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Functional coil coatings market is growing rapidly with a positive CAGR of ~ 5.4% through 2029, propelled by building & construction and automotive industries globally. Polyester functional coil coating is widely used in coil coating formulation owing to the enhanced properties such as flexibility, scratch-resistance and cost effective coating solutions. Moreover, focus of market actors towards economical production technology and expansion of production facilities is further going to stimulate the growth of global functional coil coatings market. Demand for functional coil coating is anticipated to witness a spurt with the proliferation of sustainable coating solutions and increased consumption of PVDF based functional coil coating. On this backdrop, the global sales of functional coil coatings are estimated to surpass a value of ~US$ 550 Mn in 2029.Key Takeaways of Functional Coil Coating Market Study
- Emerging new application areas from diverse industries such as electrical & electronics and power industry are poised to increase sales by 1.6X by the end of the forecast period
- Topcoats and primers are expected to witness a similar growth trend of around 5.7% and are poised to create collective absolute $ opportunity of US$ 140 Mn by 2029
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- Polyester material type dominates the global functional coil coating market and is poised to create absolute $ opportunity of US$ 160 Mn by 2029 end
- Fact.MR reports that demand for consumer durable end use of functional coil coating collectively accounts for over two-third of the global consumption
- Water borne coil coating among other technologies is likely to witness a striking growth of ~6% throughout the assessment period (2019-2029)
- As compared to developed regions, the sales of functional coil coatings are envisaged to be higher in the developing countries such as India and China
“Growing demand for green and sustainable functional coil coatings have compelled manufacturers to invest heavily on R&D to develop innovative, environment friendly and cost-effective functional coil coating products”” says the FMR analyst.
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Key Players Account for One-third Global Sales, as New Product Innovations Abound
Functional coil coating market is highly fragmented with key players accounting for around one-third of the global sales. Prominent players including Clariant, Songwon, Solvay and Beckers Group are increasingly focusing on expansion of production capacity, new product development and inorganic growth strategy to maintain a strong position in the market.
Functional coil coating market is predominantly driven by building & construction industry with around three-fourth of the global sales and is poised to create absolute $ opportunity of US$ 200 Mn by 2029. Emerging economies like India, Indonesia, Brazil and China are expected to grow swiftly in the forecast period on the back of infrastructural development in the region.
Find More Valuable Insights on Functional coil coating Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global Functional coil coating market, presenting historical demand data (2014-2018) and forecast statistics for the period, 2019-2029. The study divulges compelling insights on the functional coil coating market on the basis of material type (polyester, epoxy, plastisols, acrylic, polyurethane, and PVDF), application (steel coating and aluminium coating), product type (topcoats, primers, backing coats, and others), technology (liquid coating {water borne and solvent based}, and powder coating), end use (automotive, consumer appliances, and HVAC) and region (North America, Western Europe, Asia Pacific excl. Japan, Latin America, Eastern Europe, Middle East and Africa, and Japan).
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About the Chemicals & Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the chemicals & materials team at Fact.MR helps clients from all over the globe with their unique business intelligence needs and requirements of entire value chain of chemicals & materials sector. A team of passionate analysts track the performance of the existing chemicals & materials as well as those that have just entered their product life cycle. With a repertoire of over 1,000 reports and 1 million plus data points, the team has analyzed the chemicals & materials lucidly in 50+ countries for over a decade. The chemicals & materials team at Fact.MR has been assisting clients in their business expansion as well as new venture, through their analysis and recommendations.
PR Source- https://www.factmr.com/media-release/1238/global-functional-coil-coatings-market
Contact Info:
Name: James Hilton
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Organization: Fact.MR
Website: https://www.factmr.com/
Release ID: 88943738
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