Metal Coatings Market Growth Factors, Applications, Regional Analysis, Key Players and Forecasts by 2024

Metal coatings are extensively used in various industrial sectors to increase metal life and reduce the maintenance cost. These are manufactured as thin films of protective materials and are glued to metals for enhancing surface properties such as color, corrosion, oxidation resistance, appearance, wear resistance, electrical resistance, and thermal protection. The metal coatings market is segmented on the basis of resin type, process, end-use industry, and geography.

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This resin is again sub-classified into aromatic polyester and cycloaliphatic polyester. Aromatic polyester resin type coatings are widely used and are cost-effective, whereas cycloaliphatic polyester resin type coatings are durable, highly UV-resistant, but are expensive in nature. The market demand for these polyester type coatings is driven by increase in their applications in the building and construction, and automobile industries.

The metal coatings market is categorized on the basis of end-use industry into building and construction, automotive and transportation, consumer goods and appliances, and marine. The building and construction industry hold a significant share in the market, where these coatings are applied on heating, ventilation, and air conditioning (HVAC) systems, trims, ceiling grids, blinds, railings, purlins, roof and wall panels, doors, and others.

Rapid growth in the market is driven by increasing industrial applications, high consumption of metal coatings in the APAC region, and growing construction and automotive industries in emerging nations. Additionally, due to the saturated markets in North America and Europe, manufacturers are forced to shift their focus into developing or emerging nations of APAC and LATAM. According to Bureau of Labor Statistics, construction industry projecting 4.5% year-on-year (Y-o-Y) growth rate and will become one of the fastest growing industry by 2020s. This is the major factor, which drives the metal coatings market where the building and construction industry holds a significant share.

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The metal coatings market is majorly affected by volatile raw material prices such as prices of crude oil and natural gas. Moreover, stringent regulations for the use of hazardous chemicals are making market players in the building and construction industry to shift toward composite materials, thereby, replacing steel and aluminum sheets in the process. This would restrict the market growth.

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