Global Technical Coil Coatings Market – Market Insights
Technical coil coatings refers 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 the sides. It has application in various industries such as automotive, construction and others.
Growth of the technical coil coatings market is fueled by increasing demand for corrosion free products. Moreover, the increasing demand from various industries such as automotive and construction has further propelled the global technical coil coatings market. However, stringent government regulations on emission of harmful chemicals such as VOCs (Volatile Organic Compounds) is one of the major restrain for the global technical coil coatings market.
Polyester was the dominant segment in the technical coil coatings market in 2016 and is expected to continue its dominance over the forecast period with a CAGR of 5.22%. This is owing to its properties such as resistance to UV light and providing barrier coat to prevent corrosion of the substrate. Polyester can be modified as per requirement and applications, hence, proves to be a viable choice. For instance, polyester are used for roof and wall cladding on buildings. Manufacturers are focusing on developing eco-friendly products, which is further gaining traction and thereby driving growth of this market at a global level. For instance, in 2013, Evonik Industries developed a range of polyester resins for primers and top coats, which the company markets under DYNAPOL brand and is based on renewable raw materials.
Powder coatings are used for protective and decorative finishes and have application in industries such as automotive, architecture, furniture, and appliances. Powder coatings are corrosion, weather, and chemical resistant and are also chipping and scratch resistant, and other such wears. Moreover, it is cheaper than liquid coatings, owing to lower power consumption, reduced disposal cost, and low material cost making it a cost-efficient choice. Liquid coil coatings are applicable in both primer and top coat and is used for imprints, attractive surface finishes, gloss grades and others, offering resistance against environments, scratch resistance, and high flexibility.
Asia Pacific dominated the technical coil coatings market in 2016 with a revenue of US$ 1978.9 million and is expected to continue its dominance over the forecast period. This is attributed to growth of automotive and construction industries in the region. According to International Trade Administration (ITA), China is the world’s largest construction market and was valued at US$ 717.71 billion in 2016 and is estimated to reach US$ 1,042.17 billion in 2021.
Global Technical Coil Coatings Market Share, By End-use Industry, 2016
Source: Coherent Market Insights (2018)
Construction sector was the largest market for technical coil coatings with a market share of 65.31% in 2016. This is owing to growth of the construction sector in emerging economies of Asia Pacific, further contributing to growth of this market. According to the Department of Industrial Policy and Promotion (DIPP), the Foreign Direct Investment in construction development sector in India from 2000 to 2017 was US$ 24.3 billion. Moreover, furniture segment is also expected to exhibit growth over the forecast period.
The 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.