The global functional coil coatings market size was valued at $368.5 million in 2017 and is projected to reach $509 million by 2024, registering a CAGR of 4.8% during the forecast period.
Functional coil coating is conducted on metals, such as steel and aluminum. Coats used in functional coil coatings process comprise materials such as acrylic, polyester, PVDF, and epoxy resin for enhancing the aesthetics. Similarly, these coatings provide metals protection against corrosion and other metal weakening processes.
Increase in demand for corrosion resistant products drives the global functional coil coatings market. Owing to the advantages of functional coil coating process the demand for pre-coated metal is on an increase in the automotive, home appliances, and furniture industries. Steel and aluminum surface coating increases its durability, and provides additional protection against the corrosion, which has increased demand for functional coil coated steel and aluminum parts & sheets in the construction industry. However high cost of the process equipment and consumers propensity toward using the product which does not comprise steel and aluminum restricts the global functional coil coatings market growth. On the other hand, recycling of the coating waste and increasing use of organic coating materials is anticipated to provide the future market growth opportunity.
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The global functional coil coatings market is segmented based on material type, technology, product type, end user, and region. By material type, it is classified into polyester, epoxy, PVC/vinyl, plastisol, PVDF, acrylic, and polyurethane. The primer segment accounted for the maximum share in 2017 because primers are formulated to stick to surfaces and to create a binding layer, which binds to paint or topcoats. Further, primers are essential for avoiding material corrosion as well as paint or coating degradation. Based on technology, the global functional coil coatings market is classified into liquid coating and powder coating. By product type, the global functional coil coatings market is classified into topcoat, primer, and backing coat. In terms of end user, it is divided into construction, appliance, automobile, and others. Based on region, the functional coil coatings industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the global functional coil coatings market include KCC paints SDN BHD, KelCoatings Limited, Daikin industries, Ltd., Henkel AG & Co. KGaA, NIPSEA group, BASF SE, Valspar Corporation, Axalta Coating Systems (Axalta), Akzo Nobel N.V., and PPG Industries.
KEY BENEFITS FOR STAKEHOLDERS
This report provides an extensive analysis of the current trends and emerging estimations in the global functional coil coatings market.
In-depth analysis is conducted through market estimations of key segments from 2017 to 2024.
Comprehensive analysis of factors that drive and restrain the growth is provided in the report.
Extensive analysis of the global functional coil coatings industry is conducted by following key product positioning and monitoring the top competitors within the market framework.
The key players are profiled along with their strategies to determine the competitive outlook of the global functional coil coatings market.
KEY MARKET SEGMENTS:
By Product Type
By End User
Rest of Europe
Rest of Asia-Pacific
Rest of LAMEA
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