Technical coil coatings refer to a process in which the material used for coating is applied on a metal strip. This process involves chemical pre-treatment of the metal surface on one side or both sides. It has applications in various industries such as automotive, construction, and others. The growth of the technical coil coatings market is fueled by increasing demand for corrosion-free products. Moreover, increasing demand from various industries such as automotive and construction has further propelled the growth of the global technical coil coatings market. However, stringent government regulations on the emission of harmful chemicals such as VOCs (Volatile Organic Compounds) is one of the major restraints for the global technical coil coatings market.
Global Technical Coil Coatings Market was valued at US$ 5560.00 Million in 2021 in terms of revenue, exhibiting a CAGR of 5.67 % during the forecast period (2022 to 2030).
Drivers
An exceptional increase in the demand for corrosion-free products has helped further the revenue growth of the global technical coil coatings market. A rise in demand for high-quality products to be used in the manufacturing of various consumer durable goods as well as in the electricity and power sector is being witnessed. People are also demanding more finished goods for domestic as well as commercial use.
There is also an increase in investments in the coatings market. All these factors have highly contributed to the growth of the global technical coil coatings market. Companies are even increasing local manufacturing to strengthen their presence in the regional market. Most of the companies enter the market with support from local suppliers. These companies later strengthen their presence by strategically acquiring local partners/suppliers in the region. â¯â¯
The market was negatively impacted due to the COVID-19 pandemic as disturbances in the supply chain and the idling of factories reduced the business growth. Lockdown and cross-border movement restrictions ruptured the business in the market. Market players implemented several measures to maintain a standard business operation. Moreover, the stagnant growth in multiple end-use industries further affected the business. Going forward, the market is anticipated to witness robust growth due to the expansion in the construction and consumer electronics sector.
Figure 1. Global Technical Coil Coatings Market Value Share (%), By Region, 2021
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Market Restraints
The market is associated with the release of hazardous air pollutants which is a key challenge and this might affect the market growth during the forecast period. Technical coil coating line involves a thermal oxidizer to control the emission of volatile organic compounds from technical coil coatings. Owing to this challenge, various governing bodies closely monitor the use of these high-performance coatings. For instance, the Environmental Protection Agency identifies metal coil coating as a key source of hazardous air pollutant emission and strictly regulates their high uses. Such regulations and close monitoring might affect the market growth during the forecast period.
Technical Coil Coatings Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2021 | Market Size in 2021: | US$ 5560.00 Mn |
Historical Data for: | 2017-2020 | Estimated Year: | 2022 |
Forecast Period 2022 to 2030 CAGR: | 5.67 % | Forecast Period: | 2022-2030 |
Geographies covered: |
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Segments covered: |
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Companies covered: |
PPG Industries Inc., BASF S.E., Akzo Nobel N.V., The Valspar Corporation, DowDuPont Inc., The Sherwin-Williams Company, Backers Group, and Kansai Nerolac Paints Limited |
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Growth Drivers: |
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Restraints & Challenges: |
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Market Trends
Rising Demand from the Building and Construction Industry:
The building and construction industry is by far the largest consumer of coil coatings. The main resins, which are used extensively in construction, are polyester resin, silicone-modified polyester, and polyvinylidene fluorides (PVDF) or fluoropolymer. With the rising number of building codes that promote energy-efficient structures, home builders and consumers are gradually moving toward building strategies that deliver performance and energy savings in the long run.
In addition to aesthetic look, durability, and functionality, coil coatings are known for their infrared-reflective pigment technology. This technology saves energy on cooling, by helping to ease the building’s interior temperature.
According to the Department of Energy, heating and cooling costs account for 48% of the energy use in a typical U.S. household. The capability to be molded into almost any shape, excellent resistance, superior longevity, infinite aesthetic color and texture options, and environmental benefits make coil coatings a perfect option for both interior and exterior construction applications.
Furthermore, these coatings are also used in making gutters and downspouts, as a part of rainwater collection installations. Another rising use of coil coatings is for various leaf and debris prevention systems, which have recently been introduced to the market.
Figure 2. Global Technical Coil Coatings Market value Share (%), By End use Industry, 2021
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Recent Developments
Competitive Section
Major players operating in the global technical coil coatings market include PPG Industries Inc., BASF S.E., Akzo Nobel N.V., The Valspar Corporation, DowDuPont Inc., The Sherwin-Williams Company, Backers Group, and Kansai Nerolac Paints Limited.
Frequently Asked Questions
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