Global Coil Coatings Market: Snapshot
The global coil coatings market has been displaying linear growth over the past couple of years, and going forward it is expected to be on the rise. Coil coatings display properties of hardness, stain resistance, corrosion resistance, and flexibility that make them suitable for a number of applications. The major end-use segments of coil coatings are building and construction, automotive, and appliance among others.
The burgeoning growth of the construction sector, mainly non-residential construction undertakings is significantly benefitting the coil coatings market. This includes commercial buildings, factories, and industrial sites as coil coatings offer weather and corrosion resistance to metals for longevity. Coil coatings are also used for adding to the aesthetics of metals used on walls, roofs, and shades.
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Rapid industrialization and urbanization in emerging economies of Asia Pacific such as China, India, and Indonesia is positively impacting the coil coatings market. These countries are some of the fastest growing economies in the world that are undergoing rapid industrialization and urbanization. This, in turn, is influencing end-use industries such as appliances, automotive, and construction that drive demand for coil coatings.
On the other hand, European coil coatings industry has been adversely affected by the economic slump leading to the decline in construction and automotive industry. These industries are primary end users of coil coatings. However, the coil coatings market is benefitting from the increasing demand for appliances from overseas markets. For example, the Middle East is a key market for premium range appliances manufactured in Europe. The metal used in these products is coil coated to improve aesthetics.
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Global Coil Coatings Market: Overview
Coil coatings are multi-layered composite coatings of resins, pigments, and primers used for coating and painting sheets of metals such as aluminum, steel, and tin in the continuous automated line process. To resist weather and corrosion, metal substrates (majorly steel and aluminum) are roll coated and then coated strips, sheets, and rolls are molded as required. The coated metals find heavy applications in automotive fabrication, construction, and appliances.
Unlike the conventional coatings, coil coatings provide striking topcoats to metal, durable surfaces, green benefits, innovative applications, and cost benefits. Owing to these factors, various end-user industries boost the demand for coil coatings.
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Global Coil Coatings Market: Key Trends
Rapid urbanization and industrialization are the crucial factors that augment the demand for coil coatings. Coil coatings offer protection to equipment from UV radiation, pollution, grit, and variation in temperature, invariably boosting the market growth. In addition, due to its low volatile organic carbon content (VOC), several developed regions demand for coil coatings, thereby supplementing the growth of the market. Moreover, increasing non-residential construction spending worldwide is projected to drive the market.
On the contrary, expensive raw materials required for coil coatings and technology are likely to act as an obstacle for the market growth. Also, rising demand for metal substitutes such as polycarbonates that are highly engineered plastics will add to the market growth woes.
Global Coil Coatings Market: Market Potential
In a recent development, the US Patent and Trademark Office has issued a notice of allowance to NEI Corporation on two patent applications – one for an adhesion promoting surface treatment and other for a highly durable hydrophobic coating. These patents will go a long way in enhancing the company’s standing in terms of patents pertaining to abrasion resistant, self-healing, and superhydrophobic coatings. With the grant of seven patents and the introduction of coating product assortments, NEI’s intensive efforts to develop and implement practical, multi-functional protective coatings are now finally bearing fruit.
POSCO Coated & Color Steel Co. (C&C), which is involved in the manufacture and sale of coated steel sheets, will multiply its production facilities for color steel sheets. In February 2017, the company announced its decision to establish a Pohang color steel continuous coating facility with an estimated investment of 39 billion won (US$34.08 mn).
Global Coil Coatings Market: Regional Outlook
Geographically, the global coil coatings market is led by North America and this region promises to hold its dominant position over the forecast period. The key driver for this region’s growth is the upcoming non-residential construction industry post economic crises. In addition, the demand for automobiles and appliances including dishwashers, refrigerators, freezers, microwave ovens, and dryers in this region is excessively high. All of these require coil coatings, hence furthering the growth of the market.
The strong growth of regional end-user industries has led to the market growth in Asia Pacific. Moreover, industry giants such as The Valspar Corporation, AkzoNobel, and PPG Industries, Inc. have shifted their market development efforts towards Asia Pacific in order to meet growing product demand and maximize profits in the region.
Global Coil Coatings Market: Competitive Analysis
The Dow Chemical Company, The Valspar Corporation, BASF SE, Akzo Nobel N.V., and Nippon Paint Co. Ltd are some of the leading players operating in the global coil coatings market.
The global market for coil coatings is highly consolidated. The established participants are always on a look out to improve their reach and provide solutions to global customers through strong global distribution and sales channels.