The functional coil coatings market is anticipated to generate more than USD 517.5 million in revenue by 2023. Between 2023 and 2033, the market is projected to expand at a compound annual growth rate (CAGR) of 5.5%. Over the evaluation year, polyester coatings are predicted to grow at a CAGR of 4.6%.
The demand for specialized materials is increasing due to rising investments in the expansion of transportation and construction infrastructure. It is estimated that the emphasis on adhering to increased safety requirements via protective coating treatments is what is driving these advancements.
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.
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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.
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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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.
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