The global coil coatings market is anticipated to grow at a steady rate and will post a CAGR of more than 6% during the forecast period. The growing demand from downstream industries is one of the major factors contributing to the growth of global coil coatings market. One such downstream industry is the refrigerator market in the appliance sector. In the residential refrigerator business segment, the finish of a refrigerator is a high-value differentiator as design-savvy customers prefer color as a way to define their personal home style. As most customers are looking for color, finish options, durability, and high performance in appliance coatings, the vendors in the market are looking at ways to differentiate their products from their competitors. This enables the end users to select from a variety of specialty finishes, such as fingerprint-resistant stainless steel coatings, metallic, and other special effects and an array of colors. Furthermore, in the automotive and building and construction sectors, coil coatings are used in automotive units, exterior and interior of automobiles, and in under-the-hood areas. These coatings protect the parts from harsh external factors, such as UV radiation, pollution, heat and cold, and grit. It is anticipated that the development of major downstream industries, such as the construction, automobile, and electronics industries will lead to the augmented adoption of coil coatings in the future.
In terms of geography, APAC accounted for maximum market share during 2015 and is expected to be the fastest-growing region in the global coil coatings market during the forecast period. Rapid industrialization and a flourishing automotive industry will drive the demand for coil coatings in the region, especially in developing economies like China and India. Also, a significant increase in disposable income in the region is benefitting the automakers, which, in turn, will contribute immensely to the growth of the coil coatings market in APAC over the next four years.
Competitive landscape and key vendors
The global coil coatings market is highly fragmented and is characterized by the presence of a large number of key players. The existence of extensive number of players intensifies the competition in the market. The major vendors of the market have a vast geographical presence with huge production facilities located globally. Vendors are strategizing to increase their market share by mergers and acquisitions.
Key vendors in this market are -
Axalta Coating Systems
Other prominent vendors in the market include Henkel, Kansai Paint, Valspar, and Wacker Chemie.
Segmentation by resin type and analysis of the coil coatings market
Siliconized polyester resins
The polyester resins segment accounted for maximum share in the coil coatings market during 2015 and will continue to dominate the market during the forecast period. Low molecular polyester resins are crosslinked with amino resins to produce coil coatings for the industrial and automotive sectors. Unsaturated polyester resins are produced by the polycondensation of saturated and unsaturated dicarboxylic acids with glycols and form highly durable structures and coatings when cross-linked with a vinylic reactive monomer like styrene. The polyester coatings are the most widely used coil paintings, globally and account for more than 50% of the all the topcoats currently consumed in the global coil coatings market.
Segmentation by end-use industry and analysis of the coil coatings market
Building and construction industry
During 2015, the building and construction industry segment accounted for maximum market share and will continue to dominate the market during the forecast period. The coil coatings used in commercial and residential buildings protect the buildings from elements such as moisture, ultraviolet (UV) radiation, and microbes. The low VOC content in these coatings has led to their increased adoption in developed regions such as Europe, where stringent regulations encourage low emission levels. Also, the increasing demand for remodeling of houses in a sustainable way is increasing the demand for eco-friendly coil coatings.
Key questions answered in the report include
What will the coil coatings market size and the growth rate be in 2020?
What are the key factors driving the global coil coatings market?
What are the key market trends impacting the growth of the global coil coatings market?
What are the challenges to market growth?
Who are the key vendors in the global coil coatings market?
What are the market opportunities and threats faced by the vendors in the global coil coatings market?
What are the trending factors influencing the market shares of the Americas, APAC, and EMEA?
What are the key outcomes of the five forces analysis of the global coil coatings market?
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