New downstream markets for sheet metals manufacturing have emerged due to the strides that functional coil coatings market has made in recent decades. Manufacturers of functional coil coatings are exploring new avenues by testing new formulations of waxes and fluoropolymers in their plants. A range of additives such as dispersing agents, antifoam agents, adhesion promoters, and viscosity modifiers have invigorated new potential for end-use industries. Advent of new methods of coating as also new technologies for better applicability are expanding the horizon of the functional coil coatings for metal sheet fabricators. New curing processes for varied types of metal substrates are hitting the functional coil coatings market at frenetic pace.
Chemical Companies Unveil New Formulations to Meet Functional Requirements in New Markets
Growing demands for formulations with different functionalities among various end-use industries are propelling product developments in the functional coil coatings market. Steel manufacturers are particularly benefitting from antimicrobial-coated products. This has spurred revenues for players in developed and developed countries. In lucrative markets, such as the U.S. and the U.K., paint formulators and coil coaters have benefitted from the advent of functional coatings with different antimicrobial properties. Tellingly, this has opened new markets for functional coil coatings such as for resisting stain, corrosion, and odor. As a result, the global functional coil coatings market are seeing players keen on expanding geographically by opening new manufacturing units.
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The opportunities are bright; the functional coil coatings market is projected to clock a growth of approximately 5.4% during the forecast period (2019–2029).
Rising use of functional coil coatings in diverse metal sheet applications is the key aspect of the evolving functional coil coatings market. The evolution has been increasingly shaped by regulatory and environmental pressures, opening avenue for new formulations. For instance, stringent implementation of various regulations pertaining to hazardous air pollutants (HAPs) by paints and coatings industry has led to the development of new functional coil coatings with less environmental footprint. A specific aim is to reduce the content of volatile organic compounds in the formulations. In this regard, water borne coil coatings are gathering steam among coil coaters and manufacturers. These coatings are witnessing substantial demands in the power, and electrical and electronics industries.
Customized Demands for Sheet Fabricators Call for Advances in Coating Technology
Globally renowned chemical companies are leaning on unveiling new products to meet the customized needs of end-use applications. A case in point is BASF who has introduced a premium functional coating for metal substrates, which might lend it some competitive gains in the functional coil coatings market.
No doubt, conquering new markets is at the fore of the radar for such companies. However, reinforcing the manufacturing capacities to meet the current cross-section of demands in existing markets is equally important. Since the needs of clients for sheet metal fabricators have changed dramatically over the past few years, new formulation technologies are the need of the hour, and will expand the horizon of the market in coming few years. A case in point is pipe manufacturers. This has called for advancement in current powder technology for improving the quality of functional coil coatings pipe manufacturers use.
Subsequently, new technologies have kicked in, for instance, epoxy technology giving rise to fusion bonded epoxy (FBE) powder coatings. Growing preference of one-coat systems in this regard has propelled the demand for such coatings in the functional coil coatings market.
Geographically, Asia Pacific has emerged as the region of several rewarding avenues for coatings manufacturers and paint formulators. A large deal of the impetus comes from the growing demand for functional coil coatings in consumer appliances. Another application with sizable revenue potential in the region is infrastructural developments. The rise in consumption in these end-use industries contribute to the prominence of the regional market.
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