Coil coatings are protective and decorative liquid or powder coatings applied to continuous metal coils during continuous processes. They offer superior corrosion protection and durability to pre-coated metal sheets. Coil coatings are increasingly being used on metal sheets and coils in applications such as automotive body parts, appliances, construction, and pre-engineered buildings.
The global Coil Coatings Market is estimated to be valued at US$ 1,510.97 Bn 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 key trends: Increased demand for coil coatings from the automotive industry has been a key trend propelling the growth of the coil coatings market. Coil coatings play a critical role in protecting automobiles from corrosion, abrasion, chemicals and weathering. With the increasing vehicle production globally, the demand for coil coated material for use in automotive exterior and interior parts such as doors, hoods, bumpers and more has witnessed a significant rise. The trend is expected to continue driving market growth over the forecast period with increasing automobile miles driven worldwide each year.
SWOT Analysis
- Strength: Coil coatings provide protection and durability for metal coils used in applications such as construction, transportation, and appliances. This ensures longevity of the products.
- Weakness: Strict environmental regulations regarding the use of hazardous chemicals in coil coatings pose challenges in product development. High production costs also affect the market competitiveness.
- Opportunity: Growing construction industry in developing nations drives the demand for coated metal for applications in roofs, walls, doors, and other building components.
- Threats: Availability of substitutes like anodized aluminum threatens the growth of coil coatings market. Price volatility of raw materials also impacts the supply chain.
Key Takeaways
The global coil coatings market is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis comprises:
The Asia Pacific region currently dominates the global market and is estimated to maintain its lead position during the forecast period. This can be attributed to increased building & construction activities and rising automotive production in China, India, Japan, and other emerging Asian countries.
Key players related content comprises:
Key players operating in the coil coatings market are Beckers Group., Akzo Nobel N.V., PPG Industries, Inc., The Sherwin-Williams Company, and Nippon Paint Holdings Co., Ltd. These players are focusing on new product development and expansion strategies to strengthen their global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
