The global coil coatings market is expected to grow at a compound annual growth rate of 5.91% over the forecast period to reach a market size of US$9.837 billion in 2026 from US$6.580 billion in 2019. Coil coatings are a method used to coat and paint sheets of metal such as steel, aluminum, etc. Coil coating makes the material more durable and corrosion-resistant.
The coil coating provides a smooth finish, green benefits coupled with aesthetic looks to metals used on non-residential construction such as roofs, walls, and shades. The growing demand for coil coating is mainly driven by increasing applications in construction, automotive, consumer appliances, and others. Owing to its eco-friendly nature, high tensile strength, and good adhesion property make it an integral part of industrial sectors. An increasing number of commercial and residential projects in emerging economies has stimulated the demand for coil coatings in those regions. The global coil coating market is expected to witness healthy growth over the forecast period, on account of its growing demand in the construction, automotive, and electrical & electronics industries, due to superior properties such as stain resistance, corrosion resistance, and flexibility compared to conventional coatings. Increasing coil coatings penetration in pharmaceutical packaging and aerospace applications is expected to have a positive impact on global market growth.
Steel and aluminum are among the most dominant application segments for coil coating. Increasing steel and aluminum demand in construction and transportation industries respectively is expected to further drive coil coating demand. This trend is expected to fuel market growth over the next six years. Due to their stain resistance and flexibility, coil coatings are gaining acceptance in packaging materials. Increasing high-efficiency packaging material demand globally for transportation and storage applications is expected to drive the market in the coming years.
Fluctuating prices of raw material with balancing supply and demand are restraining the coil coating market growth in developed regions. The high cost of coil coatings compared to conventional coatings and the easy availability of substitution of high engineered metals such as polycarbonate plastics hinder the market growth of coil coatings over the forecasted period.
The Global Coil Coatings market is segmented on the basis of end-user industry, resin type, and geography.
Infrastructure plays a critical role in promoting growth and improving connectivity. Continuous construction spending in the Asian countries including China and India on account of rapid industrialization and urbanization will enhance the product demand. The region accounts for around 50% of global capital spending as China and India offer a huge consumer base along with low-wage labor thereby attracting multiple construction industry players in the region. The growing non-residential construction spending in countries including the U.S. is expected to boost the coil coatings market size over the study timeframe. According to the United States, Census Bureau, the non-residential construction spending in the country has increased by over 8.5% in the year 2016. The increased use of coil coatings in manufacturing furniture and construction products is predicted to drive the product demand. The coil coating products are used in the furniture applications such as shelving, filing cabinets, storage units, desks, and others.
Although the construction segment is expected to be one of the largest consumers of coil coatings, other industries such as consumer electronics and packaging, etc. are also increasingly utilizing coil coatings for various purposes. Manufacturers of metallic products across various industries are opting for high-quality composite coatings. Constant improvements in the field of surface chemistry and treatment techniques are projected to create a positive outlook for the market. Due to their stress-resistant properties and flexibility, the coil coatings are also gaining rapid acceptance in the packaging material sector. High-efficiency packaging materials are experiencing significant growth in demand for storage and transportation applications. Moreover, the flourishing electronics segment is also positively influencing the industry growth.
Transportation and storage of the coatings are some of the major factors restraining the industry proliferation. The lack of proper and safe transportation facilities in emerging economies may hamper product adoption. Further, the coatings must be preserved with the proper preservation oil to maintain the finishing. The coil coatings must be stored carefully with certain precautions to maintain their quality.
Impact of COVID – 19
The COVID – 19 pandemic is expected to have a negative effect on the growth of the coil coatings market as due to the pandemic coil coating manufacturers had to halt operations which are expected to lead to a decline in the supply of coil coating materials, hence, limiting the growth of the market.
March 2021 - AkzoNobel launches TRINAR TC: The latest innovation in PVDF coil coating technology. Tailored to the coil coating market, TRINAR TC is formulated from AkzoNobel’s latest proprietary resin and pigment formulation technology to strengthen product performance and hardness, providing increased resistance to abrasions and scratches during and after transport, fabrication, and installation.
February 2021 - AkzoNobel launches CERAM-A-STAR 1050 Select Standard Color Program. AkzoNobel has launched CERAM-A-STAR 1050 Select, the leading coil coating technology with a standard color palette program to optimize your business and make color complexity a thing of the past.
August 2020 - JSW Steel looks to raise share in the domestic coil-coating segment, launches JSW Radiance
Prominent/major key market players in the global coil coatings market include Beckers Group, Wacker Chemie AG, Henkel AG & Co. KGaA among others. The players in the global Coil Coatings market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the global Coil coatings market.
|Market size value in 2019||US$6.580 billion|
|Market size value in 2026||US$9.837 billion|
|Growth Rate||CAGR of 5.91% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||End-User Industry, Resin Type, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Beckers Group, Wacker Chemie AG, Henkel AG & Co. KGaA, Dura Coat Products, Inc., PPG Architectural Coatings UK Limited, The Sherwin-Williams Company, Akzo Nobel N.V., Axalta Coatings System LLC, BASF SE, Du Pont|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the coil coatings market size by 2026?
A1. The global coil coatings market is expected to reach a market size of US$9.837 billion by 2026.
Q2. What is the size of global coil coatings market?
A2. Coil Coatings Market was valued at US$6.580 billion in 2019.
Q3. What are the growth prospects for the coil coatings market?
A3. The coil coatings market is expected to grow at a CAGR of 5.91% over the forecast period.
Q4. Who are the major players in the coil coatings market?
A4. Prominent/major key market players in the global coil coatings market include Beckers Group, Wacker Chemie AG, Henkel AG & Co. KGaA among others.
Q5. What factors are anticipated to drive the coil coatings market?
A5. The growing demand for coil coating is mainly driven by increasing applications in construction, automotive, consumer appliances, and others.