Allied Market Research (AMR) has published a new report on Functional Coil Coatings Market, the global market size was valued at $368.5 million in 2017 and is likely to reach at $509 million by 2024 at a CAGR of 4.8%.
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Increase in application of textured metals in furniture and construction industry is one of the key factors driving the growth of functional coil coatings market. The demand for functional coil coated metal among furniture manufacturers has drastically increased owing to increasing purchasing power parity of consumers.
In addition to, consumers changing demand for designs and aesthetics of home appliances has increased the use of pre-coated metal in home appliances industry which is further spurring the global functional coil coatings industry. Use of organic ingredients and recycling of the waste and coating tools is expected to drive the functional coil coatings market growth in the near future.
The global functional coil coatings market based on technology is bifurcated into liquid coatings and powder coating. The liquid coating method is a traditional method of coating. On the other hand, powder coating is an emerging coating method, which is gaining popularity owing to its minimal waste output and easy application methods.
Advancements in coil coating technology such as use of organic materials and recycling the coating tools are fueling the growth of the functional coil coatings market. These technologies facilitate consumers to apply the coatings in desired texture and quantity. In addition, they provide wider opportunity for pigment customization.
The global functional coil coatings market has witnessed a significant growth in end-user industries. Functional coil coated metals are widely applicable in these industries, owing to the elimination of the cost required for setting up coating plant and quick availability of the pre-coated metals. Moreover, upsurge in demand for texturization of pre-coated metal boosts the growth of the functional coil coatings market.
Key Findings of the Functional Coil Coatings Market:
- Asia-Pacific and LAMEA segments in the backing coats functional coil coatings market are expected to witness significant growth rates at a CAGR of 6.1% and 5.0%, respectively, during the forecast period.
- The powder coating functional coil coating market is projected to reach $177.9 million by 2024.
- Europe functional coil coatings market accounted for around 28% of share in 2017.
- The UK functional coil coating market was valued at $8.2 million in 2017, and is projected to register a CAGR of 3.8% from 2018 to 2024.
Some of the key players in the functional coil coatings market include KCC paints SDN BHD, KelCoatings Limited, Daikin industries, Ltd., Henkel AG & Co. KGaA, NIPSEA group, BASF SE, Valspar Corporation, Axalta Coating Systems (Axalta), Akzo Nobel N.V., and PPG Industries.