Analysis of COVID-19 Crisis-driven Growth Opportunities in Coil Coating Market
The coil coatings market features a fairly fragmented landscape as the top four players accounted for a combined share of 56% of the market in 2014, finds Transparency Market Research (TMR). These leading companies are Beckers Group, PPG Industries, Inc., Valspar, and Sherwin Williams. The market demonstrates a relatively high degree of competition. With the acquisition of Valspar by the Sherwin-Williams Company in 2017, the competition is likely to intensify in the coming years, observes TMR. The acquisition will enable Sherwin Williams, a company majoring in paints solutions, to capitalize on the worldwide presence of Valspar. This is anticipated to open up lucrative growth avenues in various regions, particularly in emerging markets of Asia Pacific and the Middle East and Africa.
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Several leading players are manufacturing high-performance coil coatings that also help end users meet a variety of purposes. Furthermore, top manufacturers of coil coatings are actively developing their distribution channels in a move to consolidate their presence.
Rising at a CAGR of 5.20% from 2015 to 2023, the opportunities in the coil coatings market is expected to reach US$6.3 bn by the end of the forecast period. The market was valued at US$4.0 bn in 2014.
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Burgeoning Construction Activities in Asia Pacific to Boost Consumption
Regionally, the coil coatings market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East and Africa (MEA). Of these, the Asia Pacific market held the leading share and is projected to attain a share of 44.2% by the end of 2023. The growth of the market is driven by the rapidly growing construction activities, particular those of non-residential buildings, in several key economies in the region.
Based on product, the market is segmented into polyurethane coatings, polyester coatings, plastisol coatings, silicone modified polyester coatings, polyvinylidene fluoride coatings, plastisol epoxides, and acrylics. Of these, the polyester coil coatings segment contributed the major share in 2014, in terms of aggregate demand, attributed to their versatility and high-performance. The segment is projected to reach a share of 64.2% by the forecast period.
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The study presented here is based on a report by Transparency Market Research (TMR) titled “Coil Coatings Market (Product – Polyester, Silicone Modified Polyester, Polyvinylidene Fluoride (PVDF), Polyurethane (PU), Plastisol Epoxides, and Acrylics; Application- Construction, Automotive, Appliances, Packaging Furniture, and HVAC) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”
The coil coatings market is segmented based on:
Product
- Polyester
- Silicone Modified Polyester
- Polyvinylidene Fluoride (PVDF)
- Polyurethane (PU)
- Plastisol
- Epoxides
- Acrylics
Application
- Construction
- Automotive
- Appliances
- Packaging
- Furniture
- HVAC
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