Impact of COVID-19
The COVID-19 pandemic has changed the order of the supply chain of products. COVID-19 created change in the global market due to the temporarily closure of manufacturing plants. The industries such as automotive, transportation, construction had halted their progress. According to International Organization of Motor Vehicle Manufacturers (OICA), vehicle production in North America fell by 20% in 2021. Thus, many countries including U.S. also shut their expenditure in construction sector, which has created hurdles for the North America & Mexico coil coatings market.
North America & Mexico Coil Coatings Market Segment Analysis By Resin Type
Polyester held the largest share in North America & Mexico coil coatings industry by resin type segment with a share of 59% in 2020. Polyesters prevent from UV light and provide a basic barrier coat, which prevent corrosion of the substrate. Polyesters are used for internal and exterior building applications including wall and roof cladding in mild and dry climates. Polyester coatings are thick up to 60 µm, which offer extra durability in outdoor applications, while thinner polyester coatings are used where cost is important. Coil coatings which are used as surface modifier to improve surface properties and leveling agent due to their compatibility in several industrial sectors such as construction, electrical appliances and transport, are based on polyurethane, polyester and polyvinylidene difluoride. Thus, increasing demand of coil coatings are expected to grow market size.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=19573
Report Price: $ 4500 (Single User License)
North America & Mexico Coil Coatings Market Segment Analysis By Metal Substrate
Steel held the largest share with more than 83% for North America & Mexico coil coatings market in 2020. The growing demand for cold rolled steel, hot rolled steel from the building and construction industry, where steel is used for facades, ceiling systems, and a variety of ancillary components drive the market growth. Steel provides various functionally to a wide range of various applications including building materials, home electric appliance, automotive, and other industries, which further influence the market growth.
North America & Mexico Coil Coatings Market Segment Analysis By Coat
Prepainted coils lead the market of North America & Mexico coil coatings with a share of more than 40% in 2020. The uses of prepainted coils are increasing continuously because they offer excellent exterior durability. Hence, these are used in building panels, air conditioning outer panels, home appliance, commercial appliance, and others. Apart from this, coated coils are used in the transport sector and domestic appliance industry, as well as for furniture, doors and shutters, which will increase the demand of coil coatings in near future.
North America & Mexico Coil Coatings Market Segment Analysis By Application
Building and Construction segment dominates the North America & Mexico coil coatings market in 2020 with a share of more than 82% during the forecast period. The major share can be owed to used surface modifiers for coil coatings that creates excellent scratch resistance for superior longevity, which makes it an ideal leveling agent for interior and exterior construction. Coil coating is a multi-layer coating of resins which is used to coat metal sheets. Preprinted metal is a perfect choice for interior and exterior wall panels. Coil coating is available in cool infrared reflective pigment technology. It saves energy and money to reduce buildings interior temperature. The U.S. construction industry is the worlds largest country, where planning for green construction techniques. Green construction techniques included building design which reduces electrical cost and preserving the environment. Thus, increasing demand for green building construction in U.S. will boost the North America & Mexico coil coatings market. The Canadian Government announced in 2020, Canada’s Strengthened Climate Plan to invest US$15 billion towards a healthy environment and US$1.5 billion for green buildings over five years. Hence, such factors will contribute to the growth of North America & Mexico coil coating market.
North America & Mexico Coil Coatings Market Segment Analysis By Country
The United States dominated North America & Mexico Coil Coatings Market with share of more than 79% in 2020, due to booming construction activity and spending expenditure in residential and institutional buildings. Coil coatings are used as surface modifier to control surface lubricity and appearance. US non-residential sectors are rapidly growing due to increasing demand for housing with growing population, which is expected to boost the demand of North America & Mexico coil coatings market. Non-residential construction including lodging, commercial offices and education sector is expected to reach 473 billion U.S. dollars by 2024 in the United States. The value of new non-building construction is predicted to reach US$273 billion by 2024. Thus, the construction industry in United States is estimated to reach revenue of US$1,819.1 billion by 2024, which will increase market size of North America & Mexico coil coatings.
Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=19573
North America & Mexico Coil Coatings Market Drivers
Robust Growth in Construction Industry in USA
Growth in infrastructure such as commercial buildings, factories, and industrial are promoting the market growth and improving connectivity as coil coatings offer weather and corrosion resistance to metals for a long period. The infrared technology in the coil coating aids in easing the buildings interior temperature, thereby saving energy. U.S. construction industry is to contract by 2.0% in 2021 and is expected to grow at a CAGR of 5% by 2024. Increase in residential building permit applications of over 4% year over year. Hence, the growth of construction sector in U.S. will be propel the demand of North America & Mexico coil coatings market.
Growing Demand from Automotive Sector
With high tensile strength and ecofriendly nature, coil coatings are widely used as leveling agent in aerospace applications. Due to good adhesion property along with product quality its demand is increasing from the industrial sector. Coil coatings has superior corrosion resistance and flexibility. Thus, increasing applications of coil coatings in the automotive industry have ushered the technical coil coatings markets growth. In 2019, according to the American Automotive Policy Council, in the United States 10.8 million cars and trucks were produced. Additionally, 13.7 million were sold vehicles including cars and trucks in the U.S., Canada and Mexico. Hence, the production will increase around 12 million per year by 2025, which will boost North America & Mexico coil coatings market.
North America & Mexico Coil Coatings Market Challenges
Limitation in Storage and Transportation
Transportation and storage of the coil coatings are major factors that hamper the market growth. The high energy and electricity consumption required for coil coating process and expensive coating technologies are the major limitation for the growth of the North America & Mexico coil coatings market. Whereas, the Increasing demand for lightweight materials like polyvinylidene difluoride and polyurethane in automotive industry and transportation difficulty of coil coating will pose as market challenges to the growth of coil coating market. The lack of safe transportation facilities of coil coating in the emerging and developing economies may hamper the coil coating adoption. Further, the coil coatings preserve oil to maintain the finishing. Coil coatings require certain precautions to maintain their quality, which can hamper the market of coil coatings.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the North America & Mexico Coil Coatings Market. Major players in the North America & Mexico Coil Coatings Market are:
Material Sciences Corporation
Mitsubishi Chemical America, Inc.
Metal Coater Systems
Axalta Coatings Systems
NIPPONPAINT Co., Ltd.
Kansai Paint Co., Ltd.
Sherwin-William Company, and among others.
In December 2020, the coil coatings division of Sherwin-William Company has launched a new platform for its polyester technologies PolyPREMIER. The company will continue to be developed and enhanced PolyPREMIER line in the future, which make it easy for consumers in various application.
In July 2020, AkzoNobel launched TRINAR A-CLAD, a new coil coating system for aluminum composite panels. TRINAR A-CLAD is a high-performance polyvinylidene fluoride (PVDF) coil coating system, which is very useful for commercial and monumental aluminum composite panel projects.
A. Functional Coil Coatings Market
B. Technical Coil Coatings Market
For more Chemicals and Materials Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to email@example.com to discuss more about our consulting services.
Discussion about this post