Coil Coatings Market: Technological Advancements, Demand, Evolving Industry Trends and Insights TO 2023

Global Coil Coatings Market: Overview

Coil coatings are witnessing a rapid surge in demand, thanks to their increasing application in the construction, automotive, and consumer appliances industries. The rising urbanization in emerging economies has stimulated construction activities in those regions. Coil coatings, being significant construction consumables, are utilized widely in construction activities. The anti-corrosion and harsh weather resistant properties of these coatings have added significantly to its increasing application over the last few years. The increasing number of commercial as well as residential construction projects are likely to fuel the demand for coil coatings considerably in the near future.

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According to a study by Transparency Market Research, the demand for coil coatings is likely to remain high due to major construction projects coming up across the world in the near future. The market’s opportunity is expected to expand at a CAGR of 5.20% during the period from 2015 to 2023 and increase from US$4 bn in 2014 to US$6.3 bn by the end of 2023.

Demand for Polyester Coil Coatings to Remain High

Polyester coatings, polyurethane coatings, plastisol coatings, polyvinylidene fluoride coatings, and silicone modified polyester coatings are the key coil coatings available across the world. Polyester coil coatings have occupied the leading position among these. In 2014, the segment accounted for a share of 64% in the overall demand for coil coatings, which is likely to increase to 64.2% by 2023.

As polyester provides a superior resistance to corrosion and harsh weather to the coated material in almost all conditions, its demand is increasing significantly across a number of application of coil coatings. In addition to this, the low-price of polyester coil coatings is expected to keep the demand for these coating high in the years to come. The demand for polyvinylidene fluoride coil coatings is also projected to increase significantly due to their longevity and aesthetic appeal over the next few years.

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Coil Coatings to Witness Sizeable Demand in Asia Pacific

The worldwide coil coating market stretches across Asia Pacific, Latin America, Europe, North America, and the Middle East and Africa. Currently, Asia Pacific leads the consumption of coil coatings across the world. The rapid rise in the construction industry, stimulated by the growing urbanization, has boosted the demand for these coatings in this region.

Analysts expect this trend to remain increasing over the forthcoming years, owing to increasing number of non-residential construction projects in India, China, and Japan. The demand share of Asia Pacific in the overall coil and coatings market is estimated to increase from 42.4% in 2014 to 44.2% by the end of 2023. Other regions are also expected to record healthy growth in the demand for coil coatings in the near future.

The global market for coil coatings is moderately consolidated in nature. In 2014, the top four manufacturers of coil coatings, namely, The Valspar Corp., Akzo Nobel N. V, Beckers Group, and PPG Industries Inc. led this market with a share of 56%. BASF SE, Henkel AG & Co. KGaA, Axalta Coating Systems LLC, Bulk Chemicals Inc., Nippon Paint Co. Ltd., The Dow Chemical Co., and Dura Coat Products Inc. are some of the other prominent participants in this market.

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