Functional Coil Coatings Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Functional Coil Coatings Market grew at a CAGR of 4.8% between 2017-2021 and is estimated to be US$ 764.2 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 5.5% and is expected to reach a valuation of US$ 1,305.4 by 2032 end.
Production of specialist materials is increasing as a result of increased investments in transportation and construction facility expansion. These advancements will be driven by a focus on applying protective coatings that adhere to modern safety regulations.
RISING DEMAND FOR ENERGY-EFFICIENCY STRUCTURES BOOSTS THE MARKET FOR FUNCTIONAL COIL COATING
The functional coating is a revolutionary coating that provides a mix of aesthetic and environmental benefits. With an increasing number of building codes that promote energy-efficient structures, home builders and consumers are gradually moving towards strategies that deliver long-term performance and energy savings. In addition to beauty, durability, functionality, and functionality, functional coil-coated metal can be used as a shield against the emission of heat due to sunlight or direct heating by electric lamps. For example, solar thermal collectors produce heat from the sun directly into molten salt thermal storage tanks.
HIGH PRODUCTION COSTS HAMPER THE MARKET GROWTH
The major factor hindering the growth of this market is the high cost of the processes involved in the production of functional coil coatings. The manufacturing process involves tools and equipment such as cleaning, heating, and coating. High maintenance costs for these machines increase the cost of the process and therefore, increases the cost of functional coil coatings. Therefore, owing to the high cost of pre-coated metal, consumers may prefer home appliances that require fiber or plastic for fabrication. Thus restraining market growth.
THE RISE IN THE FURNITURE INDUSTRY WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
The furniture industry makes extensive use of functional coil-coated metal because of its greater corrosion resistance and design versatility. The need for contemporary furniture is driven by rising consumer disposable income and living standards, which is anticipated to drive demand for useful coil-coated metals.
COVID-19 is the most devastating pandemic to date, as it has had a significant impact on daily life including schools, business, and travel. Due to Covid 19 epidemic, automobile and component manufacturing plants are being shuttered around the world, and vehicle sales are dropping.
This is impacting functional coil coating market growth. And it is expected that the outbreak of COVID-19 will be seen in the whole year of 2020, and a few months in 2021.
Market Segments Covered in Report
By Product Type:
By Function Type:
By Material Type:
By Region and Country:
Why are Polyester segment projected to ensure the most revenue during the forecast period?
At 49.0% of the market, Polyester had the greatest revenue share. The polyester segment was the largest share of the functional coil coated market in 2021, due to its wide usage as a final topcoat in the functional coil coatings cycle, owing to its low cost and easy application methods. In addition, it offers excellent corrosion and weather resistance to the coated material in most conditions. Therefore, owning to these factors polyester segment dominated the functional coil-coated market.
Why are the Steel coating applications expected to expand the fastest during the forecast period?
In 2021, the Steel coating applications market will rule. The most common metal used worldwide is steel. Protective coil coatings are common and in high demand, likely increasing demand for functional coil coatings. These coatings shield the metal from abrasion, weathering, corrosion, and other deteriorating processes.
Which End-Use Segment is expected to hold the largest share of the market?
The Appliance segment held the largest share of the functional coil coating market. This is due to the increased expenditure power of consumers and improved living standards. Functional coil-coated metals are useful for enhancing the design and aesthetics of home appliances, which is driving the functional coil-coated market growth.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Leading players in the functional coil coatings market are focused on the improvement of the product portfolio, raising awareness about the benefits of advanced technology and increasing product awareness, enhancing customer value, and boosting sales.
Some of the key developments that have taken place in the Functional Coil Coatings Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Application, Product Type, Function Type, Material Type, End-Use, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 5.5%.
The use of functional coil coatings in metals used in durable consumer goods is growing, and the pandemic-related high growth potential for anti-microbial coil coatings is a key factor in the industry’s expansion.
Major global Functional Coil Coatings Market players are Akzo Nobel N.V., JK Coil Coating Pvt Ltd, Jotun Group, Dura Coat Products, Inc., Noroo Coil Coatings, Titan Coatings Inc., Eastman Chemical Company, Modine Manufacturing Inc., Chemetall Group, ALCEA, Recubrimientos Plasticos SA, Italcoat Srl., Lord Corporation, Sherwin-Williams, PPG Industries, Axalta Coating Systems, The Chemours Company, NANO-X GmbH, OZKEM PTY LTD, Blygold International BV, HB Fuller.
The production and use of solvent-based coatings are subject to strict government regulations, which will probably impede market expansion for functional coil coatings. The functional coil coatings market’s overall growth rate during the forecast period may be slowed down by the adherence to the rules that are followed.
The Asia Pacific region is expected to account for the largest market revenue share in the Global Functional Coil Coatings market.
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