In 2023, the functional coil coatings industry is expected to produce revenue exceeding US$ 517.5 million. Between 2023 and 2033, the market is estimated to expand at a compound annual growth rate (CAGR) of 5.5%. Polyester coatings are predicted to grow at a CAGR of 4.6% over the course of the assessment year.
One of the major problems confronting the worldwide thioester market is that the chemicals used to create thioesters are dangerous by nature and have severe effects on humans when exposed. Furthermore, the use of natural antioxidants is becoming more popular due to their beneficial impacts on the environment, which inhibits the long-term reproduction of thieves.
In the next years, rising cleanliness and disinfection awareness is expected to drive demand for anti-microbial functional coil coatings. The rapidly growing senior population has resulted in an increase in chronic diseases and health issues. Furthermore, the rising prevalence of infectious and communicable diseases, particularly among healthcare workers, has boosted the demand for antimicrobial coatings for hospital medical devices.
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The healthy construction and automotive industries in North America are expected to fuel demand for functional coil coatings. The functional coil coatings market in North America is expected to benefit from increased knowledge of the benefits of using functional coil coatings.
Functional coil coatings are utilized in a variety of construction applications. The market is gaining traction as a result of rising demand from the rapidly expanding construction industry.
Demand for solar reflective coatings, anti-microbial coatings, self-cleaning coatings, and other commodities is predicted to grow further in the residential and commercial construction sectors.
Key Takeaways:
- Total sales of functional coil coatings in North America are estimated to reach 115 million in 2023.
- By the conclusion of the projected period, Germany is expected to control 30% of Europe’s market.
- During the decade 2023-2033, India is estimated to generate an additional dollar opportunity of US$ 18 million.
- Steel coatings are predicted to generate an additional US$ 245 million in revenue throughout the projection period.
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.
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Top Key Player in the Global Industry
- 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.
Key Segmentation
By Application :
- Steel Coatings
- Aluminum coatings
By Product Type :
- Topcoat
- Primer
- Backing Coat
- Others
By Material Type :
- Polyester
- Epoxy
- PVC/Vinyl
- Plastisols
- Acrylic
- Polyurethane
- PVDF
- Silicone
By End-Use :
- Construction
- Transportation
- Consumer Durable Goods
- HVAC
- Metal Furniture
- Others
By Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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