April 24, 2024

The Global Coil Coatings Market is Driven by Increased Automotive Production

Coil coatings are thin layer of protective and aesthetically attractive finishes applied on metal strips or coils. They provide protection to coils from environmental factors like UV radiation, moisture, hail and corrosion. Coil coatings are used in applications such as construction material, domestic appliances and automotive body panels. Advantages of coil coatings include resistance to corrosion, variety of colors and designs, low maintenance and durability. Growing construction industry has augmented the demand of prepainted or colored steel coils for roofing, walling and fencing which require coil coatings.

The global Coil Coatings Market is estimated to be valued at US$1,510.97Bn 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.

Market key trends:

The global coil coatings market is anticipated to be driven by increased automotive production across the globe. According to International Organization of Motor Vehicle Manufacturers, the automotive production has increased by around 2% in the year 2022 as compared to 2021. Coil coatings plays a vital role in protecting automotive body panels from corrosion which increases the lifespan of vehicles. Development of bio-based and environment friendly coil coatings is trending in the market. Manufacturers are investing in R&D to develop coil coatings using plant based resins and biomass materials to reduce dependency on petrochemical feedstock.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the coil coatings market is moderate. The market requires huge capital investments and R&D spending to develop new technologies. There are also several regulations and certifications that new entrants need to comply with.

Bargaining power of buyers: The bargaining power of buyers in the coil coatings market is moderate. Buyers have several global suppliers to choose from. However, switching costs are high if buyers decide to change suppliers due to product offerings.

Bargaining power of suppliers: The bargaining power of suppliers in the coil coatings market is low to moderate. The market has several raw material suppliers and the availability of substitutes is moderate.

Threat of new substitutes: The threat of new substitutes in the coil coatings market is low. There are few substitutes available for coil coatings in end-use industries like construction and transportation.

Competitive rivalry: The competitive rivalry in the coil coatings market is high. The market is concentrated with global players competing on pricing, quality, and innovation.

Key Takeaways
The global Coil Coatings market is expected to witness high growth over the forecast period of 2023 to 2030. The global Coil Coatings Market is estimated to be valued at US$1,510.97Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030.

Regional analysis: Asia Pacific is expected to dominate the coil coatings market during the forecast period. Growing construction activities in China, India along with increasing automobile production are driving the demand for coil coatings in Asia Pacific. North America and Europe are also likely to offer lucrative opportunities with growing industrialization.

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. The market is consolidated in nature with top players competing on the basis of product quality, innovation and pricing.

*Note:

1.Source: Coherent Market Insights, Public sources, Desk research

2.We have leveraged AI tools to mine information and compile it