Coil coatings are chemical formulations utilized for improving the longevity of metal alloys, particularly aluminum and steel alloys. These coatings are multi-layered coats comprising pigments, primers, additives, and thermoplastic resins.
Coil coatings provide corrosion resistance and weather resistance, and enhance the aesthetics of pre-formed metal coils. Inorganics and organics such as epoxies, polyesters, plastisols, vinyl, water-born emulsions, dry lubricants, fluorocarbons, primer combinations, etc. can be utilized on metals. The kind of coil coating utilized is dependent on the end-use application of the metal being coated. Coil coatings market are being highly demanded owing to the increasing urbanization and growing industrial advancement, particularly in emerging countries of the world.
Rising Demand for Coil Coatings in the Electrical Industry to Fuel Coil Coatings Market
On the basis of application, the market is segmented into automotive, construction, appliances, and others including furniture, packaging, and HVAC. Amongst these, on the basis of volume, the construction industry, particularly non-residential construction activities, held the biggest share in the market. The increasing demand for coil coatings in the electrical and automotive industries due to their superior properties such as corrosion resistance, flexibility, and stain resistance as compared to other coatings is predicted to stimulate the market in the coming years.
Furthermore, factors such as the increasing purchasing power and rising disposable income of people residing in emerging regions are predicted to raise the sales of automotive, appliances, houses, and furniture. This will further raise the demand for coil coatings. On the other hand, the decreasing demand for coil coatings within Europe is predicted to restrain the growth of the overall market in the coming years. This is due to the construction industry being at a standstill in the majority of European countries
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Asia Pacific Coil Coatings Market Emerged as the Biggest Market in 2014
On the basis of geography, the coil coatings market is segmented into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa (MEA). Amongst these, on the basis of volume, Asia Pacific led the market, constituting one-third of the market in 2014. This is owing to the increasing demand for coil coatings from a number of end-use industries within this region.
On the other hand, the market for coil coatings in North America is predicted to expand at a high CAGR in the coming years owing to increasing demand from the automotive and construction industries. Latin America is also a key market thanks to the high demand for coil coatings within the construction industry in the region. The Middle East and Africa region is anticipated to be the most swiftly developing region in forthcoming years owing to the several research and development activities carried on by top market players within this region. In addition, the development of the appliances and construction industries will also raise the demand for coil coatings within this region. However, Europe, as mentioned before, is a stagnant market for coil coatings.
The prime players dominant in the market are Akzo Nobel N.V., Beckers Group, Nippon Paints Co. Ltd., The Dow Chemical Company, Dura Coat Products, Inc., PPG Industries, Inc., and Axalta Coating Systems LLC, among others.
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