[FURL=https://www.industryarc.com/Research/Functional-Coil-Coatings-Market-Research-501450]Functional Coil Coatings Market[/FURL] size is forecast to reach $566 million by 2025, after growing at a CAGR of 5% during 2020-2025. Metal coated with functional coil-coating provides features such as flexibility in design, improved corrosion & weathering resistance, and abundant color & texture availability.Key Takeaways
Asia-Pacific dominates the global functional coil coating market, owing to increased manufacturing & construction activities and various government initiatives such as 100 smart cities and Housing for all by 2022 in the region.
Functional coil-coated metal is used widely in the furniture industry, due to its design flexibility and enhanced corrosion resistance. Increasing consumer disposable income and improving living standards fuels the demand for modern furniture, which, in turn, is expected to increase the need for functional coil-coated metals.
However, growing demand for lightweight materials in the automobile industry is hindering functional coil coating market growth.
Due to Covid 19 epidemic, automobile and component manufacturing plants are being shuttered around the world, and vehicle sales are dropping. This is impacting functional coil coating market growth. And it is expected that the outbreak of COVID-19 will be seen in the whole year of 2020, and a few months in 2021.
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Geography - Segment Analysis
Asia Pacific held the largest share in the Functional Coil Coatings market in 2019, up to 28%, owning to growth in construction projects and rising automotive production in countries such as India, Malaysia and others. Due to their high-end aesthetics and long-lasting value, functional coil coatings are used in the building and construction industry, in ceiling grids, doors, roofing and siding, windows, and others. Construction projects and investments in Asia Pacific region is significantly increasing, which is driving functional coil coating market. For instance, in 2019, China government invested 1.9 billion on 13 public housing projects. In addition, in February 2020, the Asian Development Bank approved a loan of $631 million to develop the Vishakhapatnam-Chennai industrial corridor.
Drivers – Functional Coil Coatings Market
Growing demand for energy efficient structures
Market Landscape: Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Functional Coil Coatings Market. Major players in the Functional Coil Coatings market are KCC paints SDN BHD, KelCoatings Limited, Daikin industries, Ltd., Henkel AG & Co. KGaA, NIPSEA group, Valspar Corporation, Axalta Coating Systems (Axalta), Akzo Nobel N.V., and PPG Industries., among others.
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