Coil Coatings Market - Segmented by Resin Type, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global coil coatings market is expected to witness an estimated CAGR of 5.43% over the forecast period of 2018-2023. Factors, such as rising demand from the building & construction industry in the emerging economies of Asia-Pacific, and stringent environmental regulations for conventional products have been driving the demand for coil coatings market. However, the increasing demand for lightweight materials in the automobile industry is expected to hinder the growth of the market.
Rising Demand from Building and Construction Industry
The rise in building and construction activities serve as a prominent factor augmenting the demand for coil coatings. In addition to aesthetics, durability, and functionality, the builders have been promoting construction designs which can help in providing natural light and saving energy. The coil coatings are also known for their infrared reflective pigment technology. This technology saves energy on cooling by helping to ease the building’s interior temperature. Furthermore, it is also used in making gutters and downspouts as a part of the rainware installations, and for various leaf and debris prevention systems that have recently been introduced to the market. Hence, all such new innovative measures have been leading to increase in the demand for coil coatings from the construction industry.
Polyester Resin Type to Witness the Highest Growth
In 2017, the polyester resin segment dominated the global market and is also expected to witness the highest CAGR during the forecast period. It is one of the most widely used products in the industry, as it offers excellent corrosion and weather resistance to the coated material in most conditions, thus majorly boosting the coil coating market during the forecast period. Polyesters are used for both internal and exterior products. As an exterior product, basic polyesters are used for both wall and roof cladding on buildings, particularly in mild and dry climates. Whereas, many indoor applications are subject to greater scrutiny than exterior applications, so high-quality aesthetics are important, often coupled with good formability for forming into specific parts and a high degree of scratch resistance.
Asia-Pacific to Dominate the Market
Asia-Pacific dominates the market for coil coatings across the globe and is also expected to witness the highest CAGR during the forecast period. The growth in the region is mainly attributed to the high economic growth rate, followed by heavy investment across end-user industries, such as building & construction, appliance, automotive, and others. In the region, China is the largest market for coil coatings. The planned investments in construction and transportation sector are likely to drive the demand for coil coatings in the country during the forecast period.
The major players include -Sherwin Williams, PPG Industries Inc., Beckers Group, AkzoNobel N.V., and BASF SE, among others.
Coil Coatings Market Report Summary
North America, South America, Asia-Pacific, Europe and Middle East & Africa
Sherwin Williams, PPG Industries, Beckers Group, AkzoNobel N.V., BASF, etc.
Report offers latest trends, growth prospects, industry competitiveness, major players, value chain, regional & country market analysis and forecast to 2023
Reasons to Purchase This Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The resin type that is expected to dominate the market
The country that is expected to witness the fastest growth during the forecast period
Identify the latest developments, market share, and strategies employed by the major market players
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