The coil coatings market features a fairly fragmented landscape as the top four players accounted for a combined share of 56% of the market in 2014, finds Transparency Market Research (TMR). These leading companies are Beckers Group, PPG Industries, Inc., Valspar, and Sherwin Williams. The market demonstrates a relatively high degree of competition. With the acquisition of Valspar by the Sherwin-Williams Company in 2017, the competition is likely to intensify in the coming years, observes TMR. The acquisition will enable Sherwin Williams, a company majoring in paints solutions, to capitalize on the worldwide presence of Valspar. This is anticipated to open up lucrative growth avenues in various regions, particularly in emerging markets of Asia Pacific and the Middle East and Africa.
Several leading players are manufacturing high-performance coil coatings that also help end users meet a variety of purposes. Furthermore, top manufacturers of coil coatings are actively developing their distribution channels in a move to consolidate their presence.
The growth of the coil coatings market is primarily driven by the rising number of construction activities world over in the residential as well as non-residential sectors. The rapid pace of urbanization in a number of advanced and emerging nations such as the U.S., China, India, Mexico, Indonesia, Brazil, and Turkey has accelerated the construction of new buildings, thereby boosting the demand for coil coatings. Compared to other coating options and alternative substrates, the use of coil coatings is stimulated by the several benefits they offer in the metal fabrication process. Coil coatings are characterized by being corrosion- and abrasion- resistant and are thermally reflective. In addition, some high-end coating coils possess antibacterial and self-cleaning properties. Furthermore, coil coatings are extensively used in metals to impart aesthetic finishes to metals used on roofs, and walls, thereby boosting the market.
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However, the marked stagnation of various industries in several European nations is expected to negatively impact the coil coatings market to some extent. Nevertheless, the advent of innovative coil coatings, such as bio-based coating solutions, and its demand in the construction of buildings is expected to open up exciting opportunities for manufacturers. Furthermore, coil coatings are witnessing a variety of emerging applications in industries such as automotive, consumer appliances, and packaging. This is anticipated to accentuate the market in the coming years.