Functional Coil Coatings Market Snapshot
Rising investments towards the expansion of construction and transportation facilities is boosting production of specialized materials. The focus on adhering to advanced safety standards through protective coating applications will drive these developments.
Considering these factors, Future Market Insights (FMI) estimates that the functional coil coatings market will experience a year-on-year growth rate of 3.9% in 2021.
As per FMI analysis, the market will generate revenue, surpassing US$ 465 Mn in 2021. Between 2021 and 2031, the market is forecast to exhibit compound annual growth rate (CAGR) of 5%. Polyester coatings are set to display a positive growth outlook with a CAGR of 4.6% through the assessment period.
Key Points Covered in Functional Coil Coatings Market Study
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Functional Coil Coatings and How to Navigate
- Recommendation on Key Winning Strategies
2016-2020 Global Functional Coil Coatings Market Outlook Compared to 2021-2031 Forecast
In recent years the global functional coil coatings market has experienced healthy growth. According to latest study conducted by Future market Insights, the global functional coil coatings market has expanded with a growth rate of 2.0% during the historical assessment period of 2016-2020. The study also states that the functional coil coatings market is all set to experience a healthy growth with a CAGR of 5.0% during the forecast period of 2021-2031.
Functional coil coatings find a variety of uses in construction industry. With the growth in construction industry, demand for functional coil coatings is also expected to rise strongly. Rapid urbanization, infrastructure development, and growth in disposable incomes is elevating the industry, which in turn is expected to bolster the demand for functional coil coatings through the forecast period.
Functional coatings also find applications in the protection of automotive components from corrosion, abrasion and other deteriorating processes. The growth in automobile sales across the globe is likely to benefit the global functional coil coatings market.
Rising awareness regarding cleanliness and the need for disinfection is expected to uplift the demand of anti-microbial functional coil coatings in the near future. The rapidly growing geriatric population base has resulted in the rise of chronic diseases and health issues. Increasing infectious and communicable diseases, especially among healthcare workers, has boosted the requirement for anti-microbial coatings for medical devices in hospitals.
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What are the Roadblocks in the Growth of Functional Coil Coating Sales?
Stringent regulations being imposed by governments against the production and use of solvent based coatings are likely to restrain the growth of the functional coil coatings market. The adherence to the guidelines followed may slow down the overall growth rate of the functional coil coatings market during the forecast period.
Various organizations, such as the U.S. Environmental Protection Agency (EPA), Ozone Transport Commission (OTC), California Air Resources Board (CARB) and South Coast Air Quality Management District (SCAQMD), are working to set restrictive limits on volatile organic compound (VOC) content in coating products, which will impact the functional coil coatings market as well.
EU directives, such as RoHs (Restriction of Hazardous Substance Directive), Waste Electrical and Electronic Equipment (WEEE), the regulation on Registration, Evaluation, Authorization and Restriction of Chemicals (REACH), restrict the use of substances which are hazardous to humans and/or the environment.
What is the Impact of the COVID-19 Crisis on the Functional Coil Coatings Market?
The functional coil coatings market has been impacted significantly by the global pandemic, as the many major end-use sectors including construction & automotive witnessed widespread drop in demand. Nationwide lockdowns and travel restrictions have hindered supply-chain activities across the globe. Limited availability of raw materials and various governmental regulations are controlling the global functional coil coatings market.
However, growing awareness among consumers about infectious diseases caused by pathogens, bacteria, and viruses and the effectiveness of anti-microbial coatings towards pathogens, bacteria and viruses is expected to provide new opportunity avenues for the manufacturers during the forecast period.
How is the Functional Coil Coatings Market Faring in the U.S.?
North America is predicted to remain one of the most attractive markets during the forecast period, according to Future Market Insights. In 2021, the U.S. functional coil coatings market is expected to grow by 4.4% year on year, bucking initial skepticism about how the market would perform during a global pandemic. Across the whole of North America, total sales of functional coil coatings is expected to reach 111.0 Million in 2021.
Strong construction and automotive industry in the region are expected to promote the demand for functional coil coatings. Rapid propagation of awareness of the benefits of using functional coil coatings is likely to benefit the North America functional coil coatings market.
What Factors Aid the Functional Coil Coatings Market in Germany?
Germany currently holds dominance in the Europe functional coil coatings market. Germany is expected to hold 25% of the Europe market by the end of the forecast period. The country is well known for automobile production and development of cutting-edge products.
Owing to this strong presence of automobile manufacturers in the country, the country creates notable demand for functional coil coatings for various applications in automobiles.
Stringent regulations imposed over the production and use of functional coil coatings such as VOC (volatile organic compounds) in coatings, and the use of hazardous chemicals by various regulatory bodies such as RoHs (Restriction of Hazardous Substance Directive), Waste Electrical and Electronic Equipment (WEEE), the regulation on Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) is likely to limit the growth of functional coil coatings market here.
What is the Market Outlook for Functional Coil Coatings in China?
China is a leading consumer base for functional coil coatings worldwide. With vast metal production, construction, and automotive sectors, significant demand is witnessed for functional coil coatings in China.
The country creates a huge demand for functional coil coatings. The country is anticipated to account for 21% of the global revenue through 2031. The country is investing in infrastructure development activities. Modern buildings and sustainability trends in the country create notable demand for solar reflecting and heat managing coatings in the country.
China also accounts for a notable share in automobile production worldwide. Consistently increasing demand for smarter and efficient vehicles is compelling manufacturers to use cutting edge technologies to meet shifting consumer preferences. This factor is expected to benefit the functional coil coatings market.
How is India Contributing to the Sales of Functional Coil Coatings?
Significant growth in the country’s urban landscape, coupled with rise in disposable income of people in country are key factor boosting the demand for end-users of functional coil coatings such as automobiles and household construction which is boosting the sales of functional coil coatings in India. India is expected to create incremental dollar opportunity of US$ 15.0 Mn during the 2021-2031 period.
India is a growing economy reflecting strong demand for electrical and electronic equipment. This growth is expected to benefit the Indian functional coil coatings market owing to its use as a protective layer for consumer appliances.
Which is the Leading Application of Functional Coil Coatings?
Steel coating applications are the leading consumer of functional coatings. Steel coatings are expected to create an incremental $ opportunity of US$ 242.4 Mn during the forecast period.
Steel is the most widely used metal across the globe. To protect the metal from abrasion, weathering, corrosion, and other deteriorating processes, protective coil coatings are popular, with increasing demand for coating formulations, which is expected to bolster the demand for functional coil coatings.
Why are Primers Key to Revenue Generation?
A primer or undercoat is a preparatory coating put on materials before painting. Priming ensures better adhesion of paint to the surface, increases paint durability, and provides additional protection for the material being painted.
Primers also help to hide joints, or seams, on new drywall, and it prevents bleed-through from knots and other natural blemishes in bare wood. The global demand for primers is expected to witness year on year (Y-o-Y) of 4.6% in 2021 elevating demand to a total of 24,380 Tons.
Why is the Demand for Antimicrobial Coatings Increasing?
Demand for anti-microbial coatings is expected to grow at a CAGR of 5.0% during the forecast period. Rising awareness regarding hygiene and increasing need for disinfection after the global COVID-19 pandemic is expected to boost the demand of anti-microbial functional coil coatings in the future.
The rapidly growing geriatric population has resulted in the rise of chronic diseases. The need to inhibit the spread of infectious and communicable diseases in general populations for the healthcare workers, has set forward the need for anti-microbial coatings.
Which is the Most Widely Used Material for Functional Coil Coatings?
Polyester is the most widely used material in the production of functional coil coatings. Polyester based functional coil coatings are anticipated to hold around 75% market share by the end of the forecast period. Polyester coatings are used in various sectors such as construction, automotive, and aerospace enhancing, properties such as impact resistance, chemical resistance, UV protection, and others.
What are the Leading End-Users of Functional Coil Coatings?
Functional coil coatings find a variety of application in the construction industry. With notable growth in construction industry, the market is gaining traction owing to increasing demand from the construction industry. Revenues in the construction segment of the global functional coil coatings market are expected to grow a robust 4.5% year over year in 2021.
Demand from residential and commercial construction, for products such as solar reflective coatings, anti-microbial coatings, self-cleaning coatings and more is projected to drive demand growth.
Leading players in the functional coil coatings market are focused on development and launch of new products, and strategic expansion of production capacity to widen revenue generation avenues.
- Ecor International SpA joined the Innovative Composite Materials from Additive Manufacturing) project for collaborative research and development activities for functional coatings in August 2021.
- In July 2021, Applied Graphene Materials launched eco-friendly graphene nanoplate dispersions for paint and coating applications, for low-VOC emissions.
Scope of Report
Historical Data Available for
USD Million for Value and Tons for Volume
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa
Key Countries Covered
US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, BENELUX, Russia, China, Japan, South Korea, India, ASEAN, GCC, Turkey, South Africa.
Key Segments Covered
Application, Product Type, Function Type, Material Type, End-Use, and Region
Key Companies Profiled
Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing
Available upon Request
Key Questions Answered in the Report
What is the demand outlook for functional coil coatings market?
The functional coil coatings market is projected to rise at a CAGR of 5% from 2021 – 2031.
What is the current worth of the functional coil coatings market?
The functional coil coatings market is worth US$ 465.5 Mn in 2021.
What is the volume outlook for the functional coil coatings market?
The functional coil coatings market will rise from 115,000 tons in 2021 to 178,273 tons in 2031.
At what rate did the functional coil coatings market growth in the last 5 years?
Between 2016 and 2020 the functional coil coatings market rose at a CAGR of 2.0%.
What is the share of the top players in the functional coil coatings market?
Akzo Nobel NV, PPG Industries, Sherwin-Williams, Dura Coat Products, Inc., and The Chemours Company cumulatively account for 32.9% of the market.
What is the North America functional coil coatings market outlook?
The market in North America will rise at a 4.9% CAGR through the end of 2031.
At what rate is the sales of functional coil coatings expected to rise in Europe?
The Europe functional coil coatings market is expected to rise at a 4.6% CAGR through the projection period.
What are the key South Korea and Japan functional coil coatings market statistics?
South Korea and Japan cumulatively account for 12% of the global market in 2021.
Who are the key exporters in the functional coil coatings market?
China, the U.S., and South Korea are the leading exporters in the market.
Who are the key producers of functional coil coatings market?
China, the U.S., and South Korea are the top producers in the functional coil coatings market.
What is the global y-o-y growth for the functional coil coatings market in 2020 -2021?
From 2020 to 2021 the functional coil coatings market displayed a 4.2% y-o-y growth.
What are the key trends prevailing in the functional coil coatings market?
Increasing use of functional coil coatings in metals going into durable consumer goods, and high growth opportunity for anti-microbial coil coatings in view of the pandemic are major factors contributing to growth in the industry.
Global Functional Coil Coatings Market by Category
- Steel Coatings
- Aluminum coatings
By Product Type:
- Backing Coat
By Function Type:
- Anti-Graffiti Coating
- Antimicrobial coating
- Solar Reflective Coating
- Self-Cleaning Coating
- Self-Healing Coating
- Anti Dust Coating
- Nox Reducing Coating
- Photovoltaic Coating
- Polychromic Coating
- Laminating Film
- Fire Resistant Coating
- Heat Saving Coating
- Scratch Resistant Coating
By Material Type:
- Consumer Durable Goods
- Washing Machine & Dishwasher
- Over & Toasters
- Metal Furniture