According to the latest market research study released by Technavio, the global coil coatings market is expected to grow at a CAGR of more than 6% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global coil coatings market based on end-use industry:
Global coil coatings market share by end-use industry 2015
|
Building and construction industry |
76.4% |
|
Automotive industry |
9.1% |
|
Appliance industry |
6.9% |
|
Other industries |
7.6% |
Source: Technavio
The top three revenue contributing end-use industry segments are discussed below:
Global coil coatings market in the building and construction industry
The building and construction industry accounted for around 76% of the total market share in the global coil coatings market in 2015. Coil coatings are mostly used in residential and commercial buildings. These coatings protect a building from elements such as ultraviolet (UV) radiation, microbes, and moisture. Some of the main types of coal coating products are primers, stains, lacquers, paints, and varnishes. These products are formulated using several types of resins, such as alkyds, polyester, and acrylic.
“These coatings are increasingly adopted in developed nations such as Europe due to their low VOC content. A huge number of consumers in these regions are focusing on house renovations in a sustainable manner, thereby, contributing to the rise in demand for eco-friendly coatings,” says Ajay Adhikhari, a lead analyst at Technavio for research on paints, coatings, and pigments.
In the APAC region, the increasing fondness of consumers for coil coatings will fuel growth in the global coil coatings market in the building and construction industry during the forecast period. The growing housing and construction markets in this region is contributing to market growth, with China being a leading consumer of coil coatings. It is anticipated that the recent increase in investments will propel the prospects for growth in the coil coatings market for buildings and construction.
Global coil coatings market in automotive industry
The automotive industry is expected to grow at a steady rate during the forecast period. In the automotive industry, coil coatings are used in the exterior and interior of automobiles and in under-the-hood areas. The coil coatings are basically used to improve the exterior appearance and resilience of a vehicle by protecting its body and parts from harsh external factors, such as acid rain, pollution, grit from the road, UV radiation, and heat and cold. The strong growth of the automotive industry in APAC is contributing to the growth of the global coil coatings market. The consumers are increasingly adopting coil coating products due to the ease-of-application of these products. In emerging markets like China and India, PPG Industries have invested in coil coatings for automotive OEMs. By investing in countries such as China, Brazil, and Germany, vendors like Axalta Coating Systems, have improved their presence in automotive OEM coil coatings market. Besides this, substantial innovation in waterborne products is another factor responsible for the growth of the global coil coatings market.
Global coil coatings market in appliance industry
Another important end-use for the global coil coating market is consumer goods and appliances. In the appliances industry, coil coatings are used in applications that involve the combination of appearance and resistance to abrasion and chemicals. The appliances industry uses coil coating on the front and side panels of dryer drums, refrigerators, washer tops, air conditioner cabinets, and others. In refrigerators, coil coatings are used in wrappers, doors, body, and interiors and are made of pre-painted metals. To enhance the look of refrigerators and freezers, many coil coaters emboss metal coils after painting.
For some applications, a precoated blank stock is coated and then post-formed in the desired shape. The quality of coil coating used in the appliances is better than the coil coatings used in the building and construction industry. It is due to this reason that the coil coating applied on appliances are examined more effortlessly and accurately than those used in constructed buildings.
The top leading vendors operating in the global coil coatings market are:
- AkzoNobel
- Axalta Coating Systems
- BASF
- Beckers
- PPG Industries
Other prominent vendors in the market include Henkel, Kansai Paint, Valspar, and Wacker Chemie.
A more detailed analysis is available in the Technavio report titled, ‘Global Coil Coatings Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Waterborne Coatings Market 2016-2020
- Global Construction Paints and Coatings Market 2016-2020
- Global Automotive Coatings Adhesives and Sealants Market 2016-2020
- Fabricated Metal Products Market in Bosnia and Herzegovina 2016-2020
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