Functional coil coatings are specialized coatings applied to metal coils to enhance their performance and durability. These coatings provide excellent corrosion resistance, weatherability, and chemical resistance, making them ideal for outdoor applications. They also offer superb adhesion and flexibility, allowing the coils to withstand bending and forming processes. Functional coil coatings are widely used in construction, automotive, and appliance industries.
In 2023, the functional coil coatings market is expected to produce revenue exceeding US$ 517.5 million. The market is expected to develop at a compound annual growth rate (CAGR) of 5.5% between 2023 and 2033. Polyester coatings are expected to increase at a CAGR of 4.6% throughout the course of the evaluation year.
Rising investments in the growth of construction and transportation infrastructure are driving up demand for specialized materials. These advancements are estimated to be driven by an emphasis on adhering to increased safety requirements via protective coating treatments.
Increasing cleanliness and disinfection consciousness is projected to boost demand for anti-microbial functional coil coatings in the forthcoming years. The significantly expanding geriatric population has led to an increase in chronic diseases and health problems. Moreover, the increased prevalence of infectious and communicable diseases, particularly among healthcare workers, has increased the demand for antimicrobial coatings for medical devices in hospitals.
North America’s robust construction and automotive industries are projected to drive demand for functional coil coatings. North America’s functional coil coatings industry is projected to gain from the significant spread of awareness of the benefits of employing functional coil coatings.
Functional coil coatings are used in a range of building applications. The market is gaining traction as a result of increased demand from the construction industry, which has seen significant growth.
Residential and commercial construction requirements for solar reflective coatings, anti-microbial coatings, self-cleaning coatings, and other goods are expected to drive the expansion of demand further.
Competitive Landscape
Leading companies in the functional coil coatings market are concentrating on the development and launch of new products, as well as the strategic expansion of manufacturing capacity, to increase income generation opportunities.
- Beckers announced in May 2023 the development of a new “Sustainable Innovation Centre” in the United Kingdom to capitalize on the possibilities of more sustainable coil coating technology. The two-story, 300-square-meter innovation center will more than double the capabilities of the company’s Long Term Development (LTD) R&D team, which is tasked with developing future coil coating capabilities.
- In December 2022, AZZ announced plans to construct a new aluminum coil coating facility in Washington, Missouri. The project is set to open in 2025.
Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global functional coil coatings market presenting a historical analysis from 2018 to 2022 and forecast statistics between 2023 and 2033.
The study reveals essential insights By Application (Steel Coatings, Aluminium coatings), Product Type (Topcoat, Primer, Backing Coat), Function Type (Anti-Graffiti Coating, Antimicrobial coating, Solar Reflective Coating, Self-Cleaning Coating, Others), Material Type (Polyester, Epoxy PVC/Vinyl, Plastisols, Others) & Region.
Source : digitaljournal.com