Coil coating is a process in which a coating material is applied on a metal strip in a continuous process. The coil coating process involves chemical pre-treatment of the metal surface on either one side or both the sides. Implementation of new technologies and consolidations are the key trends identified across the value chain of the coil coatings market. The development of new and innovative products will continue to have a tremendous impact on the coil coatings industry, and play an important role in the near future. Coil coated metal sheets provide architects with a large number of design possibilities, which includes various colors, variety of shapes, effects, and texture.
Global consumption of coil coatings was pegged at 867.4 KT in 2016. The global coil coatings market is estimated to be valued at US$ 4,040.3 Mn by 2017 end, and is expected to reach US$ 6,312.1 Mn by the end of 2027, expanding at a CAGR of 4.6% over the forecast period. The global coil coatings market is anticipated to represent an incremental opportunity of US$ 2,271.9 Mn between 2017 and 2027. In terms of volume, the global coil coatings market is estimated to reach 903.3 KT by 2017 end, and is anticipated to increase to 1,368.0 KT by 2027, exhibiting a CAGR of 4.2 % over the forecast period.
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Continuous Environmental and Commercial Progress
The coil coatings market has been experiencing significant growth for years now, particularly in the building and construction area. A major number of participants in building projects are very responsive to the implementation of pre-coated claddings thus imbibing a significant rate of coil coatings in the related components. To architects, coil coatings also offer an opportunity to play with new colors, shapes, and harmonies that they can utilize. Formulators of paints and coil coatings have made tremendous efforts to investigate paints and coil coatings based on materials that are less dangerous to the environment and human health. Pre-coated steel and aluminium type of coil coatings can be recycled with a fewer amount of losses. The aforementioned points have contributed significantly to the growth of the coil coatings market in the recent past, and the trend is expected to continue over the next decade.
Development of Bio-based Binder Systems for Coil Coatings
Conventionally, crude oil-based solvents formed a key component of paints and coil coatings. However, solvent-based paints and coil coatings tend to release relatively higher amounts of VOCs as compared to other bio-based alternatives. Over the recent past, coil coatings manufacturers are focusing on the development of eco-friendly or green-product offerings that employ bio-based resins. In Germany, Evonik industries has recently developed a new product range of polyester resins for coil coating topcoats and primers, which it markets under its established DYNAPOL® brand. The product is based on renewable raw materials, which sets it apart from the other binders used for coil coatings.
Rising Expenditure in the U.S. Construction Industry
There has been substantial growth in the U.S. construction industry over the recent past. As per the U.S. Census Bureau, there has been tremendous growth in non-residential construction spending, and it is also estimated that, this particular segment will grow at a rapid CAGR over the forecast period with respect to its demand for coil coatings. With the growing construction industry, a rise in the demand for coil coated steel and aluminium coils for the construction of various structures in buildings is expected, which, in turn, will upsurge the demand for coil coatings over the forecast period. There has been substantial growth in the U.S. construction industry in the recent past. As per the U.S. Census Bureau, there has been tremendous growth in non-residential construction spending, and it is also estimated that, this particular segment will grow at a rapid CAGR over the forecast period. With the growing construction industry, a rise in the demand for coil coated steel and aluminium coils for the construction of various structures in buildings is expected, which, in turn, will surge the demand for coil coatings over the forecast period. Since 2010, there has been a continuous rise in U.S. non-residential construction spending, and this is boosting the coil coatings market in North America.
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Leading Market Players Dominating the Global Coil Coatings Market
Some of the leading market players in the global coil coatings market include Akzo Nobel N.V., The Chemours Company, Axalta Coating Systems, PPG Industries, Becker Group, The Valspar Corporation, Henkel AG & Co. KGaA, Kansai Paint CO. Ltd., Nipsea Group (Nippon Paint), and Noroo Coil Coatings