Coil Coatings Market - Asia Pacific to Present Highly Lucrative Opportunities for Market Players By 2023

Coil coatings are multilayered complex coatings of resins, pigments, and primers over metal rolls. Metal substrates (usually steel and aluminum) are roll coated in order to provide weather resistance and corrosion resistance. Coated metal rolls, sheets, and strips are then molded into necessary shapes. These coil coated metal objects are used in construction projects, automotive fabrication, appliances, HVAC systems, and furniture. 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.

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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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. 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.

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.

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Large-scale manufacturers of coil coatings such as The Dow Chemical Company, BASF SE, Akzo Nobel N.V. and Nippon Paint Co. Ltd., are integrated backward into raw material production. This ensures constant availability of raw materials and significant cost advantage for integrated coil coatings producers. Additionally, most producers of coil coatings operate research and testing centers across all regions. Market players are shifting their focus toward Asia and the Middle East, as these are emerging high growth markets for coil coatings. Manufacturers in Asia, especially in China and India, are helped by inexpensive land and labor in addition to governmental support through subsidies and tax benefits.

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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