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%.
The use of recyclable coating tools is expected to reduce the expenses on procurement and installation of new tools. Thus, this may lead to higher adoption of functional coil coating process, which is anticipated to provide lucrative opportunity for the functional coil coatings market growth.
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.
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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.
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Key Benefits for Functional Coil Coating Market:
• Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
• Functional Coil Coating market forecast is provided by considering historical market trends and impact of technological momentum on the market
• The report outlines the current trends and future scenario of the Functional Coil Coating Market size from 2018 to 2025 to understand the prevailing opportunities and potential investment pockets.
• Major countries in the region have been mapped according to their individual revenue contribution to the regional market.
• Functional Coil Coating Market analysis includes various parameters such as macro and micro economic analysis of various geographies
• The key drivers, restraints, and Functional Coil Coating Market opportunities and their detailed impact analyses are elucidated in the study.
• The profiles of key players along with their key strategic developments are enlisted in the report.