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.
The market is expected to surge in the coming years, due to the increasing demand for coil coatings in various sectors, such as the construction, automotive, appliance, and construction industry. Asia Pacific region is expected to play a major role in the market growth, due to the increase in the production of vehicles, growth in the real estate sector, and other related factors. Companies and corporations, worldwide have been investing considerable capital to develop high-quality, advanced coil coating solutions for their customers.
Growth in the automotive sector
The market is expected to surge in the coming years, due to the rising demand for coil coatings in the automotive sector. The increase in the global population and rise in disposable income is driving the demand for vehicles worldwide. According to the data given by the International Organisation of Motor Vehicle Manufacturers, 91.7 million vehicles were produced in the year 2019. The increasing demand for electric vehicles is also driving the coil coating market growth. The introduction of high-quality coating solutions for electric vehicles enhances the overall performance and provides efficient output. According to the data given by the International Energy Agency, 2.1 million electric vehicles were sold in 2019. Electric car batteries depend on high-quality coating solutions, to minimize the fire damage risk, maintain optimal temperatures and reduce electrical interference. Several companies have been providing coil coatings for this sector. For instance, BASF SE, one of the major players in the market, has been offering coil coating solutions for the automotive sector.
Impact of COVID-19 pandemic
The outbreak of the pandemic had a negative impact on the market growth. There had been a decline in the construction and automotive sector in 2020. According to the International Organization of Motor Vehicle Manufacturers, around 67 million vehicles were produced in 2020, down from 91.7 million in 2019. With the introduction of COVID-19 measures, there had been a massive decline in construction activities, worldwide.
|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.