The functional coil coatings market is estimated to generate revenue, surpassing USD 517.5 million in 2023. Between 2023 and 2033, the market is forecasted to exhibit a compound annual growth rate (CAGR) of 5.5%. Polyester coatings are set to display a positive growth outlook with a CAGR of 4.6% through the assessment period.
Rising investments in the expansion of construction and transportation facilities are boosting the production of specialized materials. The focus on adhering to advanced safety standards through protective coating applications might drive these developments.
Future Market Insights (FMI) estimates that the functional coil coatings market is estimated to experience a year-on-year growth rate of 3.9% in 2023.
| Attributes | Details |
|---|---|
| Functional Coil Coatings Market Size in 2022 | USD 490.5 million |
| Functional Coil Coatings Market Size in 2033 | USD 884 million |
| Functional Coil Coatings Market CAGR (2023 to 2033) | 5.5% |
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In recent years the global functional coil coatings market has experienced healthy growth. According to the latest study conducted by Future Market Insights, the global functional coil coatings market has expanded with a growth rate of 3% during the historical assessment period of 2018 to 2022.
The study also states that the functional coil coatings market is all set to experience healthy growth with a CAGR of 5.5% from 2023 to 2033.
Functional coil coatings find a variety of uses in the construction industry. With the growth in the construction industry, demand for functional coil coatings is also expected to rise strongly. Rapid urbanization, infrastructure development, and growth in disposable incomes are elevating the industry, which in turn is expected to bolster the demand for functional coil coatings through the forecast period.
Functional coatings also find applications in the protection of automotive components from corrosion, abrasion, and other deteriorating processes. The growth in automobile sales across the globe is likely to benefit the global functional coil coatings market.
Rising awareness regarding cleanliness and the need for disinfection is expected to uplift the demand for anti-microbial functional coil coatings shortly. The significantly growing geriatric population base has resulted in the rise of chronic diseases and health issues. Moreover, the increasing number of infectious and communicable diseases, especially among healthcare workers, has boosted the requirement for anti-microbial coatings for medical devices in hospitals.
Stringent regulations being imposed by governments against the production and use of solvent-based coatings are likely to restrain the growth of the functional coil coatings market. Further, the adherence to the guidelines followed may slow down the overall growth rate of the functional coil coatings market during the forecast period.
Various organizations, such as the United States Environmental Protection Agency (EPA), Ozone Transport Commission (OTC), California Air Resources Board (CARB), and South Coast Air Quality Management District (SCAQMD), are working to set restrictive limits on volatile organic compound (VOC) content in coating products, which might impact the functional coil coatings market as well.
EU directives, such as RoHS (Restriction of Hazardous Substance Directive), Waste Electrical and Electronic Equipment (WEEE), and the Regulation on Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH), restrict the use of substances that are hazardous to humans and/or the environment.
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North America is predicted to remain one of the most attractive markets during the forecast period, according to Future Market Insights. In 2023, the United States functional coil coatings market is predicted to expand by 4.6% year on year, bucking initial skepticism about how the market would perform during a global pandemic.
Across the whole of North America, total sales of functional coil coatings are expected to reach 115 million in 2023.
The strong construction and automotive industry in the region is expected to promote the demand for functional coil coatings. Rapid propagation of awareness of the benefits of using functional coil coatings is likely to benefit North America’s functional coil coatings market.
Germany currently holds dominance in Europe’s functional coil coatings market. Germany is expected to hold 30% of Europe market by the end of the forecast period. The country is well known for automobile production and the development of cutting-edge products.
The country creates notable demand for functional coil coatings for various applications in automobiles, owing to the strong presence of automobile manufacturers in the country.
Stringent regulations imposed over the production and use of functional coil coatings such as VOC (volatile organic compounds) in coatings, and the use of hazardous chemicals by various regulatory bodies such as RoHS (Restriction of Hazardous Substance Directive), Waste Electrical and Electronic Equipment (WEEE), the regulation on Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) is likely to limit the growth of functional coil coatings market in this region.
China is a leading consumer base for functional coil coatings worldwide. With vast metal production, construction, and automotive sectors, significant demand is witnessed for functional coil coatings in China.
The country creates a huge demand for functional coil coatings. The country is anticipated to account for 22% of the global revenue through 2033. The country is investing in infrastructure development activities. Modern buildings and sustainability trends in the country create notable demand for solar reflecting and heat-managing coatings in the country.
China also accounts for a notable share of automobile production worldwide. Consistently increasing demand for smart and efficient vehicles is compelling manufacturers to use cutting-edge technologies to meet shifting consumer preferences. This factor is expected to benefit the functional coil coatings market.
Significant growth in the country’s urban landscape, coupled with the rise in disposable income of people in the country are key factors boosting the demand for end-users of functional coil coatings. These end users are automobiles and household construction which is boosting the sales of functional coil coatings in India.
India is expected to create an incremental dollar opportunity of USD 18 million from 2023 to 2033.
India is a growing economy reflecting strong demand for electrical and electronic equipment. This growth is expected to benefit the Indian functional coil coatings market owing to its use as a protective layer for consumer appliances.
Steel coating applications are the leading consumer of functional coatings. Steel coatings are expected to create an incremental opportunity of USD 245 million during the forecast period.
Steel is the most widely used metal across the globe. To protect the metal from abrasion, weathering, corrosion, and other deteriorating processes, protective coil coatings are popular, with increasing demand for coating formulations, which is expected to bolster the demand for functional coil coatings.
A primer or undercoat is a preparatory coating put on materials before painting. Priming ensures better adhesion of paint to the surface, increases paint durability, and provides additional protection for the material being painted.
Primers also help to hide joints, or seams, on new drywall. They further prevent bleed-through from knots and other natural blemishes in the bare wood. The global demand for primers is expected to witness year on year (Y-o-Y) of 4.8% in 2023 elevating demand to a total of 24,380 tons.
Demand for anti-microbial coatings is expected to secure a CAGR of 5.3% during the forecast period. Rising awareness regarding hygiene and the increasing need for disinfection after the global COVID-19 pandemic is expected to boost the demand for anti-microbial functional coil coatings in the future.
The significantly growing geriatric population has resulted in the rise of chronic diseases. Further, the need to inhibit the spread of infectious and communicable diseases in general populations for healthcare workers has set forward the need for anti-microbial coatings.
Polyester is the most widely used material in the production of functional coil coatings. Polyester-based functional coil coatings are anticipated to hold around 80% market share by the end of the forecast period.
Polyester coatings are used in various sectors such as construction, automotive, and aerospace enhancing, properties such as impact resistance, chemical resistance, UV protection, and others.
Functional coil coatings find a variety of applications in the construction industry. With notable growth in the construction industry, the market is gaining traction owing to increasing demand from the construction industry. Furthermore, revenues in the construction segment of the global functional coil coatings market are expected to expand at a significant 4.7% rate year over year in 2023.
Demand from residential and commercial construction, for products such as solar reflective coatings, anti-microbial coatings, self-cleaning coatings, and more is projected to drive demand growth.
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Leading players in the functional coil coatings market are focused on the development and launch of new products, and strategic expansion of production capacity to widen revenue generation avenues.
| Attributes | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value and Tons for Volume |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and the Pacific; East Asia; The Middle East and Africa |
| Key Countries Covered | The United States, Canada, Brazil, Mexico, Germany, Italy, France, The United Kingdom, Spain, BENELUX, Russia, China, Japan, South Korea, India, ASEAN, GCC, Türkiye, and South Africa. |
| Key Segments Covered | Application, Product Type, Function Type, Material Type, End-Use, and Region |
| Key Companies Profiled | Akzo Nobel N.V.; JK Coil Coating Pvt Ltd; Jotun Group; Dura Coat Products, Inc.; Noroo Coil Coatings; Titan Coatings Inc.; Eastman Chemical Company; Modine Manufacturing Inc.; Chemetall Group; ALCEA; Recubrimientos Plasticos SA; Italcoat Srl.; Lord Corporation; Sherwin-Williams; PPG Industries; Axalta Coating Systems; The Chemours Company; NANO-X GmbH; OZKEM PTY LTD; Blygold International BV; HB Fuller |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The total industry size worldwide in 2022 was around USD 490.5 million.
The overall market is forecasted to progress at 5.5% CAGR between 2023 and 2033.
The regional market size could be around USD 115 million in 2023.
India could witness an incremental dollar opportunity of USD 18 million by 2033.
Growing investments in construction and transportation has boosted the demand.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 5.1. Steel Coatings 5.2. Aluminum Coatings 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 6.1. Topcoat 6.2. Primer 6.3. Backing Coat 6.4. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Function Type 7.1. Anti-Graffiti Coating 7.2. Antimicrobial Coating 7.3. Solar Reflective Coating 7.4. Self-Cleaning Coating 7.5. Self-Healing Coating 7.6. Anti Dust Coating 7.7. Nox Reducing Coating 7.8. Photovoltaic Coating 7.9. Polychromic Coating 7.10. Laminating Film 7.11. Fire Resistant Coating 7.12. Heat Saving Coating 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material Type 8.1. Polyester 8.2. Epoxy 8.3. PVC/Vinyl 8.4. Plastisols 8.5. Acrylic 8.6. Polyurethane 8.7. PVDF 8.8. Silicone 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-Use 9.1. Construction 9.2. Transportation 9.3. Consumer Durable Goods 9.3.1. Refrigerator 9.3.2. Washing Machine & Dishwasher 9.3.3. Oven & Toasters 9.3.4. Others 9.4. HVAC 9.5. Metal Furniture 9.6. Others 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 10.1. North America 10.2. Latin America 10.3. Western Europe 10.4. Eastern Europe 10.5. South Asia and Pacific 10.6. East Asia 10.7. Middle East and Africa 11. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 18. Key Countries Market Analysis 19. Market Structure Analysis 20. Competition Analysis 20.1. Akzo Nobel N.V. 20.2. JK Coil Coating Pvt Ltd 20.3. Jotun Group 20.4. Dura Coat Products, Inc. 20.5. Noroo Coil Coatings 20.6. Titan Coatings Inc. 20.7. Eastman Chemical Company 20.8. Modine Manufacturing Inc. 20.9. Chemetall Group 20.10. ALCEA 20.11. Recubrimientos Plasticos SA 20.12. Italcoat Srl. 20.13. Lord Corporation 20.14. Sherwin-Williams 20.15. PPG Industries 20.16. Axalta Coating Systems 20.17. The Chemours Company 20.18. NANO-X GmbH 20.19. OZKEM PTY LTD 20.20. Blygold International BV 21. Assumptions & Acronyms Used 22. Research Methodology
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Functional Coil Coatings Market
