NEWARK, Del, Sept. 14, 2023 (GLOBE NEWSWIRE) -- The coil coatings market size is forecasted to exhibit a 4.7% CAGR through 2033. The industry’s size is predicted to increase from US$ 5.24 billion in 2023 to US$ 8.29 billion by 2033.
The technical coil coatings available in the market are cost-effective and efficient ways to pre-paint aluminum and steel substrates in various industries, including construction, furniture, transportation, and household appliances.
Increasing demand for enduring value and high-end aesthetics are fueling the application of coil coatings in the building and construction industry in roofing and siding, doors, ceiling grids, windows, etc.
Robust industrial development and thriving construction sector in emerging economies are augmenting the market sales of functional coil coatings. Further, the construction and renovation activities are prominently observed in the Asia Pacific region, thus giving impetus to the consumption of coil coatings.
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Some of the underway construction projects in the Asia Pacific are the Hamamatsucho Shibaura 1 Chome Redevelopment project, which is valued at US$ 3,170 million. The project is expected to be accomplished by 2030 in Tokyo, Japan.
Another related project is called the Wuhan Fosun Bund Center T1 project, which includes the construction of Fosun Bund Center T1 in Wuhan, China. As a result, the surge in construction projects is anticipated to propel the demand for coil coatings in the Asia Pacific.
The market is also bolstered by the increasing demand for transport vehicles. The automotive sector in India is expected to witness solid sales in the Asia Pacific region due to the consumers' interest in personal automobiles over public transportation.
As per OICA, automobile production in India totaled 54,56,857 units in 2022, exhibiting a surge of 24% compared to 2020. As a result, the Asia Pacific industry is expected to be considerably influenced by accelerating automobile manufacturing.
Top Highlights from the Global Coil Coatings Market Report
- Canada’s market is expected to fare well in the coming years as construction projects increase in the country due to heightened migration.
- The coil coatings market in China is expected to swell at a considerable pace, given the surging investments in the transportation and automotive industries.
- India is another key market for coil coatings due to the rising expansion of companies in the country to gain from the accelerating India’s economy.
- Manufacturers have spotted Australia as a significant market that is expected to catalyze the revenues of manufacturers able to capture the market for coil coatings.
“The development of cutting-edge coatings is an emerging trend shaping coil coatings market growth.” Opines our Lead Analyst at Future Market Insights
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New Innovations Unfolding in the Market
- In December 2020, Sherwin-Williams Coil Coatings introduced a platform for polyester coatings called PolyPREMIER™. The company’s high-performing polyester coil coatings are combined under this master brand to make it easy for customers to specify coatings for a wide variety of applications. The coil coating formulations can be customized for different applications and end-use specifications.
- In March 2021, AkzoNobel introduced TRINAR® TC, which is a novel PFOA-free PVDF coil coating system that unites 70% PVDF performance with convenient usage and better durability. The latest addition to the Coil Coatings portfolio, TRINAR® TC, offers surged scratch, stain, and abrasion resistance throughout diverse applications such as building and construction and metal roofing.
- In July 2020, AkzoNobel introduced TRINAR A-CLAD, which is a new coil coating system for monumental and commercial Aluminum Composite Panels (ACPs) projects.
The key market players involved are:
- Akzo Nobel N.V.
- The Chemours Company
- Axalta Coating Systems
- PPG Industries
- Becker Group
- The Valspar Corporation
- Henkel AG & Co. KGaA
- Kansai Paint Co. Ltd.
- Eastman Chemical Company
- Noroo Coil Coatings
- ALCEA
- Dura Coat Products, Inc.
- Italcoat S.r.l.
- Huehoco GmbH
- Jotun Group
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Coil Coatings Market Segmentation
By Material Type:
- Polyester
- Epoxy
- PVC
- Plastisols
- Acrylic
- Polyurethane
- PVDF
- Silicone
By End Use:
- Construction
- Transportation
- Consumer Durable Goods
- Refrigerators
- Washing Machine
- Ovens & Toasters
- Air Conditioners
- Others
- HVAC
- Metal Furniture
- Others
By Product Type:
- Topcoats
- Primers
- Backing Coats
- Others
By Application:
- Steel
- Aluminum
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- The Middle East & Africa (MEA)
- Japan
Authors:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in the Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Have a Look at the Related Reports of Chemicals & Materials Domain:
Functional Coil Coatings Market Share: Between 2023 and 2033, the market is forecasted to exhibit a compound annual growth rate (CAGR) of 5.5%.
Technical Coil Coatings Market Size: Expanding at a healthy 4.9% CAGR, the market size is projected to total US$ 13.0 Billion by 2027.
Europe Advanced Aerospace Coatings Market Trends: Increasing demand for efficient and lightweight advanced aerospace coatings is expected to be a major factor driving the demand for advanced aerospace coatings in the Europe market during the forecast period.
BRIC Performance Coatings Market Outlook: The market is anticipated to grow at a CAGR of 5.3% to reach US$ 8.66 billion by 2032.
Coating Additives Market Demand: The coating additives market is anticipated to flourish at a healthy CAGR of 4.8% between 2023 and 2033.
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