The metal coatings market is majorly affected by volatile raw material prices such as prices of crude oil and natural gas. Moreover, stringent regulations for the use of hazardous chemicals are making market players in the building and construction industry to shift toward composite materials, thereby, replacing steel and aluminum sheets in the process. This would restrict the market growth.
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Major factors being witnessed in the global metal coatings market are rising investments in the residential, commercial, as well as industrial construction industry; increasing use of sol-gel technologies and zirconium; and companies are performing mergers and acquisitions to acquire new technological advancements. For instance, in 2016, BASF SE completed acquisition of Albemarle Corporation’s global surface treatment business, and Chemetall, a leading developer and manufacturer of customized technology and systems for surface treatment.
The metal coatings market is segmented on the basis of resin type, process, end-use industry, and geography.
The metal coatings market is also classified on the basis of process into coil coatings, extrusion coatings, and hot-dip galvanized coatings. The coil coating process accounts for a significant market share during the forecast period, owing to its increasing industrial applications and technological advancements.
The metal coatings market is categorized on the basis of end-use industry into building and construction, automotive and transportation, consumer goods and appliances, and marine. The building and construction industry hold a significant share in the market, where these coatings are applied on heating, ventilation, and air conditioning (HVAC) systems, trims, ceiling grids, blinds, railings, purlins, roof and wall panels, doors, and others.
Rapid growth in the market is driven by increasing industrial applications, high consumption of metal coatings in the APAC region, and growing construction and automotive industries in emerging nations.
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Additionally, due to the saturated markets in North America and Europe, manufacturers are forced to shift their focus into developing or emerging nations of APAC and LATAM. According to Bureau of Labor Statistics, construction industry projecting 4.5% year-on-year (Y-o-Y) growth rate and will become one of the fastest growing industry by 2020s. This is the major factor, which drives the metal coatings market where the building and construction industry holds a significant share.
Some of the major companies operating in the global metal coatings market are PPG Industries Inc., DowDuPont Inc., Akzo Nobel N.V., Sherwin-Williams, BASF SE, Axalta Coating Systems, Kansai Paint Group, Wilh. Becker Holding GmbH, Henkel AG & Co. KGaA, Nippon Paint Holdings Co. Ltd. Several industry participants have integrated their business operations and produce raw materials and final products. This helps companies to leverage technological capabilities and produce economically competitive products.