Top coats and primers are expected to be equally attractive product types in the global technical coil coatings market
The global technical coil coatings market consists of different product types like top coats, primers, and backing coats. Top coats are also termed as finishing coats. For applying the top coats, the strip of the coil is passed through the roller coater machine. Top coats are generally made of polyester, SMP (silicone modified polyester), polyurethane, PVDF, plastisols and PVCETC and are generally applied on both the sides. The primers are applied either on one side or on both sides of the strip. Primers are applied on the coil sheets with the help of roller coaters that are adjusted such that they can give the required primer thickness to the sheets. Backing coats are generally applied to the underside of the strip with or without the primer. They are not exposed to the environment and are not visible. Among all these types of technical coil coatings, top coats lead the market in terms of revenue share with an expected value of over US$ 900 Mn by the end of 2027. However top coats and primers both are expected to be equally lucrative segments with a growth rate of 4.8% during the forecast period 2017-2027.
Demand for different technical coil coating products to be helped by increasing preference for corrosion free products along with increased innovation in the market
The demand for technical coil coating products has increased especially due to the demand for corrosion free products in various industries. Nowadays, a rise in demand for high-quality products is being witnessed. These products can be used in the manufacturing of various consumer durable goods as well as in the electricity and power sector. People today are preferring more advanced coating chemicals that are robust and versatile with the ability to perform well on complex substrates. There has also been implementation of stringent environmental regulations that has resulted in the development of bio based binder systems for coil coatings. Conventionally, crude-oil based solvents formed a key component of paints and coatings. However, solvent-based paints and coatings tend to release relatively higher amounts of VOCs as compared to other bio-based alternatives. Over the recent past, coating manufacturers are focussing on the development of eco-friendly or green product offerings that employ bio-based resins. In Germany, Evonik Industries has recently developed a new product range of polyester resins for coil coatings top coats and primers, which the company markets under its established DYNAPOL® brand. The product is based on renewable raw materials, which sets it apart from the other binders used for coil coatings.
Availability of substitutes for technical coil coating products can be a hindrance in the growth of the global technical coil coatings market
Implementation of alternative materials such glass and steel for exterior coatings increases competition in the global market. Continuously rising demand for low cost and high performance alternatives such as fibre and reinforced plastics, implementation of modern technologies and aggressive environmental policies are expected to be the major factors restraining revenue growth of the global technical coil coatings market. Further, the different raw materials used in the paints and coatings market are pigments, solvents, binders, additives and white urea. These raw materials account for approximately 49% of the total cost of technical coil coating products. Revenue growth of the technical coil coatings market is affected by various macroeconomic factors and price fluctuations in crude oil, logistics costs, and import duties of pre-coated coils. The high costs associated with the production of technical coil coatings also forces people to look for an alternative for these products.
MRRSE offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.Get A Free Custom Research Quote