Coil Coatings Market Size, Share, Growth Analysis (2023 - 2030)

The global coil coatings market size is to reach USD 8.0 billion by 2030 with a CAGR of 6% from 2023 - 2030. 

Coil coatings are science-related chemical formulas for developing the lifespan of metal alloys, especially aluminum and steel alloys. Coil coating is a procedure to coat and paint metals like aluminum and steel.

Coil coatings are used widely and available in a wide range of applications.  The demand for coil coatings is high because of growing urbanization and rising enhancements in industries, particularly in developing countries. 

COVID-19 Impact on Coil Coatings Market

The novel coronavirus (COVID-19) has widespread to every corner of the world affecting many lives. The World Health Organization (WHO) announced emergency public health issues and the world like a pandemic. Nations across the globe imposed lockdown to avoid the virus spread. After the lockdown is being imposed, work from home was issued to all the employees. During the pandemic period, in the first quarter of 2022, all the manufacturing, production works were given a pause. Even the supply of raw materials was temporarily closed due to the transportation ban. The manufacturing of coil coating was stopped due to a lack of workforce. Once the lockdown is lifted, all the works were resumed with limited labor. 

Market Drivers

The factors driving the coil coatings market are increasing automotive and general industrial coating. Increasing demand from downstream industries, product quality, and rising competition of leading coil coating manufacturers fuel the market growth further. 

The growing owing power and increasing disposable income of people in developing economies are witnessed to increase the houses, appliances, furniture, and automotive sales. 

The growing number of residential and commercial projects in developing countries is burgeoning the coil coatings market growth. 

Market Restrains

•    High Cost

The cost involved in the process of coil coating is expensive hindering the market growth. 

•    Lack of Transportation 

The lack of appropriate and safe transportation facilities among the developing and underdeveloped countries restrain the coil coatings market growth. Oscillations in prices and raw material supply will diminish the coil coatings market growth during the forecast period. The rising demand for lightweight materials in the automobile industry restricts market growth. In Europe, the reducing demand for coil coatings is likely to obstruct the market in the upcoming years. 
 

COIL COATINGS MARKET REPORT COVERAGE

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Segmentation Analysis

The research report on the coil coatings market has been segmented and sub-segmented based on type, application, and end-user. 

Coil Coatings Market - By Type

•    Polyester
•    Fluoropolymer
•    Siliconized polyester
•    Plastisol
•    Others

Based on the type of coil coatings market, the polyester segment is said to dominate the market throughout the timeline period. The segment shares 60% of the market in terms of volume. Polyester is the most common type of resin and is often used for hot rolled steel and cold rolled steels. 

The fluoropolymer segment is likely to have the quickest growth in the coil coatings market. The demand for fluoropolymer in architectural applications provides opportunities over the forthcoming years. 

Coil Coatings Market - By Application

•    Steel
•    Aluminum

Coil Coatings Market - By End-User

•    Building & construction
•    Automotive
•    Appliance
•    Others

Regional Analysis

Geographically, North America dominates the coil coatings market throughout the forecast period. The U.S. is leading the coil coatings market with the majority of the share. In the U.S., the growth of the pharmaceutical industry is increasing propelling the coil coatings market growth. In the U.S., the coil coatings market owes to the recovery of construction and automotive industries fuels the market growth. 

The European coil coatings market is to grow at a significant rate with the majority of the share. The coil coatings research and development activities are rising tremendously boosting the market growth. In May 2018, in the UK, researchers from the University of Liverpool, have developed biomass-derived polyester coatings for coil applications. The economic crisis in Europe leads to the motionless growth of coil coatings over the end-user industries like pharmaceuticals, electrical and electronics, and construction fields. The coil coatings market majorly depends on countries like Romania, Russia, Bulgaria, from Central and Eastern European countries. 

However, the Asia-Pacific region is growing at a quick pace. Investing high investments in building, construction, and appliances, and heavy economic growth rate escalates the coil coatings market growth throughout the historical period. The government initiatives for infrastructure enhancement and the growing housing market among the emerging countries push the market growth forward. In countries like India, China, Japan, and South Korea, increasing automotive production results in demand for automotive coating applications. India and China emerge as the major contributors in the coil coatings market. The growth also depends on factors like the presence of a large number of manufactures and the quick rise in infrastructural development.

The coil coatings in the Latin American region are expected to witness constant and continuous growth during the forecast period. Countries like Brazil, Mexico contribute a major share of the coil coatings market. In Mexico, the coil coatings demand for construction applications is boosting the market growth. The over is likely to grow over the next upcoming years. 

The Middle East & African coil coatings market is scheduled to have a sluggish growth rate over the forecast period. UAE, Israel, Africa, and the Rest of MEA contribute major share in the coil coatings market. 

Coil Coatings Market Key Players

Key players involved in the coil coatings market are AkzoNobel, PPG Industries Inc., The Valspar Corp., BASF SE, DuPont, Henkel AG & Co., Kansai Paint Chemical Ltd., The Beckers Group, The Sherwin-Williams Co., and Wacker Chemie AG.

Notable Happenings in the Global Coil Coatings Market

•    In October 2018, Nippon Paints along with Wiskind launched a joint coil coatings innovation center. 

•    In December 2018, Beckers Group unveiled the rise in coil and industrial coatings prices globally. 

•   On July 10, 2022, TRINAR A-CLAD, a coil coating system which was launched by AkzoNobel for aluminum composite panels (ACPs). The system is high-performance for commercial and monumental ACP projects. The system provides smooth, easy work.