Coil Coatings Market Size, Share, Opportunities, And Trends By Resin Type (Polyester Resins, Plastisol Resins, Siliconized Polyester Resins, Fluoropolymer Resins), By End User (Automotive Industry, Appliance Industry, Building And Construction Industry), And By Geography - Forecasts From 2024 To 2029

The coil coatings market is expected to grow at a CAGR of 6.79%, reaching a market size of US$11.776 billion in 2029 from US$7.436 billion in 2022.

The coil coatings market is expanding favourably due to numerous driving forces. The increased demand for sustainable and green coatings strongly contributes to this development. In this regard, many conventional coatings users are moving into friendly coatings because, with increasing environmental awareness, people have come to notice how much harm some old-fashioned paint does to our surroundings. Another significant market factor is the increasing acceptance of coil coatings over traditional coatings owing to their better performance, longer lifespan, and lower cost. Furthermore, coil coatings have become more popular than conventional coatings due to technological advancements that have produced creative and effective coil coatings. Consequently, the shift towards sustainability has greatly impacted the market expansion for coil coatings. Coil coatings strengthen products and provide exceptional resistance to corrosion.

Coil Coatings Market Drivers

• Rising technological advancements

One of the primary factors behind the globalization of the coil coatings market is the continuous development and embracement of cutting-edge technologies in the field. The result has been high-performance and novel solutions courtesy of coil coating technology innovations.

The objective of these applications is to make it difficult for the surfaces that have received the treatment to be destroyed, to make them strong and beautiful. This, in turn, promotes market expansion due to the creation of nanocoatings that can withstand harsh environmental conditions yet remain very thin and light. Moreover, an emerging trend in the coil coatings market is smart coatings, which also leads to market growth. These change with varying temperatures or light conditions.

• Increasing use to coat steel surfaces

There is a high demand for coil coatings on the surfaces of steel in various industries, such as building and appliance industries. Even though coil coatings are necessary for steel surface protection from corrosion in times of long-term existence, hardly anyone uses materials other than steel for structural applications because it’s one of the strongest ones. Appliance manufacturers use steel coil coatings to improve the appearance and strength of products such as ovens, washers, and refrigerators. This is paving the way for additional market expansion opportunities.

• High demand in oil & gas industry

The global demand for oil and gas resources is increasing, primarily due to increased demand from the automotive and aerospace sectors. The oil and gas industry appears to be one of the main users of metals and alloys, particularly steel, for the reactors, pipelines, buildings, and other essential equipment found in oil and gas plants. It appears that coil coating is applied to most steel products before their use in different applications. The vendors in the coil coatings market are opening up new revenue streams for themselves thanks to the steel and other metals used in the oil and gas sector.

• High demand from the automotive industry

The International Organization of Motor Vehicles Manufacturers (OICA) found that 9,35,46,599 motor vehicles were produced in total in 2023. Moreover, there will likely be a noticeable rise in its production in the future, as seen by the potentially explosive market growth of self-driving trucks and electric vehicles. The increased use of metals resulting from improved motor vehicle production will cause a noticeable global increase in demand for coil coatings. The automotive sector is proving to be a viable market for coil coatings, so in the future, various vendors will be making money by offering coil coatings and related services.

• Rising application in the building and construction industry

The largest market for coil coatings is, by far, the building and construction sector. The main resins widely used in construction are polyvinylidene fluorides (PVDF), polyester resin, polyester modified with silicone, and fluoropolymer. Building codes that encourage energy-efficient construction are becoming more prevalent. As a result, homeowners and builders are gradually shifting to building methods that provide long-term energy savings and performance. Furthermore, their malleability makes coil coatings frequently used in exterior and interior construction applications. The building methods that promote long-term energy savings and performance are becoming increasingly popular among homeowners and home builders. As a result, they are concentrating on creating energy-efficient structures. The infrared reflective pigment technology offered by coil coatings reduces the building's interior temperature. Because this method lowers the energy needed for cooling, coil coatings are the more energy-efficient option for coil products for construction and building projects. Gutter and downspout construction for waterproof installations is another use.

Coil Coatings Market Drivers

• Asia Pacific is witnessing exponential growth during the forecast period

Coil coatings are used in the building and construction sector in ceiling grids, doors, roofing and siding, windows, and other areas because of their premium appearance and enduring quality. Throughout the forecast period, the Asia-Pacific coil coatings market is expected to grow significantly, with China leading the market due to its rapidly developing industrial and expanding construction sectors. It is predicted that coil coating consumption will rise due to increased construction activity and renovation within the expanding building sector of the region. Rising demand for transport vehicles also contributes to the market growth of this type of finish. Because of increased demand and individuals’ inclination towards driving their vehicles instead of taking public modes, India emerged as a leader in automobile manufacturing in Asia-Pacific in 2023.

Coil Coatings Market Key Launches

• In January 2024, AkzoNobel released a white paper outlining the importance of coil coatings in promoting sustainability. As part of its continuous effort to assist its partners and coatings customers in navigating the evolving sustainability landscape and the reporting requirements, AkzoNobel has released a white paper titled The Role of Coil Coatings in Building a Sustainable Environment. This paper will help them make better-informed decisions about how to best contribute to achieving net zero.
• In April 2022, a legally binding agreement was signed by BlueScope Steel Limited to purchase the Coil Coatings division from Cornerstone Building Brands Inc. for a sum of USD 500 million. With seven facilities and an annual capacity of approximately 900,000 tons, Coil Coatings is the second-largest metal painter in the United States, specializing in commercial and industrial construction applications.

• In January 2022, the Beckers Group worked in conjunction with customers in the steel and aluminium coil coating business to develop and implement the required solutions and decarbonize the steel and aluminum coating industries.

Segmentation:

• By Resin Type
  • Polyester Resins
  • Plastisol Resins
  • Siliconized Polyester Resins
  • Fluoropolymer Resins
• By End-User
  • Automotive Industry
  • Appliance Industry
  • Building & Construction Industry
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • South Africa
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others