The global Coil Coatings Market Growth Accelerated by Sustainability Trends

 

Coil coatings are coating compositions applied to continuous coils of sheet metal during continuous processing. These coatings offer superior corrosion resistance and durability on steel or aluminum coils that are used in a variety of applications such as architectural products, appliances, automotive parts. The growing construction industry has fueled the demand for coil coatings owing to their advantages such as durability, resistant to corrosion, and easy maintenance.

The global Coil Coatings Market is estimated to be valued at US$ 1,510.97 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Sustainability trends have been accelerating growth in the coil coatings market. Rising environmental consciousness among consumers and regulators has increased demand for eco-friendly coil coatings. Major players are focusing on developing bio-based and recyclable coil coating solutions to reduce volatile organic compound (VOC) emissions. For instance, fluorocarbon-free silicone resin coil coatings improve sustainability without compromising on performance benefits such as chemical resistance and durability. Growing focus on sustainability in the construction industry is expected to drive the demand for these green coil coatings.


Segment Analysis
Coil Coatings market is dominated by the building and construction sub segment. Around 60% of total coil coatings are consumed by building and construction industry for roofing and wall cladding applications. This is because coil coatings provides durable, long lasting and aesthetically appealing surface finish on metal substrates like aluminum and steel which makes them highly suitable for exterior usage in building projects.

Key Takeaways
The global Coil Coatings market is expected to witness high growth over the forecast period of 2023 to 2030. Being corrosion resistant and aesthetic, coil coatings finds widespread usage in construction, automotive and appliance industries. The global Coil Coatings Market is estimated to be valued at US$ 1,510.97 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030.

The Asia Pacific region dominates the coil coatings market with a share of over 50% of global demand. China, Japan and India are some of the largest consumers of coil coatings in construction activities. Additionally, growth in the construction and automotive sectors will further propel the market in the region.

Key players operating in the Coil Coatings are Beckers Group, Akzo Nobel N.V., PPG Industries, Inc., The Sherwin-Williams Company, and Nippon Paint Holdings Co., Ltd. Akzo Nobel and PPG Industries account for over 35% share of the global coil coatings market. High production capacities and extensive distribution networks in Asia and Europe has enabled Akzo Nobel to strengthen its market position. Likewise, PPG Industries offers comprehensive product portfolio and focuses on high growth regions to gain additional market share. The Sherwin-Williams Company and Nippon Paint also have strong brands and continuous product innovation which has helped them expand globally.

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