The global Coil Coatings Market Growth Accelerated by Rising Automotive Production

 

Coil coatings are high performance coatings applied to metal coils or sheets that provide protection and aesthetics. They are mainly used in construction and automotive industries. Coil coatings provide corrosion resistance, durability, resilience and variety of color and design options as compared to normal paints. With increasing construction and automotive production, the need for coil coatings has surged tremendously.

The global Coil Coatings Market is estimated to be valued at US$ 1,510.97 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Rising automotive production has been a major factor accelerating the growth of coil coatings market. Global automobile sales have risen significantly over the past few years. Coil coated steel is widely used in automobile manufacturing for outer body panels, wheel rims, bumpers etc. Developing economies with growing consumer purchasing power like China, India etc. are witnessing higher automobile demand which is expected to drive the consumption of coil coatings during the forecast period. Increased spending on infrastructure development across the globe has also augmented the market growth.

Segment Analysis

The global coil coatings market is segmented based on resin type, end-use industry and region. By resin type, the market is segmented into polyester, PvDf, silicone modified polyester and plastisols. Among these, the polyester segment dominates the global coil coatings market and is expected to maintain its dominance over the forecast period. This is due to its superior properties like excellent weatherability, flexibility and corrosion resistance compared to other resins.

Key Takeaways
The global coil coatings market is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 1,510.97 Bn by 2023, growing at a CAGR of 4.3% during the forecast period.

Regional analysis
Asia Pacific dominates the global coil coatings market and is expected to continue its dominance during the forecast period. This is attributed to strong growth of the construction and general manufacturing industries and rising population in countries like China and India. The growth of end-use industries especially building and construction has significantly contributed to the growth of the coil coatings market in the region.

Key players
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. Akzo Nobel and PPG Industries together hold around 25-30% share of the global coil coatings market due to their extensive geographic presence and wide product portfolios in coil coatings.

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