Functional Coil Coating Market Trends 2021, Revenue and Size Analysis by Regions, Global Share, Industry Growth Statistics, Gross Margins, Top Players with Strategies, Forecast Research Report 2027
According to a new report published by Report Ocean, titled,”Functional Coil Coating Market by Material, Technology, and End Use: Global Opportunity Analysis and Industry Forecast, 2018 – 2025,”the global Functional Coil Coating Market was valued at $651.0 million in 2017, and is projected to reach $948.8 million by 2025, growing at a CAGR of 4.7% from 2018 to 2025.
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Functional coil coating is a method of applying organic coating material on rolled metal sheets such as steel, stainless steel, and aluminum before it is reshaped, flexed, or deep-drawn. Increase in population and changes in investment preference of customers propel the growth of the construction industry. This in turn is anticipated to fuel the demand for functional coil-coated metals, as they are majorly used in formulation of metal roofs, wall panels, storage units, and garage doors to enhance the aesthetics and durability of the infrastructure. Moreover, advantages of functional coil-coated metals such as design flexibility, greater resistance to corrosion & weathering, and availability of color & textures boost the adoption of functional coil-coated metal across interior and exterior construction.
In addition, development of the automotive industry and rapid increase in disposable income of customer are some of the key factors that supplement the growth of the automotive market. Moreover, increase in preference for possessing personal vehicle among customers propels the global automobile production. This in turn is expected to drive the need for functional coil-coated metals, as they are used in the automobile industry due to their various advantages such as enhanced paint adherence, chemical & water resistance, and improved aesthetics as compared to other substitutes.
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More importantly, functional coil-coated metal causes reduction in expenses on the in-house coating plant of the automobile manufacturer. Rise in consumers demand for aesthetics and prolonged durability of product lead to their increased use in this industry. Furthermore, surge in preference for functional coil-coated metal, owing to their prolonged corrosion warranty accelerates growth of this market. Functional coil coating market growth was moderate over the past few years, however, it is expected to rise significantly due to abovementioned growth drivers.
Based on material, the market is divided into acrylic, epoxy resins, plastisol, polyvinylidene fluoride, polyester, polyurethane and PVC/vinyl. Functional coil coatings comprise various materials to enhance functioning of the coating such as proper binding, prolonged adherence, corrosion resistance, and others. Thermosetting material epoxy resin is majorly used in the formulation of these coatings to enhance the binding ability of the surface. Thermoplastic materials such as acrylic, plastisol, polyvinylidene fluoride, and PVC/vinyl are used in the formulation of these coatings to obtain enhanced strength and design flexibility. Functional coil coating market size for polyurethane is expected to grow significantly as a result of its application specific nature among other material type.
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Based on technology, the market is analyzed across liquid coating and powder coating. The liquid coating method is a traditional method of coating. On the other hand, powder coating is an emerging coating method, which is gaining popularity owing to its minimal waste output and easy application methods.
Based on end use, the market is segregated into construction, appliances, automobile industry, and others. Functional coil coating process is specifically done on steel and aluminum. The development of the construction, automobile, appliances, and furniture industries is the major factor that fuels the demand for these metals. Functional coil-coated metals are widely applicable in these industries, owing to the elimination of the cost required for setting up coating plant and quick availability of the pre-coated metals.
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Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific emerge as a global leader in this market due to increase in demand for functional coil-coated metal in the developing economies such as India and China, owing to rise in number of investors, development of the automobile & construction industries, and increase in users of furniture. In addition, increase in sales of electric vehicles in North America and Europe supplements the market growth. North America functional coil coating market size likely to progress over the coming years due to promising growth shown by appliances sector in the U.S.
The COVID-19 pandemic in 2019 engulfed the world. It caused a worldwide halt. The entire global economy was affected. In addition, many people have also lost their lives. Around 252,297,094 cases and 5,091,465 deaths have been reported worldwide so far for COVID-19. The pandemic spread to almost every country in the world. In most industries, the pandemic resulted in some form of loss. As a result of the pandemic, the global Functional Coil Coating Market also experienced a slowdown. Statista estimates that the chemical industry’s total worldwide revenue stood at approximately US$ 3.94 trillion in 2019. In 2014, the chemical industry generated revenues of US$ 5.4 trillion at a record high.
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The degree of competition among prominent global companies has been developed by analyzing several leading chemical market, including market competition, market share, the most recent advancements in the industry, innovative product launches, partnerships, mergers, and acquisitions by leading companies.
Key Findings of the Functional Coil Coating Market:
The Asia-Pacific was the largest region in 2017 and is predicted to hold a share of over 34% by the end of 2025
Based on technology, liquid coating segment is accounted for largest share of over 65% among the other technology in 2017, and is predicted to maintain the lead during the forecast period
The Polyester in the material segment is projected to have a share of over 25% in 2017, and is projected to continue its dominance during the forecast period
Market players have adopted expansion, acquisition, and collaboration as their key strategies to gain competitive advantage in this market. The key players profiled in this report include Akzo Nobel N.V., Axalta Coatings Systems, BASF SE, Eastman Chemical Company, Kansai Paint Co., Ltd., KelCoatings Ltd., Nippon Paints Holdings Co. Ltd., PPG Industries Inc., The Sherwin Williams Company, and The Chemours Company.
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Key questions answered in the global Functional Coil Coating Market report are:
How does a global company acquire markets?
What are its core strategies and policies?
What factors will influence the chemical market over the forecast period?
What are the factors driving and restraining the market for chemicals?
What are the leading competitors in the global market?
Which region is growing at a higher pace in the global market?'
This report covers aspects of the regional analysis market.
The report includes data about North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
This report analyzes current and future market trends by region, providing information on product usage and consumption.
Reports on the market include the growth rate of every region, based on their countries over the forecast period.
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What factors are taken into consideration when assessing the key market players?
The report analyzes companies across the globe in detail.
The report provides an overview of major vendors in the market, including key players.
Reports include information about each manufacturer, such as profiles, revenue, product pricing, and other pertinent information about the manufactured products.
This report includes a comparison of market competitors and a discussion of the standpoints of the major players.
Market reports provide information regarding recent developments, mergers, and acquisitions involving key players.
What are the key findings of the report?
This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
The report offers the current state of the market and future prospects for various geographical regions.
This report provides both qualitative and quantitative information about the competitive landscape of the market.
Combined with Porter's Five Forces analysis, it serves as SWOT analysis and competitive landscape analysis.
It provides an in-depth analysis of the market, highlighting its growth rates and opportunities for growth.
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