Market Segmentation
The global metal coatings market is segmented by form, method, resin type, end-use industry, and region. On the basis of the form, the market is segmented into liquid and powder coatings. The liquid coatings are sub-segmented into water based and solvent based. The liquid form coatings accounted for the largest market share due to increasing use of waterborne coatings with less or zero volatile organic compounds (VOC) in the automotive industry. The market for powder form coatings is likely to witness a substantial growth during the review period with rising environmental regulations in the developed nations.
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Based on the processing method, the market is segmented into electroplating, electroforming, galvanizing, and anodizing. Electroplating method is used to stick solution of cadmium or chromium to a metal owing to corrosion resistance and good appearance. The galvanizing process is used to apply zinc to a ferrous metal to prevent corrosion.
Based on the resin type, the market is segmented into polyester, acrylics, epoxy, polyurethane, fluoropolymer, plastisol, and others. The polyester accounted for the largest market share owing to resistance to chemicals, stretching, wrinkle, and abrasion and enlarging use in automotive industry. Acrylic is the fastest growing resin type as a result of rising use of water borne coating in automotive industry. Epoxy and polyurethane resins are used for applications requiring resistance to harsh environmental conditions.
Based on the end use industry, the global market is segmented into construction, automotive, aviation, electrical & electronics, marine, oil & gas, and others. The construction industry accounted for the largest market share owing to rising construction activities in the developing nations such as India and China. Expanding automotive industry with rising demand for lightweight vehicles is uplifting the market growth.
Regional Analysis
Asia Pacific is leading the metal coatings market due to increasing investment in both residential and commercial construction activities coupled with rapid urbanization coupled with the initiation of construction projects by the government of India such as Inland waterways projects are driving the metal coatings market.
North America is likely to exhibit a significant growth during the review period with growing construction activities and expanding aircrafts production. Europe is expected to bolster the market growth with increasing demand from the major end use industries such as construction, automotive, and paints & coatings among other.
Latin America and the Middle East and Africa are likely to witness a healthy growth during the review period with growing automotive and construction industries.
Competitive Analysis
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).
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