Rise in product use in the automotive industry is leading to revenue-generation opportunities in the global coil coatings market
Industry leaders are increasing research in order to develop bio-based coatings
ALBANY, N.Y., June 29, 2022 /PRNewswire/ — The global coil coatings market is prognosticated to register growth at a CAGR of 5.2% during the forecast period of 2022 to 2031, as per a study by Transparency Market Research (TMR).
This report sheds light on different factors influencing the growth of the global coil coatings market including the growth drivers, challenges, expansion avenues, and R&Ds. This aside, this study enlightens readers on different trends in the coil coatings market.
Coil coatings are gaining traction owing to their infrared pigments technology and other features such as esthetic appearance and durability. As a result, the coil coating technology is being used in a wide range of applications such as automotive, appliances, and construction.
With rise in the adoption of bio-based coatings across the globe, key vendors in the coil coatings market are increasing R&Ds in order to develop such products. This aside, companies are focusing on advancing their production speed, precision, and quality of their products. Moreover, enterprises are executing acquisition strategies in order to expand their presence in newer regions. Such efforts are prognosticated to impact positively on the future of coil coatings market.
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Coil Coatings Market: Key Findings
Coil coatings find a wide application in the construction industry for different purposes including aluminum panels, roofing, steel doors, lamination bonding for metal, and vinyl or rubber. Over the period of past few years, there has been a surge in the urbanization in many developing nations. This factor has resulted into a notable increase in the construction of commercial and residential buildings globally, which in turn, is fueling the sales growth in the global coil coatings market.
Silicone modified polyester coil coatings, polyester coil coatings, polyurethane coil coatings, polyvinylidene fluoride coil coatings, and plastisol coil coatings are some of the key products available in the coil coatings market. Among all, the demand for polyvinylidene fluoride is being increasing across the globe owing to their ability to provide advanced anti-corrosion properties, extended life of metals, and cost-effective nature. The use of polyvinylidene fluoride coatings is being increasing in different electric vehicles. This factor is projected to drive the sales opportunities in the coil coatings market during the forecast period.
Coil coatings are being utilized in the pre-painted aluminum and steel sheets for use in different types of automobile parts and other transportation vehicles including bikes and cars. Hence, rise in the demand for various types of vehicles is fueling the business opportunities in the coil coatings market. This aside, the market is being driven by improving spending power of people from many developed and developing nations around the world. As a result, the global market for coil coatings is expected to gain a valuation of more than US$ 9.4 Bn by 2031.
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Coil Coatings Market: Growth Boosters
Rise in the product use in the automobile industry due to increased demand for pre-painted metals is fueling the global coil coatings market
Increase in the demand for coil coatings in the packaging material sector owing to their flexibility and stress-resistant properties is propelling the market
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Coil Coatings Market: Key Players
Some of the key players profiled in the report are:
BASF SE, Akzo Nobel N.V, The Valspar Corporation, PPG Industries Inc, Henkel AG & Co. KGaA, Beckers Group, The Dow Chemical Company, Dura Coat Products Inc, Bulk Chemicals Incorporated, Nippon Paint Co. Ltd, Axalta Coating Systems LLC
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Coil Coatings Market Segmentation
Product
Polyester Coil Coatings
Silicone Modified Polyester Coil Coatings
Polyvinylidene Fluoride Coil Coatings
Polyurethane Coil Coatings
Plastisol Coil Coatings
Others
Application
Construction
Automotive
Appliances
Others
Regions Covered
North America
Latin America
Europe
Asia Pacific
Middle East & Africa
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