views
![Coil Coating Market: Investing in R&D for Market Leadership](https://s3.us-west-2.amazonaws.com/timessquarereporter.com/upload/media/posts/2024-06/10/coil-coating-market-investing-in-r-d-for-market-leadership_1718020816-b.jpg)
Coil coatings are coating materials that are applied as a thin layer protective film onto metal coils and sheets. They help protect the underlying substrate from corrosion and other environmental damages. Coil coatings provide excellent gloss retention and color stability. They find applications in construction, appliances, automobiles and other general industrial applications.
The global coil coatings market size is estimated to be valued at US$ 1,510.97 billion in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period from 2023 to 2030.
Key Takeways
Key players operating in the coil coatings market are Beckers Group., Akzo Nobel N.V., PPG Industries, Inc., The Sherwin-Williams Company, Nippon Paint Holdings Co., Ltd. Key players are focusing on developing bio-based and sustainable coil coating products to capitalize on the growing environmental consciousness. For instance, Beckers Group offers Beckryl waterborne and sustainably certified coil coatings.
The growing construction industry across the globe is driving the demand for coil coatings. Coil coatings find widespread application in roofing, siding, decking, and other building components in the construction of commercial and residential buildings. Rapid urbanization and infrastructure development are augmenting the growth of the global construction industry.
Geographic expansion into emerging economies is another key trend observed in the coil coatings market. Leading manufacturers are focusing on setting up production facilities or acquiring regional players in high growth markets like Asia Pacific, Middle East & Africa and South America. This allows them to better serve the local demand and leverage growth opportunities. For example, AkzoNobel has production sites across 20 countries to serve customers globally.
Market key trends
Sustainable product innovation is a major trend in the coil coatings market. Customers are increasingly preferring eco-friendly coatings manufactured using bio-based resins and low or zero VOCs. To cater to this demand, manufacturers are investing in R&D to develop novel and greener coating formulations. For instance, Beckers Group offers Xyladecor coil coating made from wood extracts and Nippon Paint provides Novacq water-based coil coating with very low environmental footprint. Such innovations will drive further revenue growth of the market over the coming years.
Porter’s Analysis
Threat of new entrants: New entrants face high capital requirements to enter the mature coil coatings market.
Bargaining power of buyers: Large buyers in the automotive and construction industries can negotiate lower prices from suppliers due to their purchasing power.
Bargaining power of suppliers: The presence of many suppliers ensures that no individual supplier has significant influence over prices.
Threat of new substitutes: There exists a threat from substitute materials like powder coatings and galvanizing for end-use applications.
Competitive rivalry: The rivalry among existing players is very high as they compete on the basis of product quality, price and service.
Geographical Regions
North America accounted for the largest share of the global coil coatings market in terms of value in historical year. This is attributed to the presence of well-established construction and automotive industries in the region. Asia Pacific is expected to be the fastest growing geographical market for coil coatings between the forecast period. This growth can be attributed to increasing automobile production and construction activities in developing countries like China and India.
![disclaimer](https://www.timessquarereporter.com/disclaimer-timessquarereporter.jpg)
Comments
0 comment