According to the recently released report by Bekryl, Global Coil Coatings Market is estimated to be valued at US$ 4,704.6 million in 2022 and is expected to register 5.2% CAGR during the forecast period. Coil coatings was first used in 1940s. Since then, the industry has grown manifold to create high revenue opportunity for industry players. The major factors augmenting the growth of the Coil Coatings market include rising construction activities in developing regions along with planned investment towards smart cities project. Rapid industrialization and urbanization will further boost the demand for coil coatings worldwide
Excerpts from the report states that Asia Pacific dominated the global coil coatings market sales worldwide. In 2021, the region was valued at US$ 2,484.3 million and is expected to generate 1.8X higher revenue by 2031. Asia Pacific generated 3.1X higher revenue than that by developed regions (Western Europe and North America). Asia coil coatings market leads not only in terms of total consumption but also net production. China is the largest coil coating producer worldwide. There are various small-scale companies engaged in production and supply of coil coatings in the region. Hong Kong Litong Int’ Holdings (Group) Co., Ltd., Viper Coil Coatings, ZENWIN, and Guangdong Litong Environmental Protection Machinery Ltd are few regional companies based in China.
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Few key trends from coil coatings market:
Trend#1: Polyester based Coil Coatings Dominated the Global Sales
In 2021, polyester product segment dominated the global coil coatings market. The segment accounted for 53.2% of global share in 2021. The segment is expected to gain 38.7 basis points between 2021 and 2030 to account for 53.6% share by the end of forecast period. Growth in the segment is mainly driven by its diverse application in construction, transportation and consumer business. The color and gloss performance is fairly good in polyester based coil coatings. While polyester will continue to dominate the global share, PVDF based coil coating will register fastest CAGR, mainly due to its better performance in building and construction end-use applications.
Trend#2: Companies are Focusing on Tapping the EV Market to Register higher ROI
Key players in the market are focusing on launching new coil coating products in order to cater to various applications for EV vehicles. With double digit growth and increasing demand for EV vehicles across the globe, various players can tap into the potential market for higher revenue generation opportunity in the coming years. In 2021, Beckers Group launched Beckry Core Plate Varnish (CPV) in order to aid e-mobility industry by offering coating solution for electric motors so as to improve efficiency.
Trend#3: Top 5 Players Accounted for 55.2% Revenue Share of Coil Coatings
The industry is substantially consolidated with nearly 55.2% of the market ruled by top five players. These companies are focusing on product innovation and subsequent launch to ensure long term market sustenance.
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Some of the key companies covered in the report are:
Akzo Nobel N.V
Nippon Paint Holdings
Wacker Chemie AG
Axalta Coating Systems Ltd.
Kansai Nerolac Paints Limited
Bekryl Market Analysts is a global market research and consulting service firm that helps industry stakeholders to take smarter decisions and achieve remarkable growth in today’s disruptive business environment. We bring together data, leader’s opinion and analytical service to help client define their growth strategy ranging from mergers and acquisitions based strategic decisions to finding market opportunity in business verticals namely chemicals, food & beverages, automotive, electronics and industrial production.
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