The global functional coil coatings market is experiencing healthy growth surpassing a valuation of US$ 465 Mn during the forecast period according to a recent report published by Future Market Insights. Rising demand from end use industries, mainly construction and automotive sectors is elevating market value during the assessment period.
Rapid urbanization, rising infrastructure development, and growth in disposable incomes is elevating the construction industry. This growth is expected to bolster the demand for functional coil coatings over the forecast period.
The growing trend of sustainability is increasing the demand for clean and green buildings worldwide. This creates notable demand for solar reflective, heat management, antimicrobial and other functional coil coatings which is benefiting the market.
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With the onset of the COVID-19 pandemic, awareness towards the need of preventing communicable diseases has increased tremendously. Consequently, demand for antimicrobial coatings is expected to witness remarkable growth during the forecast period.
Stringent regulations imposed in terms of composition and production of functional coil coatings by regulatory bodies is expected to be a major restraining factor. Navigating the challenges posed by these factors will prove crucial for continued growth of the global functional coil coatings market.
Key Takeaways from Global Functional Coil Coatings Market Study
- Steel coatings will account for over 75% of the global value share in 2021, owing to wider scope of applications through the construction sector.
- Solar reflective coatings are gaining ground with a CAGR of 5.2% through 2031, supported by applications in the transportation and infrastructure sectors.
- China holds the lead in East Asia with an estimated 66.5% value share by 2031, driven by a large-scale, matured chemical industry.
- Russia is emerging as a major market for functional coil coatings in Europe at a valuation of over US$ 13 Mn in 2021, owing to investments in the construction sector.
- The U.S. accounts for approximately 89.8% of the value share in North America through 2031, owing to the presence of major construction and automotive players
“Rising investments in construction activities coupled with consistent growth in sales of automobiles are key factors that are expected to elevate the demand for functional coil coatings during the forecast period though 2031,” said an analyst at FMI.
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Global Functional Coil Coatings Market: Participant Insights
Key coil coating manufacturers are indulging in research and development activities for product innovation and development to accommodate the changing requirements of the large-scale consumer base.
According to the market research analysis, Akzo Novel NV, JK Coil Coating Pvt. Ltd., Jotun Group, Dura Coat Products Inc., Noroo Coil Coatings, Titan Coatings Inc., Eastman Chemical Company, Modine Manufacturing Inc., Chemetall Group., ALCEA, Recubrimientos Plasticos SA, Italcoat Srl, Lord Corporation, Sherwin-Williams, PPG Industries, Axalta Coating systems, The Chemours Company, Nano-X GmbH, Ozkem Pty Ltd., Blygold International BV, HB Fuller, and many others are identified as key players in the global functional coil coatings market.
Want to Know More?
Future Market Insights has published a market research report on the global functional coil coatings market that contains global analysis for 2016–2020 and opportunity assessment for 2021–2031. The report provides insightful analysis of the Global Functional Coil Coatings market through six different segments- By Application, By Product Type, By Function Type, By Material type, By End-use, and By Region.