Press release
Coil Coatings Market: Burgeoning Demand for Precoated Metals in Architectural Sector to Bolster Uptake By 2024
Coil Coatings Market
The global coil coatings market stood at US$4.05 bn in 2014 and is anticipated to rise at a CAGR of 5.20% between the period 2015 and 2023. The market is anticipated to attain a value of US$6.2 bn by the end of 2023.
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Rising Construction Industry in Asia Pacific to Amplify Demand for Coil Coatings
Based on geography, the major regional markets for coil coatings are Europe, North America, Asia Pacific, the Middle East & Africa (MEA), and Latin America. Of these, currently, Asia Pacific is the leading market for the consumption of coil coatings and its growth is expected to remain strong throughout the forecast period. The regional market is anticipated to occupy a global share of 44.2% by 2023. The robust growth of the Asia Pacific market is propelled by a continuously expanding construction industry attributable to rapid urbanization, which has in turn spurred the number of non-residential construction projects in various emerging nations.
Based on products, the coil coating market is segmented into silicone modified polyester coatings, polyurethane coatings, polyester coatings, plastisol coatings, and polyvinylidene fluoride coatings. Among these, polyester coil coatings segment occupies a major share of the market. Expand at a significant CAGR, the polyester coil coatings segment is expected to occupy 64.2% share by the end of 2023. The substantial demand for polyester coil coating is driven by their ability to provide superior corrosion resistance against different adverse environments and relativity low pricing. In addition, they allow a multitude of attractive surface finishes and have high flexibility and scratch resistance features.
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Numerous Inherent Benefits of Coil Coatings to Keep Demand High
The upsurge in demand for coil coating processes in various applications is driven by the myriad advantages they have over post-finishing. Numerous benefits of coil coating include a consistently high paint finish, optimized use of paint materials, less energy consumption, and better inventory control. The burgeoning demand for coil coatings in the construction and automotive industries is stimulated by substantial benefits of economy and ecology to the manufacturer, operator, and user. Coil coating processes have low ecological impact and are economical. The process leads to less consumables and waste, involves less inflammable materials, no emissions of volatiles, and produces fully recyclable precoated sheets.
However, post-recession of 2008 in Europe has led to a slowdown in automotive, construction, and consumer electronics in the region. As a result, there is slackening demand for coated steel and aluminum coils. On the other hand, the recovery in demand from various end-use industries over the last few years augurs well for the market. In addition, the flexibility in shape with metalworking is expected to spur the global demand for coil coatings for making a variety of automotive and home appliances.
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