Coil Coatings Market Trends

Growth Drivers

• Worldwide Growth in Coating Industry – Immense industrialization, and increasing use of coatings in various industries to paint or coat goods is fueling up the demand for coil coatings. For instance, in 2020, the worldwide paint and coating industry was anticipated to be worth of approximately USD 155 billion.
• Rising Use of Alloy, Metals, and Steel – Increasing use of alloy, metals and specially steel in pipelines, reactors is becoming a strong growth factor of coil coatings market. As per a report, the production of crude steel was reached nearly 1950 million tons in 2021. Whereas use of steel (in its finished form) touched the figure of around 1832 million tons in the same year. 
• Significant Increase in Construction Industry - In 2019, the global construction industry generated nearly USD 2.1 trillion revenue.
• Boost in Automotive Industry - The global automotive industry is expected to generate nearly USD 1.7 trillion in revenue by the end of 2030.
• Worldwide Expansion in Chemical Industry – For instance, in 2021, the global chemical industry generated approximately USD 4.80 trillion revenue.

Challenges

• Increasing Cost of Raw Materials of Coil Coatings
• Growing Demand for Lightweight Materials in Automotive Industry
• Storage and Transportation Hurdles

The coil coatings market is segmented and analyzed for demand and supply by end-user into building & construction, industrial & domestic appliances, consumer durable goods, furniture, automotive, HVAC, and others. Out of these, the automotive segment is projected to significantly grow over the forecast period on the back of the rising production of passenger cars, and massive use of coil coatings in automotive industry. For instance, Indian automotive industry is projected to hit the mark of approximately USD 305 billion by the 2026 with an estimated production volume nearly 75 million units.