The functional coil coatings market is set to grow at a 4.6% CAGR by 2031, driven by demand in construction and automotive sectors.
The global functional coil coatings market is experiencing healthy growth surpassing a valuation of US$ 465 Mn during the forecast period according to a recent report published by Future Market Insights. Rising demand from end use industries, mainly construction and automotive sectors is elevating market value during the assessment period.
Rapid urbanization, rising infrastructure development, and growth in disposable incomes is elevating the construction industry. This growth is expected to bolster the demand for functional coil coatings over the forecast period.
The growing trend of sustainability is increasing the demand for clean and green buildings worldwide. This creates notable demand for solar reflective, heat management, antimicrobial and other functional coil coatings which is benefiting the market.
With the onset of the COVID-19 pandemic, awareness towards the need of preventing communicable diseases has increased tremendously. Consequently, demand for antimicrobial coatings is expected to witness remarkable growth during the forecast period.
Stringent regulations imposed in terms of composition and production of functional coil coatings by regulatory bodies is expected to be a major restraining factor. Navigating the challenges posed by these factors will prove crucial for continued growth of the global functional coil coatings market.
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Functional Coil Coatings Market Outlook 2016-2020 Compared to 2021-2031 ForecastIn recent years the global functional coil coatings market has experienced healthy growth. According to latest study conducted by Future market Insights, the global functional coil coatings market has expanded with a growth rate of 2.0% during the historical assessment period of 2016-2020. The study also states that the functional coil coatings market is all set to experience a healthy growth with a CAGR of 5.0% during the forecast period of 2021-2031.
Functional coil coatings find a variety of uses in construction industry. With the growth in construction industry, demand for functional coil coatings is also expected to rise strongly. Rapid urbanization, infrastructure development, and growth in disposable incomes is elevating the industry, which in turn is expected to bolster the demand for functional coil coatings through the forecast period.
Functional coatings also find applications in the protection of automotive components from corrosion, abrasion and other deteriorating processes. The growth in automobile sales across the globe is likely to benefit the global functional coil coatings market.
Rising awareness regarding cleanliness and the need for disinfection is expected to uplift the demand of anti-microbial functional coil coatings in the near future. The rapidly growing geriatric population base has resulted in the rise of chronic diseases and health issues. Increasing infectious and communicable diseases, especially among healthcare workers, has boosted the requirement for anti-microbial coatings for medical devices in hospitals.
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Key Takeaways from Global Functional Coil Coatings Market Study
Global Functional Coil Coatings Market: Participant Insights
Key coil coating manufacturers are indulging in research and development activities for product innovation and development to accommodate the changing requirements of the large-scale consumer base.According to the market research analysis, Akzo Novel NV, 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, Lord Corporation, Sherwin-Williams, PPG Industries, Axalta Coating systems, The Chemours Company, Nano-X GmbH, Ozkem Pty Ltd., Blygold International BV, HB Fuller, and many others are identified as key players in the global functional coil coatings market.
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Global Functional Coil Coatings Market by CategoryBy Application:
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The article discusses the growth of the functional coil coatings market, driven by demand in construction and automotive industries.
Functional coil coatings are used to protect surfaces in construction and automotive industries, offering benefits like antimicrobial properties.
Market growth is driven by urbanization, infrastructure development, and increased demand for sustainable building solutions.
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