Metal Coatings Market- Overview
The global metal coatings market is predicted to soar high at an exceptional CAGR 6.5% during the forecast period (2021–2028), as reported by Market Research Future (MRFR).
Metal coating protects an unprotected metal from rusting and corroding due to environmental exposure. Metal coatings are usually made from polymers, such as epoxy, polyurethane, and moisture cure urethane. The metal coating makes the metal more durable by providing innovative applications, smooth surface, and green benefits and also offers cost benefits.
Metal Coatings Market- Drivers and Restraints
There is an increase in the application of metal coatings owing to the rapidly growing industrialization and urbanization, which is the major factor in the growth of the global metal coatings market. Also, the increase in infrastructure development and spending, especially for commercial and residential sectors has augmented the demand for the end products of coated metals. This factor drives the growth of the global metal coating market. The benefits offered by metal coatings such as increased durability, corrosion resistance, and improved texture, accelerates the demand and fuels the growth of the global metal coating market.
Moreover, thriving electrical and electronics industry and emergence of internet of things (IoT) and automation are likely to offer lucrative opportunities to the global metal coatings market. Growing consumer preference for built-in functions in the personal devices is touted to add ammunition to the market growth in coming years.
However, the strict rules and regulations of various government bodies pertaining to environment protection may hamper the growth of the global metal coating market. On the other hand, benefits offered by metal coatings such as increased durability, corrosion resistance, and improved texture, highlight the appeal of metal coatings and are expected to further fuel the growth of the global metal coating market in the foreseeable future.
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The global coatings metal company is segmented into form, method, resin type and end-use industry.
Form-wise, the market is segmented into liquid and powder coatings. The liquid coatings are sub-segmented into water based and solvent based. The market for powder coating has grown significantly due to increasing technological advancements and growing demand from applications such as architectural; appliances; automotive; furniture; agriculture, construction, and earthmoving equipment (ACE).
By method, the market is segmented into electroplating, electroforming, galvanizing, and anodizing. Electroplating segment is growing at a phenomenal rate due to surging demand for automobiles, consumer goods, and aircraft.
By resin type, the market is segmented into polyester, acrylics, epoxy, polyurethane, fluoropolymer, plastisol, and others. The soaring popularity of polyester resins refers to its rising use as a thermosetting system in a variety of applications. This is accentuated by the use of fillers, reinforcements, and additives to enhance their physical and chemical properties.
By end-use industry, the global market is segmented into construction, automotive, aviation, electrical electronics, marine, oil gas, and others. The construction industry is in constant need for coatings that can impart anticorrosion properties, as the steel structures are in constant threat of corrosion and need protection.
Based on region, the metal coatings market growth is segmented into North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East Africa.
APAC is touted to be the fastest growing region in the global metal coatings market share. This can be attributed to the expanding construction industry and rising investments in the infrastructure activities by the government. Initiatives taken by the government in India such as the development of smart cities and construction of Navi Mumbai International Airport among others are envisaged to augment the market growth. Apart from this, rapidly expanding automotive industry in the developing economies as a result of increased spending on automobiles is triggering the demand for metal coatings in the region.
North America is another key region in the global metal coatings market on account of the expanding aviation industry. Increasing aircraft production to cater to the surging demand for automobiles from the developing regions has made a vast difference in the market growth. The product consumption is burgeoning in the electrical and electronics industry with increasing spending on wireless speakers and home appliances. All these factors have led to tremendous market performance in the region.
Europe is projected to manifest into a formidable market during the review period because of the reviving automotive industry, especially in France, Germany, and Russia. Flourishing construction industry coupled with rising investment on the remodeling of houses and commercial buildings is known to be the major driver of the market growth in Europe.
Latin America, on the other hand, is exhibiting substantial market growth with growing construction and automotive industry in Brazil, Argentina, and Colombia. Whereas, the Middle East Africa is contemplated to note a considerable growth in the metal coating market owing to rising construction activities mainly in the United Arab Emirates (UAE).
The prominent companies in the global market include AkzoNobel N.V. (The Netherlands), The Valspar Corporation (U.S.), Toefco Engineered Coating Systems, Inc. (U.S.), BASF SE (Germany), DowDuPont (U.S.), Kansai Paint Co., Ltd (Japan), Beckers Group (Berlin), Henkel AG Co., KGaA (Germany), Nippon Paint Holding Co., Ltd (Japan), PPG Industries, Inc. (U.S.), The Sherwin-Williams Company (U.S.), Axalta Coating Systems (U.S) and others.
- August 2018 — The Road Transport and Highway Ministry has proposed that all automobile manufacturers must now use 70% galvanized steel for car body panels for all vehicles sold in India. This regulation comes under corrosion prevention rule for cars manufactured in India. This compels manufacturers to extensively use metal coating procedure as such coating improves the safety of the structure and also results in less corrosion.
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