July 16, 2024

The Growing Construction Industry is Driving the Coil Coatings Market

Coil coatings or metal coil coatings provide corrosion protection and enhance the aesthetic appeal to pre-painted steel and aluminum coils used majorly in the construction of buildings. Coil coatings offer superior adhesion to metallic substrates and provide weather resistance to prolong the lifespan of roofing and cladding materials. The growing construction sector particularly in Asia Pacific and Central & South America has boosted the demand for pre-coated metal panels in industrial and commercial construction. Increasing investments in infrastructure development and smart city projects have further spurred the uptake of value-added pre-painted metal sheets in architectural applications such as roofs, walls, doors, and fences. 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.

Solar Reflective Coatings are Gaining Traction in Heat Sensitive Regions

Solar reflective pigments are increasingly being incorporated in coil coatings formulations to aid cooling of buildings by reflecting sunlight. These coatings play a critical role in reducing temperatures on rooftops and wall panels by as much as 100°F. Solar reflective coatings help lower energy consumption by air conditioning systems thereby providing significant savings in operational costs. Regions experiencing extremely high temperatures such as Middle East and certain parts of North America prefer metal panels coated with heat rejecting pigments. Growing awareness regarding energy efficiency and green building standards augurs well for solar reflective coil coatings especially in hot and arid climates.

Porter’s Analysis

  • Threat of new entrants: Low capital requirement and technology act as barriers for new entrants in the coil coatings market.
  • Bargaining power of buyers: Buyers have moderate bargaining power due to presence of numerous established manufacturers.
  • Bargaining power of suppliers: Suppliers have low to moderate bargaining power due availability of substitute materials.
  • Threat of new substitutes: Threat of new substitutes is low as coil coatings provide protection and aesthetic looks for metal substrates.
  • Competitive rivalry: The market is fragmented due to presence of many global and regional players.

Key Takeaways

The global coil coatings market is expected to witness high growth over the forecast period. Asia Pacific currently dominates the market due to high demand from the construction industry in China and India.

Regional analysis: Asia Pacific accounts for around half of the global coil coatings consumption led by China, India, Japan and other Southeast Asian countries. This is attributed to rapid industrialization, infrastructure growth and rising population that is driving the demand for pre-coated steel and aluminum in various end-use applications like construction and transportation.

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. Beckers Group specializes in coil coatings for building and construction. AkzoNobel provides coating solutions including coil coatings. PPG Industries offers diverse product portfolio of coil coatings.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it