According to Market Research Future (MRFR), the global coil coating market is anticipated to acquire a market value of USD 7.6 million, expanding at a CAGR of 6.1% during the forecast period from 2016-2022.
Increasing coil coating penetration in pharmaceutical, packaging, and aerospace sectors is expected to fuel the market during the assessment period. The inclination towards boosting the aesthetic appearance of buildings is likely to augment the demand for the process in the construction sector, which may develop the industry. The growing need for coil-coated steel in the automotive sector and consumer appliances is anticipated to surge the need for the industrialized process, which is likely to augment the industry. Furthermore, the rising requirement for eco-friendly procedures in various end-user sectors can fuel the demand for coil coating, which can develop the market in the review period.
On the other hand, availability of substitutes of high engineered metals and expenses associated with the process are anticipated to hinder the market in the coming period. However, the cost-effectiveness of coil coating, along with aforementioned factors can counter the restraining factor and boost the market.
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Renowned players of the global coil coating market are Henkel AG & Co. KGaA (Germany), Akzo Nobel N.V (Netherlands), BASF SE (Germany), The Valspar Corporation (U.S), E. I. du Pont (U.S), PPG Industries, Inc. (U.S), The Dow Chemical Company (U.S), Nippon Paint Holdings Co., Ltd (Japan), Wacker Chemie AG (Germany), and Axalta Coating Systems LLC. (U.S).
The segmental analysis of the global coil coating market is done by type and end-user sector.
The resin type-based segments of the global coil coating market are silicone modified polyester, polyvinylidene fluorides (PVDF), polyester, polyurethane, and plastisol.
The end-user based segments of the global coil coating market are consumer appliance, electrical & electronics, construction, automotive, and others.
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Based on the region, the global market for coil coating market is segmented into North America, Asia-Pacific, Europe, and the Rest of the World (RoW).
As per the assessment, the global market for coil coating is expected to be driven by the APAC region owing to the rapid rise in population, resulting in increased demand for commercial and non-commercial buildings. The presence of emerging countries like India, China, and Japan is expected to augment the market, with China taking the first position. The expansion of the building and construction sector is expected to be one of the most significant factors that can drive the regional market during the forecast period.
North America is anticipated to acquire significant market value during the forecast period owing to the growing application of coil coatings in the construction and automotive industries. The U.K. and Canada are anticipated to make a notable contribution to developing the regional market during the forecast period. Furthermore, the rising power of consumers to procure modern furniture can be another salient factor, which can expand the regional market.
Europe is expected to grow significantly during the forecast period owing to the changing lifestyle. The region is anticipated to grow due to the expansion of the construction sector during the assessment period. Furthermore, the presence of the U.K. and Germany are likely to make crucial participation to strengthen the regional market.
The MEA region is likely to acquire the least market share during the forecast period owing to the presence of poor countries, specifically, African countries. However, the presence of untapped market opportunities is likely to develop the regional market, which can develop the market in the coming period.
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