With Increasing Global Use and Constriction Market the Coil Coatings Market is Expected to Booms
The global demand for coil coating market has experienced rapid growth due to rising transportation, construction, etc. industries. According to the report of the Royal Society of Chemistry (RSC), coil coating (pre-painted steel and aluminum) holds approximately 2%–3% of the global paint market and is used in various segments, especially in the construction industry. Furthermore, according to the data, the coil coating segment has achieved the mark of US$ 5 billion in 2023 and is expected to grow at the same pace.
The use of coil coating plays a crucial role in the construction industry in cladding panels and facades. In addition to this, according to the data from Census.gov, the construction industry is expected to grow more than twice from 2020 to 2030. In 2020, the global market for construction amounted to US$6.4 trillion, and in 2030 it is estimated that it will reach the mark of US$ 14.4 trillion. Thus, due to strong population growth and per capita income, the construction industry is expected to rise, which will indirectly fuel the market for coil coating.
The use of coil coating plays a crucial role in the construction industry in cladding panels and facades. In addition to this, according to the data from Census.gov, the construction industry is expected to grow more than twice from 2020 to 2030. In 2020, the global market for construction amounted to US$6.4 trillion, and in 2030 it is estimated that it will reach the mark of US$ 14.4 trillion. Thus, due to strong population growth and per capita income, the construction industry is expected to rise, which will indirectly fuel the market for coil coating.
Rising Demand for Air Conditioners and Furniture Boost the Coil Coating Market Growth
The demand for coil coating is also driven by the rising global demand for air conditioners. According to the data of the International Energy Agency, it is expected that the global demand for air conditioners in buildings will rise to 5.6 billion by 2050, whose value at the sale of 10 new ACs sold every second for the next 30 years. Also, as per data, it is projected that the global energy from air conditioners will be tripled by 2050. Moving forward, the demand for metal furniture is also expected to boost the demand for the coil coating market as special coating layers are applied to steel or aluminum coils before fabrication into furniture. According to the data of the Indian Brand Equity Foundation, the global furniture market is projected to reach the mark of US$ 872.5 billion by the end of 2030 and is forecasted to rise with a compound annual growth rate of 6% for the period 2021 to 2030. Thus, the rising demand for air conditioners and furniture, especially metal furniture, is expected to accelerate the demand for the coil coating market.
Recent Trends in the Coil Coatings Industry:
- To reduce environmental impact, the use of eco-friendly, low-VOC coatings has increased.
- Integration of nanomaterials is done for better durability and self-cleaning properties.
- To improve longevity and resistance in harsh environments, the use of advanced polymer and hybrid systems is done.
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Low Availability of Raw Materials and Eco-Friendly Options Restrain the Market Growth
The coal coating industry faces a major challenge due to the availability of raw materials such as solvents, pigments, and resins and volatility in prices. When the cost of raw materials rises, it indirectly affects production costs, which are to be bearded by the end consumer, which impacts the manufacturer's profitability. Thus, due to these uncertainties, the market for coal coating is affected. Also, the shifting preferences of customers are considered a challenge for the manufacturers, as now consumers like to prefer sustainable and eco-friendly options, which is greatly impacting the coil coating market. Environmental awareness has boosted the demand for sustainable materials, such as water-based options with low-volatile organic compounds (VOCs), which are preferred. To integrate an eco-friendly option, a huge cost is expected to be paid by manufacturers, which indirectly affects the profit margins of manufacturers.
Novel Innovations and Expansion Leading the Coil Coatings Market Demand
In January 2022, Modine Coatings, a leader in corrosion-resistant coating technology in the HVAC industry, showcased their innovative GulfCoat™ technology during the AHR Expo from Jan. 31 to Feb. 2. Known for their ElectroFin® E-Coat and Insitu® Spray Applied Coatings, Modine unveiled GulfCoat™ AM anti-microbial and GulfCoat™ Circuit Shield products at booth C3524 during the event. In December 2021, SHREVEPORT, La. – Ternium USA Inc. planned to expand its facility at the Port of Caddo-Bossier with an investment of $98 million. The company retained 157 jobs, and the project created 35 new direct jobs with an average salary of $69,000, plus benefits. Louisiana Economic Development estimated that the project resulted in 98 indirect jobs, for a total of 133 new jobs in Louisiana’s Northwest Region.
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North America and Asia Pacific Region Shows Lucrative Opportunity for Coil Coatings Market
North America is considered a lucrative market due to a major increase in the construction sector. The construction sector is considered a major contributor to the United States economy. According to the data of The Associated General Contractors, currently, there are more than 919,000 construction sites recorded in the 1st quarter of 2023. Also, the total net worth of which has been created through the construction industry is recorded as US$ 2.1 trillion.
Similarly, the Asia-Pacific construction market offers lucrative opportunities for the coil coating market. According to the data of the International Trade Administration, China is considered the world's largest construction market, where China has invested a total of US$4.2 trillion in the design and construction sector during their 14th Five-Year Plan period for the years 2021-2025. Also, the Indian construction market presents a lucrative opportunity for coil coating. As per the data of the Indian Brand Equity Foundation, the total share of construction in the Indian gross domestic product is valued at 9%. Also, it is forecasted that the Indian construction industry will reach the mark of US$1.4 trillion by 2025.
Similarly, the Asia-Pacific construction market offers lucrative opportunities for the coil coating market. According to the data of the International Trade Administration, China is considered the world's largest construction market, where China has invested a total of US$4.2 trillion in the design and construction sector during their 14th Five-Year Plan period for the years 2021-2025. Also, the Indian construction market presents a lucrative opportunity for coil coating. As per the data of the Indian Brand Equity Foundation, the total share of construction in the Indian gross domestic product is valued at 9%. Also, it is forecasted that the Indian construction industry will reach the mark of US$1.4 trillion by 2025.
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The report provides a detailed overview of the coil coatings market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for coil coatings market has been offered for all regional market share, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the coil coatings market. These Y-o-Y projections on regional and country-level markets brighten the political, economic and business environment outlook, which are anticipated to have a substantial impact on the growth of the coil coatings market. Some key country and region included in the coil coatings market report as follows:
| Regions | Countries |
|---|---|
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Poland, Netherlands, Switzerland, Belgium, Austria, Sweden, Norway, Denmark, Finland, Ireland, Rest of Europe |
| Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Singapore, Malaysia, Vietnam, Thailand, Rest of Asia Pacific |
| Middle East and Africa | GCC Countries, South Africa, Nigeria, Egypt, Morocco, Algeria, Israel, Iran, Kenya, Turkey, Rest of MEA |
Coil Coatings Market Research Report Covers In-depth Analysis on:
- Coil coatings market detailed segments and segment-wise market breakdown
- Coil coatings market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in coil coatings industry)
- Current, historical and forthcoming 10 years market valuation in terms of coil coatings market size (US$ Mn), volume (Tons), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Coil coatings market demand analysis
- Coil coatings market pricing analysis over the forecast period (by key segment and by region)
- Coil coatings market regional insights with region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in coil coatings market
- Regulatory landscape by key regions and key countries
- Supply chain and value chain analysis in coil coatings market
- Coil coatings market sales and distribution strategies
- A comprehensive overview of parent market
- A detailed viewpoint on coil coatings market forecast by countries
- Mergers and acquisitions in coil coatings market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
What are the key drivers influencing growth in the coil coatings market?
The coil coatings market is driven by demand for durable, aesthetic finishes across industries like automotive, construction, and appliances, coupled with advances in eco-friendly coating technologies and energy-efficient applications.
How are sustainability trends impacting the coil coatings industry?
Sustainability trends are encouraging manufacturers to adopt low-VOC, water-based coil coatings that meet environmental regulations, enhancing market growth and supporting long-term eco-friendly solutions for coating applications.
How do advancements in coil coating technologies benefit end-use industries?
Advancements in coil coating technology, such as improved durability, enhanced weather resistance, and application efficiency, provide end-use industries with cost-effective, high-quality finishes that extend product lifespan and aesthetic appeal.
