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.
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
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.
| Report Coverage | Details | ||
|---|---|---|---|
| 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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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
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.
Technical coil coatings is used in various end-use industries such as construction, automotive, furniture, HVAC, home appliances, and others. Coil coatings offer protection against changing weather conditions and improve the durability of coated substrates. Leading market players are investing to develop new products to increase coil coating product portfolio for extending their application areas in major end-use industries. For instance, the Environmental Protection Agency identified 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’s growth during the forecast period.
Market Dynamics
The By polyester segment accounted for the highest revenue share in the global technical coil coatings market in 2021 and the segment is projected to retain its position, due to the high demand for polyester coating in the construction and furniture industries. In construction, technical coil coatings have a variety of applications such as metal roofing & siding, windows, and doors. Therefore, the construction segment is the major segment in End-use Industry.
Asia Pacific was the dominant market in 2021 and the region is projected to be the fastest growing in the global technical coil coatings market over the forecast period. The growth of Asia Pacific technical coil coatings market is attributed to the growth of end-use industries along with strategic investment by leading market players such as PPG Industries Inc. and BASF SE in the region to tap the potential market in China, India, and South Korea. For instance, in March 2021, Akzo Nobel A.V., a U.S.-based company operating in coil coatings, launched TRINAR TC (Tough Coat), a new PFOA-free PVDF coil coating system that combines exceptional 70% PVDF performance with increased durability and simplicity of use. This TRINAR coating technology provides stain, abrasion, and scratch resistance to surfaces in the building & construction industry.
Key features of the study:
Detailed Segmentation:
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