The automotive industry is also anticipated to accelerate the growth in the market. Color-coated coils are extensively used by automakers as they provide a uniform and superior quality finish to metals within an affordable range.
A new market study by Future Market Insights on the global coil coatings market evaluates key industry trends for the historical period 2014–2021 and forecasts the coil coatings market growth for the 2022–2029 period. The global coil coatings market value at US$ 5.0 Billion in 2022, and is projected to grow at a moderate CAGR of 4.7% during the estimated period of 2022-2029.
The report covers the latest market dynamics, trends, macroeconomic factors, key success factors, industry value chain, forecast factors, opportunity assessment, incremental opportunity, and competition analysis of all the major manufacturers involved in the coil coatings market.
Topcoats remain highly preferred among end-use industries, especially in construction sectors, as compared to primers and backing coats. Topcoats are used to provide color and gloss along with mechanical, chemical, and UV resistance to finished coils, and hence are widely adopted across the globe.
As per the findings of the study, the global coil coatings market is expected to witness moderate growth in terms of CAGR over the forecast period due to the recovering construction industry and growing investments driving a number of new infrastructure projects.
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Aesthetic Properties of Coated Metal Sheet to Uphold the Market Growth
The development of new and innovative products will continue to have a tremendous impact on the industry and play an important role in promoting the coil coatings market growth in the near future. Coil-coated metal sheets provide architects with a large number of design possibilities, while also allowing them to play with various colors, shapes, effects, and textures.
A steady stream of newly developed coatings, such as heat absorbing, heat reflecting, dirt-shedding, self-cleaning, etc. are finding their way into exterior building applications. These new functional coil coatings are a result of the environmental aspect being a strong factor in coil coatings’ development.
The Emergence of Low-cost Products to Limit Coil Coatings Market Growth
Growing demand for high-performance and low-cost coil coatings is expected to be a restraining factor in the overall coil coatings market growth. These days, cheap pre-coated aluminum and steel coils are increasingly being imported, particularly from the Asia Pacific.
Unfortunately, the quality and performance of these products are lower than that of European standards. However, it is unlikely to impact the end users, as white cladding, irrespective of its durability, is widely preferred.
Coil Coatings Market: Vendor Insights
The global coil coatings market is fairly consolidated, with the top four players – Akzo Nobel N.V., PPG Industries Inc., Valspar Corporation, and Beckers Group – holding ~60% market share. This is mainly attributed to the fact that the major players are availed of better equipment and technology for the manufacturing of coil coatings.
On the other hand, tier-2 and other players have limited global reach and manufacturing capabilities. These players’ main focus is the local clientele and to have a significant presence in their respective regional markets. Manufacturers are also focusing on mergers and consolidations of business to improve their product portfolio and market presence.
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Some of the key developments in the coil coatings market are:
Coil Coatings Market By Category
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How Is The Oil And Gas Industry Pushing Sales In The Coil Coatings Market?
The ever-increasing demand for oil and gas resources across the globe is a chief factor expected to propel the market in the forthcoming years. The rising utilization of alloys and metals, especially steel in reactors, pipelines, and structures in the oil and gas industry is estimated to boost the market.
Most of the steel products required in oil and gas plants worldwide need coil coating paint before these are utilized for various applications. The rising extraction of oil and gas in untapped regions is another factor that is likely to aid growth.
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Functional Coil Coatings Market: The functional coil coatings market will generate revenue, surpassing US$ 465 Mn in 2021. Between 2021 and 2031, the market is forecast to exhibit a compound annual growth rate (CAGR) of 5%.
Technical Coil Coatings Market: Sales in the global technical coil coatings market are slated to top US$ 10.3 Bn in 2022. Expanding at a healthy 4.9% CAGR, the market size is projected to total US$ 13.0 Bn by 2027.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce, headquartered in Delaware, USA. As a recipient of the Clutch Leaders Award 2022 for a high client score (
Apr 04, 2023
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