by Coil Coatings are polymeric protective coatings widely used on metal strips and coils. They provide corrosion protection and enhance the aesthetic appeal of metal coils used in various applications such as building and construction, appliances, and automobiles. The coatings offer superior weatherability and resistance compared to bare metal.
The global Coil Coatings Market is estimated to be valued at US$ 1,510.97 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand from building & construction industry has been a major trend boosting the coil coatings market. Coil-coated metals are widely used in roofing, cladding, insulation and other construction applications due to their durability and aesthetic properties. Additionally, with rapid urbanization worldwide, the construction of residential, commercial and industrial infrastructure has significantly increased. This has led to rising consumption of coil-coated metals and propelled the market growth. According to World Steel Association, global steel usage in construction industry is expected to increase by 1% annually till 2030. The architectural flexibility and design freedom offered by coil coatings has also increased their preference in the construction of modern building structures. Expanding building & construction sector is thus expected to remain a key growth driver for the coil coatings market over the forecast period.
SWOT Analysis
Strength: Coil coatings provide corrosion protection, durability, ease of application, and aesthetic appeal for metal substrate. They have excellent adhesion properties.
Weakness: Regulatory compliance for raw material procurement and production process increases operational costs. Volatility in raw material prices affects the input costs.
Opportunity: Growing construction sector in emerging economies drives the demand for cost-effective pre-painted metal coatings. Shift towards sustainable building materials opens up opportunities.
Threats: Stringent environmental regulations on VOC emissions restraint market growth. Substitution threat from competing surface coating technologies like powder coatings.
Key Takeaways
The global coil coatings market is expected to witness high growth over the forecast period of 2023 to 2030. The global Coil Coatings Market is estimated to be valued at US$ 1,510.97 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market and is expected to grow at the fastest pace during the forecast period. This is attributed to rapid infrastructure development and increasing construction activities in countries like China and India.
Key players
Key players operating in the coil coatings market are Beckers Group., Akzo Nobel N.V., PPG Industries, Inc., The Sherwin-Williams Company, Nippon Paint Holdings Co., Ltd. Beckers Group is one of the leading coil coatings manufacturers globally. Akzo Nobel N.V. offers an extensive range of pre-treatment and top coat products for coil coatings.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
