Coil Coatings Market Overview
Coil coating refers to the process of coating of coils of metal. These coats are available in various ranges of colors and finishes. Coil coating system consists of top coat, back coat and primer. This coating system is substituting the traditional process of manufacturing of metal coils. Coil coating system is widely adopted by industries owing to the various factors such as higher productivity and low impact on environment.
Market Size and Forecast
Global coil coating market is expected to grow at a steady compound annual growth rate of 5.5% over the forecast period. Further, the market is expected to reach at a valuation of about USD 7.2 Billion by the end of 2024 from USD 5.1 Billion in 2016. Rising penetration of coil coatings in various industries such as construction, automotive and other industries is driving the growth of the global coil coating market across the globe.
In the terms of region, Asia-Pacific accounted for highest percentage of market share, with 51.2% in overall coil coating market in 2016. Asia-Pacific region is witnessing rapid pace in urbanization and increasing construction activities in growing economies. Further, rising adoption and demand for coil coating in construction industry is boosting the growth of coil coating market in Asia-Pacific region. Moreover, increasing sale of automotive on the account of rising disposable income is likely to provide a robust growth to the Asia-Pacific coil coating market during the forecast period. Consequently, Asia-Pacific is expected to dominate the global coil coating market by the end of forecast year i.e. 2024. Japan, China and India are expected to be the major contributor to the growth of Asia-Pacific coil coating market during the forecast period due to rapid growth of automotive industry and construction sector in these countries.
North America is expected to grow at a significant CAGR over the forecast period. Increasing spending on non-residential construction activities has been witnessed in recent years. Growth of construction sector is expected to augment the demand for coated coils which further, is anticipated to propel the growth of coil coating market. U.S. is anticipated to be the major country witnessing the augmented demand for coated coils. However, Canada coil coating market is anticipated to grow at a higher CAGR of 5.9% than U.S.
Europe is expected to grow at a sluggish growth rate during the forecast period. This can be attributed to the Eurozone crisis which critically affected the growth of various end-use industries. Additionally, this crisis has reduced the investment which is anticipated to dampen the growth of Europe coil coating market over the forecast period. Middle East & Africa is anticipated to witness significant growth during the forecast period on the account of rising disposable income and increasing sale of coil coated appliances.
Our in-depth analysis segmented the global coil coating market in the following segments:
By Product Type
Global coil coating market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Spiked growth of construction industry in emerging economies is the major factor driving the growth of the global coil coating market. Rising spending on non-residential construction activities in developed regions is envisioned to bolster the growth of the global coil coating market over the forecast period. Further, coated coils are widely adopted by construction industries due to their various features such as resistance to corrosion and other features. In addition to this, rising application of coated coils in various industries such as consumer appliance, automotive and other industries is anticipated to propel the growth of coil coating market in the upcoming years.
Apart from this, technological innovation and development of advanced coil coatings such as bio-based coating solution is expected to spur the growth of this market over the forecast period.
However, rising cost of raw material is anticipated to hamper the growth of the global coil coating market. Apart from this, Eurozone debt crisis is envisioned to decelerate the demand for coated coils.
Scope and Context
Overview of the Parent Market
The global coil coating market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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