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.
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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
- 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
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Key Segments Covered in the Functional Coil Coating Market Report:
|Technology||Liquid CoatingWater BorneSolvent BasedPowder Coating|
|Product Type||TopcoatsPrimersBacking CoatsOthers|
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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.
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