Coil Coatings Market Rising at a CAGR of 5.20% from 2015 to 2023
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.
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.
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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.
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.
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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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Multi-purpose Coil Coating Solutions in Construction Sector to Bolster Uptake
The growth of the coil coatings market is primarily driven by the rising number of construction activities world over in the residential as well as non-residential sectors. The rapid pace of urbanization in a number of advanced and emerging nations such as the U.S., China, India, Mexico, Indonesia, Brazil, and Turkey has accelerated the construction of new buildings, thereby boosting the demand for coil coatings. Compared to other coating options and alternative substrates, the use of coil coatings is stimulated by the several benefits they offer in the metal fabrication process. Coil coatings are characterized by being corrosion- and abrasion- resistant and are thermally reflective. In addition, some high-end coating coils possess antibacterial and self-cleaning properties. Furthermore, coil coatings are extensively used in metals to impart aesthetic finishes to metals used on roofs, and walls, thereby boosting the market.
However, the marked stagnation of various industries in several European nations is expected to negatively impact the coil coatings market to some extent. Nevertheless, the advent of innovative coil coatings, such as bio-based coating solutions, and its demand in the construction of buildings is expected to open up exciting opportunities for manufacturers. Furthermore, coil coatings are witnessing a variety of emerging applications in industries such as automotive, consumer appliances, and packaging. This is anticipated to accentuate the market in the coming years.
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.”
