technical Coil Coatings Market: Key Growth Dynamics
Increasing applications of coil coating in the construction and building industry have significantly contributed to the expansion of the global technical coil coatings market. The infrared technology in the coil coatings aids in easing the building’s interior temperature, thereby saving energy. Moreover, low cost and the aesthetic benefits offered by coil coated metals have led to extensive use of these metals in the furniture industry. This has played a key role in propelling the technical coil coating market’s growth.
Additionally, the superior corrosion resistance offered by coil coated metals allows the manufacturers to give extended corrosion warranty. This has led to an increase in the consumer base of the market, thereby expediting its growth. Furthermore, rising environmental concerns have facilitated an increase in the production and adoption of bio-based coatings, thereby surging the global technical coil coatings market’s growth.
In addition to the aforementioned drivers, increasing applications of coil coatings in the automobile industry have ushered the technical coil coatings market’s growth. Along with this, the use of technical coil coatings in making debris prevention systems has spurred the industry’s growth.
On the flipside, there are a few restraints that may thwart the global technical coil coatings market’s growth. Factors such as stringent government regulations pertaining to the emission of harmful Volatile Organic Compounds (VOCs) may hinder the technical coil coatings market’s growth. Nonetheless, the development of new eco-friendly coil coatings that facilitate waste reduction may offset the effects of the restraints.
Global Technical Coil Coatings Market: Regional Outlook
On the geographical front, Asia Pacific dominates the global technical coil coatings market. The growth in this region can be attributed to a booming construction and automotive industry. China is the major driver of the market’s expansion in this region. North America is expected to display a steady growth. The market’s growth in this region is majorly driven by the growing pharmaceutical industry in U.S.
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