ID: MRFR/CnM/4694-HCR | February 2021 | Region: Global | 100 pages
Metal coatings are used in various ends use industries such as construction, automotive, marine, and electrical & electronics on account of their corrosion and weather resistance properties. They are applied on the surface of the metal to protect the metal surface from oxidation, rust & corrosion, and prevent chipping and scratching. These coatings are made of different resins such as polyester, acrylic, epoxy, polyurethane, and alkyds among others. Polyester resins are being increasingly used in construction industry owing to good weather resistance and gloss retention.
The global metal coatings market growth is driven by the expanding construction industry in both developed and developing regions and increasing spending on the residential properties coupled with improving the living standard and rising disposable income of the consumer in the developing nations.
Reviving automotive industry in the developed regions coupled with growing demand for fuel-efficient vehicles as a result of strict environmental regulations is uplifting the market growth. Additionally, shifting manufacturing base from the developed nations to developing nations owing to easy availability of raw material and cheap labor is fuelling the product demand in the automotive industry.
Furthermore, emerging electrical and electronics industry and the initiatives taken by the government such as internet of things (IoT) and automation are likely to provide lucrative opportunities to the global metal coatings market. Rising preference of the consumers for built-in functions in the personal devices is expected to add fuel to the market substantially over the forecast period.
Some of the trends noticed among the key players in the metal coatings market includes new product launch and acquisitions. In 2017, BASF SE, the largest chemical producer in the world, introduced new light stabilizers for wood and metal coatings under the brand name Tinuvin. This product would help the company to formulate durable coatings for exterior use.
Global Metal Coatings Market Share, by end-use industry, 2017 (%)
Asia Pacific is the fastest growing region in the global metal coatings market owing to growing construction industry with rising investments in the infrastructure activities by the government. Initiatives taken by the Indian government such as the development of smart cities and construction of Navi Mumbai International Airport among others are likely to augment the market growth. Furthermore, rapidly expanding automotive industry in the developing nations as a result of increased spending on automobiles is driving the demand.
North America is another prominent region in the global metal coatings market due to expanding aviation industry. This is attributed to the increasing aircraft production to meet the surging demand for automobiles from the developing regions. The product consumption is enlarging in electrical and electronics industry with increasing spending on wireless speakers and home appliances.
Europe is expected to become a significant market during the review period with reviving automotive industry, especially in France, Germany, and Russia. Booming construction industry with rising investment on the remodeling of houses and commercial buildings is expected to drive the market growth.
Latin America is witnessing substantial growth for the metal coatings market with growing construction and automotive industry in Brazil, Argentina, and Colombia. The Middle East & Africa is likely to experience a substantial growth in the metal coating market with rising construction activities mainly in the UAE.
The global metal coatings market is segmented into form, method, resin type, end-use industry, and region.
On the basis of the form, the market is segregated into liquid and powder coatings. The liquid coatings are further sub-segmented into water based and solvent based.
Based on the method, the market is segmented into electroplating, electroforming, galvanizing, and anodizing.
Based on the resin type, the market is segmented into polyester, acrylics, epoxy, polyurethane, fluoropolymer, plastisol, and others.
Based on the end use industry, the global market is segmented into construction, automotive, aviation, electrical & electronics, marine, oil & gas, and others.
On the basis of the region, the metal coatings market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Some of the key players in the global metal coatings market are Toefco Engineered Coating Systems, Inc. (U.S.), BASF SE (Germany), DowDuPont (U.S.), AkzoNobel N.V. (The Netherlands), The Valspar Corporation (U.S.), PPG Industries, Inc. (U.S.), The Sherwin-Williams Company (U.S.), Axalta Coating Systems (U.S.), Kansai Paint Co., Ltd (Japan). Beckers Group (Berlin), Henkel AG & Co., KGaA (Germany), and Nippon Paint Holding Co., Ltd (Japan).
Frequently Asked Questions (FAQ) :
The global metal coatings market is driven by the booming construction sector in developed and developing economies.
Polyester is estimated to be the leading segment in the ‘resin type’ segment in the global metal coatings market.
The construction industry is estimated to dominate the global metal coatings market.
The APAC region can showcase the fastest growth rate in the global metal coatings market due to rising investments in the construction industry.
Toefco Engineered Coating Systems, Inc., Kansai Paint Co., Ltd, BASF SE, PPG Industries, Inc., Axalta Coating Systems, The Sherwin-Williams Company, The Valspar Corporation, Beckers Group, AkzoNobel N.V., DowDuPont, Nippon Paint Holding Co., Ltd, Henkel AG & Co., KGaA are prominent players in the global metal coatings market.