Coil Coatings Market - By Product (Polyester, Silicone Modified Polyester, Polyvinylidene Fluorides, Polyurethane, Plastisols), By End-user (Construction, Automotive, Appliances) & Forecast, 2024-2032

Coil Coatings Market Size

Coil Coatings Market reached over USD 4.8 billion in 2023 and is anticipated to register 4.3% CAGR between 2024 and 2032 driven by the increasing demand from end-use industries, such as construction, automotive, and appliances.

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The need for durable, attractive, and corrosion resistant materials for roofing, siding and cladding applications is increasing in the construction industry. With the significant growth of the automotive sector, car manufacturers are demanding advanced coatings that ensure the durability of vehicles while protecting them from harsh environmental conditions.

Technological advancements in coating formulations and application techniques will fuel the market growth. Materials, such as high-performance polyesters, fluoropolymers and plastisol coatings are offering advanced properties like weather resistance, flexibility, and advanced UV protection, making them highly desirable in a variety of applications. Environmental regulations have further led to the shift towards more sustainable and environmentally friendly coatings as manufacturers produce low volatile organic compounds and coil coatings to meet these standards. For example, in January 2024, AkzoNobel's white paper on coil coatings explored sustainability in the industry, guiding partners on how to navigate changing requirements and make informed decisions to achieve net zero goals.

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On the other side, the high cost of raw materials, such as resins and pigments, can lead to increased production costs, which may deter manufacturers and end-users from adopting coil coatings. Stringent environmental regulations on VOC emissions and the use of hazardous chemicals are likely to pose challenges for manufacturers in terms of compliance and the need for continuous production in drug development. Shortage of skilled labor and technological advancements in some industries may also affect the quality and stability of coil coatings, restraining the market growth to some extent.

Coil Coatings Market Trends

The increasing adoption of eco-friendly and sustainable products, as well as rising advancements in smart coatings technology will play a key role in the market growth. For instance, in January 2024, Hitachi High-Tech Analytical Science, a subsidiary of Hitachi High-Tech Corp., launched the FT210 XRF analyzer to expand smart coatings analysis. Moreover, numerous manufacturers are focusing on developing low-VOC water-based coil coatings to meet stringent environmental regulations and the growing demand for sustainable solutions. There is also surging interest in self-cleaning, antimicrobial properties and energy efficiency, which are particularly used in the construction and equipment industries. The integration of nanotechnology in coil coatings is gaining traction for providing improved durability, corrosion resistance and aesthetic appeal.

Coil Coatings Market Analysis

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Based on product type, the market value from the polyester segment is expected to surpass USD 3.7 billion by 2032 due to its exceptional balance of performance, cost-effectiveness, and versatility. Polyester coatings provide excellent durability, flexibility, and resistance to environmental factors, such as UV rays, weathering, and corrosion, making it ideal for a wide range of products including building materials, automotive products, and the home appliances. Polyester coatings are also relatively easy to apply and cure, subsequently increasing the production efficiency and reducing overall costs for manufacturers. The ability to customize polyester coatings in a variety of colors and finishes to specific aesthetic and functional requirements will also sustain the product demand.

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Based on end user, the coil coatings market from the construction segment generated over USD 3.5 billion in 2023 and will witness 4.2% CAGR from 2024- 2032 due to the rising demand for durable, aesthetically appealing, and energy-efficient building materials. Increase in industrialization and urbanization especially in developing countries is creating a need for high quality building materials. Coil coatings offer a wide range of colors and finishes, giving architects the aesthetic appeal they desire while maintaining structural integrity. Strong emphasis on green buildings and energy efficiency is further driving the adoption of advanced coatings that contribute to better thermal insulation and energy efficiency in buildings.

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Asia Pacific coil coatings industry size will record more than USD 2.5 billion by the end of 2032 attributed to rapid industrialization and urbanization, particularly in countries like China, India, and Southeast Asian nations. The expansion of the automotive sector in Asia-Pacific is majorly driven by both domestic consumption and export demand. Government policies and investments in infrastructure projects, such as smart cities projects and major public works are driving the demand for sustainable high-performance coil coatings. Increased focus on sustainable construction practices and the adoption of energy efficient building materials are stimulating the regional market growth.

Coil Coatings Market Share

Leading coil coatings firms are investing in R&D activities to innovate and improve product formulations besides focusing on eco-friendly and sustainable coatings to comply with environmental regulations. Strategic partnerships and collaborations with end-use industries, such as construction and automotive are helping them expand their market reach. These companies are also increasing their productivity and geographic footprint through mergers, acquisitions, and new manufacturing facilities in emerging markets.

Coil Coatings Market Companies

Major players operating in the coil coatings industry include

• Axalta Coating Systems
• Bulk Chemicals Incorporated (BCI)
• Beckers Group
• Henkel AG & Co. KGaA
• Kansai Nerolac Paints Limited
• Nippon Paint Holdings Co., Ltd
• PPG Industries Inc.

Coil Coatings Industry News

• In December 2023, DuPont announced new offerings including printed Tedlar PVF solutions and coatings at Taipei Building Show with Coryor and Nippon Paint Taiwan.
• In June 2022, APL Apollo introduced Apollo Navrang, featuring color coated coils and sheets for PEB Purlin, showcasing the company as a top steel tube manufacturer.

The coil coatings market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue and volume (USD Million) (Kilo Tons) from 2024 to 2032, for the following segments

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By Product

• Polyester
• Silicone Modified Polyester
• Polyvinylidine Fluorides (PVDF)
• Polyurethane (PU)
• Plastisols
• Others (including epoxides and acrylics)

By End-user

• Construction
• Automotive
• Appliances
• Others (including packaging, furniture and HVAC)

By Region

• North America
  • U.S.
  • Canada 
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • Malaysia
  • Indonesia
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa