June 22, 2024

Coil Coatings Market is Expected to be Flourished by Rising Demand from Construction Industry

The coil coatings market involves the application of polymeric coatings to continuous coils of sheet metal, such as aluminum and steel, prior to fabrication. These coatings protect the metal from corrosion and increase the aesthetic appeal and functionality of metal products. Coil coatings are widely used in construction applications such as roofing, siding, gutters, and fascias. The growing construction industry globally is driving the demand for pre-painted and coated metal materials. Asia Pacific accounts for over 40% share of the global construction industry due to rapid urbanization and industrialization in China and India. The construction sector in these developing economies is flourishing, thereby boosting the consumption of coil coatings.

The global coil coatings market is estimated to be valued at US$ 1,510.97 billion 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 Dynamics:

Rising demand from the construction industry: As mentioned earlier, the expanding construction sector globally is a major driver propelling the coil coatings market growth. Coil coatings are widely used in applications like roofing, siding, ductwork, rain gutters, and storage tanks in residential, commercial, and industrial construction. According to estimates, the global construction industry is expected to grow at 3.9% annually during 2023-2030.

Growing infrastructure development: Rapid infrastructure development activities including highways, bridges, railways, metros, and ports are boosting the consumption of pre-painted and pre-coated metal materials. Various governments across nations are investing heavily in public infrastructure to drive economic growth. For instance, the US government has allocated a funding of over $1 trillion for upgrading the country’s aging infrastructure over the next five years. This rising investment in infrastructure will augment the demand for coil coatings during the forecast period.

Segment Analysis

Coil Coatings Market is dominated by Paint & Powder segment which holds around 90% market share. Paint & Powder segment is preferred for coil coating as it provides superior performance in terms of weatherability, color stability and long lasting shine. It also offers excellent corrosion resistance and durability needed for outdoor metal applications.

PEST Analysis

  • Political: There are no significant political risks affecting the coil coatings market. However, stringent environmental regulations around the world regarding reduced volatile organic compound emissions can positively impact the market.
  • Economic: Growth in the construction and automotive industries is driving demand for coated metal products, propelling the coil coatings market. However, fluctuations in raw material prices can pose economic risks.
  • Social: Increasing spending power and changing lifestyle trends are fueling the demand for innovative and aesthetically appealing metal coated products from industries like appliances, construction and automotive.
  • Technological: Advances in coating technologies are supporting market growth. Developments in ultra-violet and thermal cured coatings allow for quicker curing and lower baking temperatures, improving production efficiency.

Key Takeaways

The global Coil Coatings Market is expected to witness high growth at a CAGR of 4.3% during the forecast period of 2023 to 2030. Regional analysis comprises Asia Pacific dominates the market and is expected to continue its lead, growing at a CAGR of over 5%. Factors such as rapid industrialization and infrastructure development in emerging economies of China and India are driving regional market growth.

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. Key players are focusing on new product launches to strengthen their market position. For instance, Beckers Group launched NEX COIL+, a new generation of polyester coil coating that delivers unmatched economics, sustainability and performance even under harsh conditions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it