Press release
Coil Coatings Market Expand at a CAGR of 5.2% from 2022 to 2031
The global coil coatings market was valued at US$ 5.7 Bn in 2021
It is estimated to expand at a CAGR of 5.2% from 2022 to 2031
The global coil coatings market is expected to exceed value of US$ 9.4 Bn by the end of 2031
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Overview of Global Coil Coatings Market
Coil coatings is a method of coating & painting coils and metals sheets such as aluminum and steel. These coil coatings are made of polyester, silicone modified polyester, polyvinylidene fluoride (PVDF), polyurethane (PU), plastisol epoxides, and acrylics to provide anti-corrosion characteristics. The coil coatings market is driven by the steady evolution of numerous industries such as construction, automotive, and consumer appliances.
The demand for high-performance composite coatings for metals, which is similar to coil coatings, is estimated to increase during the forecast period. An increase in the use of polyvinylidene fluoride coatings for application in electric vehicles is also anticipated to create significant opportunities for the coil coatings market in the next few years.
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Extensive Demand for Coil Coatings in Construction Applications to Drive Global Market
Based on application, the construction segment dominated the global coil coatings market and held nearly 70% share in 2021. Furthermore, the segment is expected to grow at a moderate during the forecast period. Coil coatings are widely utilized in the construction industry. In construction, coil coatings are used in roofing, aluminum panels, steel doors, lamination bonding for metal, and rubber or vinyl.
Significant increase in commercial construction activities in emerging economies is boosting the demand for coils coatings in the metal fabrication process. Coil coating is the continuous process in which specialty coatings are applied to steel or aluminum coil before fabrication into end products. Coil coatings are well-known for their infrared pigments technology and provide durability & esthetic appearance. Thus, its different characteristics make the coil coating technology suitable for use in various applications.
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Every manufacturing process that produces the finished painted metal products needs to assess the benefits of using pre-coated metal coils. The coil coatings system with updated technology can increase the speed of operations and output. Thus, the custom coil coating system caters to the production demands of the construction industry in both commercial as well as residential constructions.
Increase in Demand from Automobile Sector to Propel Coil Coatings Market
The automobile industry is growing at a moderate pace. According to the International Organization of Motor Vehicles Manufacturers (OICA), around 91 million vehicles were produced in 2018. Rise in the production of motor vehicles is likely to boost the use of metal and consequently, fuel the demand for coil coatings across the globe.
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Coil coatings are used in the pre-painted steel and aluminum sheets for usage in automobile parts and other transportation vehicles, such as cars, and bikes, which is driving the demand for coil coatings. Furthermore, increase in disposable income of customers is also propelling the coil coatings market. Increase in the use of personal vehicles has impacted global automobile production, which, in turn, is driving the global coil coatings market, as coil coatings are used in the automobile industry due to their chemical characteristics such as paint adherence and chemical & water resistance.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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