Functional Coil Coatings Market
Functional Coil Coatings Market By Technology (Liquid Coating, Water Borne, Solvent Based, Powder Coating), By Product Type (Topcoats, Primers, Backing Coats), By Application (Steel, Aluminium), By End-Use, By Region- Global Market Insights 2019 to 2029
Functional Coil Coatings Market Outlook
The global functional coil coatings market is estimated to surpass a value of ~US$ 550 Mn in 2029, expanding at a CAGR of 5.4% during the forecast period.
Demand for functional coil coating is expected to witness a prolific growth with rise in use of sustainable coating solutions and increased consumption of PVDF based functional coil coating.
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Global Functional Coil Coatings Market to Surge, as Eco-friendly Coatings Gain Traction
Increasing volatile organic compounds (VOCs) emission and hazardous air pollutants (HAPs) from conventional coil coatings have led to environmental degradation. Solvent based, functional coil coatings hold a prominent share in the market which release higher amount of VOCs as compared to bio-based coating alternates. Stringent regulatory policies pertaining to VOC emissions and (HAPs) have left a substantial influence on global functional coil coatings market.
With the enactment of stricter policies to curb air pollution caused due to hazardous emissions, conventional functional coil coatings are likely to be replaced soon by bio-based and ecofriendly coil coatings. Key players have started investing in the development of bio-based, environment-friendly, functional coil coatings.
For instance, in 2017, Axalta Coating Systems has introduced a line of eco-system coatings for building components, which can reduce HAPS, lower the VOC emissions, and minimize hazardous waste disposal.
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Water Based Coatings to Bolster Growth of Functional Coil Coatings Market
Stringent government regulations have increased the demand for water based functional coil coatings. Manufacturers are investing heavily on research and development activities to develop innovative water borne coil coatings.
Rising inclination towards water based coating has also enhanced its applicability in the power industry and electrical & electronics, driving the consumption of water based functional coil coatings. Water based functional coil coatings reduce VOC emissions by 80%, thus giving impetus to the growth of functional coil coating market globally.
Europe to maintain its Hegemony, APEJ Buckling UP
Europe accounts for around one-third of the global functional coil coatings market on the back of its huge building & construction sector and strict regulatory policies in the region. Over 70% of functional coil coatings is utilized by building & construction industry. Similarly, US has witnessed tremendous growth in functional coil coatings market owing to healthy demand from residential and commercial segments.
APEJ is expected to maintain its dominance in the market throughout the forecast period in terms of volume. This can mainly be attributed to the growing consumer appliance industry in China and India, supported by growing infrastructural investments.
Market Leaders to Contribute One Third Market Share in Global Functional Coil Coatings Market
The global market for functional coil coatings is highly concentrated, with regional players holding a two-third share in the global market. Akzo Nobel N.V., Beckers Group, Kansai Paints, Jotun Paints, PPG Industries Inc., Solvay Group, Clariant, Duracoat Products Inc. and Eastman Chemical Company are some of the key stakeholders engaged in manufacturing of functional coil coatings.
Regional players have a specialized R&D base and technology specifically focused on varied requirements of functional coil coatings. Moreover, these players offer coating services at reduced bulk prices with lesser delivery-lead time, thus proving economical to the end use sector OEMs.
In addition, several organic and inorganic strategies have been observed by prominent players. Investments done by aforementioned companies will increase their market penetration and will meet the demand for functional coil coatings market over the forecast period.
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Key Segments Covered in the Functional Coil Coating Market Report:
By Technology :
- Liquid Coating
- Water Borne
- Solvent Based
- Powder Coating
By Product Type :
- Backing Coats
By Application :
By Material Type :
By End-Use :
- Braking & Suspension
- Consumer Appliances
- Air Conditioners
By Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
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