The global coil coating market is expected to witness healthy growth over the forecast period, on account of its growing demand in construction, automotive and electrical & electronics industries, due to superior properties such as stain resistance, corrosion resistance, and flexibility compared to conventional coatings. Increasing coil coatings penetration in pharmaceutical packaging and aerospace applications is expected to have a positive impact on global market growth. Steel and aluminum are among the most dominant application segments for coil coating. Increasing steel and aluminum demand in construction and transportation industries respectively is expected to further drive coil coating demand. This trend is expected to fuel market growth over the next six years. Due to its strain resistance and flexibility, coil coatings are gaining acceptance in packaging materials. Increasing high-efficiency packaging material demand globally for transportation and storage applications is expected to drive the market in the coming years. Increasing metal substitution with engineering plastics such as polycarbonate in the automotive industry is the major restraining factor that may hinder the market growth.
The growing construction industry in emerging markets of China and India along with Thailand, Malaysia, Indonesia, and Philippines is expected to drive Asia Pacific coil coating market growth over the forecast period. Increasing automotive production in Japan, India, China, and South Korea is expected to further drive coil coating demand in automotive coating applications. The recovery of construction and automotive industries in the U.S. is expected to drive coil coatings demand in the respective applications over the forecast period. Increasing coil coatings demand in Mexico for construction applications is anticipated to further complement the regional market growth over the next six years. The growing pharmaceutical industry in the U.S. is anticipated to further fuel the North American coal coating market growth. The economic crisis in Europe has resulted in stagnant growth of major coil coatings end-use industries such as construction, electrical & electronics, and pharmaceuticals. The majority of coil coatings demand in the region is expected from Central & Eastern European countries such as Bulgaria, Czech Republic, Russia, Belarus, and Romania which are witnessing high construction growth.
Some of the major global companies operating in the global coil coating market include Akzonobel, PPG Industries Inc., The Valspar Corp., BASF SE, DuPont, Henkel AG & Co., Kansai Paint Chemical Ltd., The Beckers Group, The Sherwin-Williams Co., and Wacker Chemie AG.
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The prevailing pandemic situation has led to weakened demand for paints and coatings in automotive, construction, electronics, and white goods. The path to recovery of growth for the industry is highly dependent on the duration of restrictions imposed and their influence on economic activity across the globe. Contrary to the trend prevalent in the industry in general, certain segments of the market such as antimicrobial coatings are witnessing a surge in demand in healthcare and food industries. The report will account for Covid19 as a key market contributor.