Durable Coil Coatings Market: Overview
The demand for high-?performance composite coatings for metals in various end-use industry verticals is a key factor driving the steady evolution of the coil coatings market. Coil coatings for various high-quality coating systems are increasingly been used for numerous industries, including the construction, automotive, and consumer appliances industries. The advent of coating formulations that are anti-corrosive and resist harsh weather is a key factor boosting the coil coatings market. The staggering rise in number of residential as well as commercial construction projects, especially in emerging economies, has substantially propelled the demand for coil coatings. Constant advances being made in surface chemistries and advancement being made in treatment techniques are expected to open new, exciting avenues in the coil coatings market.
The coil coatings market stood at US$4.0 billion in 2014. The market is projected to rise at a CAGR of 5.20% during 2015–2023 and reach a worth of US$6.3 billion by the end of the forecast period.
Versatility and High Performace of Polyvinylidene Fluoride Coatings bolster its Applications
The various types of coil coatings used are polyester coatings, polyurethane coatings, plastisol coatings, polyvinylidene fluoride coatings, and silicone modified polyester coatings. Of these, polyester coil coatings held the major share amounting to 64%, vis-à-vis demand, in the overall market. The share is projected to increase to 64.2% by 2023 end.
The extensive demand is attributed to the versatile nature and high performance of the material. The use of polyester helps in imparting increased resistance to corrosion and inclement weather conditions for the substrate material on which the coating is done. Moreover, the cost-effectiveness of polyester coil coatings will keep the demand lucrative in the years to come.
Meanwhile, the market for polyvinylidene fluoride coil coatings is anticipated to expand at a substantial pace during 2015–2023. The rise in demand is on the account of the property of this type of coil coating to impart aesthetics to the composite material. In addition, these coil coatings are highly durable.
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Extensive Demand witnessed in Construction Projects to drive Market
The various applications of coil coating process are in the construction, automotive, appliances, packaging furniture, and HVAC industries. Of these, a sizeable chunk of the demand is likely to come through the construction industry. The vast strides taken by urbanization in several parts of the world has spurred the demand for new construction projects, notably in developing and developed economies. The staggering rise in commercial construction activities in emerging nations is bolstering the demand for coil coatings in metal fabrication process. Coil coatings are popularly demanded by metals used on roofs and walls in these construction and buildings, especially to enhance the aesthetics of the structures. The need for bio-based coatings to support the construction of green buildings in developing and developed nations, such as the U.S., India, Mexico, China, Turkey, Indonesia, and Brazil, is opening exciting avenues in the overall coil coatings market.
Potentially Lucrative Demand for Coil Coatings to come from Asia Pacific
Regionally, the global coil coatings market is segmented into Latin America, Asia Pacific, Europe, the Middle East and Africa (MEA), and North America. Of these Asia Pacific led the pack in 2014. By the end of 2023, the regional market is projected to contribute a share of 44.2% to the global market. The demand is primarily fueled by the large strides by residential and non-residential constructions in several of its economies, particularly in China, Japan, and India. This is increasingly supported by the swift pace of urbanization in emerging economies.
The share of the Asia Pacific was estimated at 42.4% in 2014 and is anticipated to increase slightly to 44.2% by 2023 end. Other regional markets are also expected to exhibit promising demand for coil coatings over the assessment period.