Impact of Outbreak of COVID-19 on Functional Coil Coatings Market
Functional Coil Coatings Market: Overview
Functional coil coatings is a method of applying an organic coating material on rolled metal sheets such as stainless steel, steel, and aluminum before it is flexed, reshaped, or deep-drawn. Functional coil coatings are usually powder- or liquid-based materials applied to pretreated substrate to prevent corrosion. A conventional functional coating process involves cleaning of substrate, drying, application of primer coating and top coating, and foil lamination.
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Functional Coil Coatings Market: Drivers & Restraints
Surge in demand for functional coil coatings from electrical & electronic, construction, and automotive industries is driving the functional coil coatings market. Functional coil coatings offer superior corrosion resistance, flexibility, and stain resistance. Moreover, growth in the construction industry in emerging economies in Asia Pacific, Latin America, and the Middle East and renovation of old building structures in various countries in Europe and North America are boosting the functional coil coatings market.
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Furthermore, rise in automobile production in Japan, South Korea, India, and China drives the functional coil coatings market in Asia Pacific. However, replacement of metals with engineered plastics is likely to hamper the functional coil coatings market during the forecast period. Increase in penetration of functional coil coatings in pharmaceutical packaging, and aerospace applications is expected to create lucrative opportunities in the functional coil coatings market.
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Functional Coil Coatings Market: Key Segments
Based on material type, the global functional coil coatings market can be divided into acrylic, epoxy resins, polyester, polyvinylidene fluoride, Polyvinyl chloride/vinyl, plastisol, and polyurethane. In terms of product type, the market can be segmented into topcoats, primers, and backing coats. Based on technology, the functional coil coatings market can be bifurcated into liquid coatings and powder coatings. The powder coating segment is estimated to expand at a rapid pace owing to its fade resistant and scratch resistant properties.
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In terms of end-user industry, the functional coil coatings market can be categorized into construction, appliances, automobile, and others.
Functional Coil Coatings Market: Trends & Developments
Leading coating manufacturers and research institutions are aiming to develop environment friendly coating materials made from bio-based resins. They are also developing function coil coatings that have low volatile organic compound emission to cater to the rising demand of customers.
Functional Coil Coatings Market: Regional Outlook
Asia Pacific is expected to be a lucrative region of the functional coil coatings market during the forecast period owing to the growth in aluminum, steel, and construction industries. Expansion of the functional coil coatings market in Asia Pacific can also be attributed to the rise in the number of production plants in most countries in the region, especially China.
Expansion of the functional coil coatings market in emerging economies such as India, Taiwan, Indonesia, and Malaysia is driven by the surge in construction activities in these countries. Increase in production of automotive in China and Japan has propelled the usage of functional coil coatings. This, in turn, is driving the functional coil coatings market in Asia Pacific.
Functional Coil Coatings Market: Key Players
Key players operating in the global functional coil coatings market include KCC paints SDN BHD, Kel Coatings 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.