Water Based Coatings to Bolster Growth of Functional Coil Coatings Market, Finds Fact.MR
With the enactment of stricter policies to curb air pollution caused due to hazardous emissions, conventional functional coil coatings are likely to be replaced soon by bio-based and ecofriendly coil coatings.
Key Takeaways of Functional Coil Coating Market Study
• Emerging new application areas from diverse industries such as electrical & electronics and power industry are poised to increase sales by 1.6X by the end of the forecast period
• Topcoats and primers are expected to witness a similar growth trend of around 5.7% and are poised to create collective absolute $ opportunity of US$ 140 Mn by 2029
• Polyester material type dominates the global functional coil coating market and is poised to create absolute $ opportunity of US$ 160 Mn by 2029 end
• Fact.MR reports that demand for consumer durable end use of functional coil coating collectively accounts for over two-third of the global consumption
• Water borne coil coating among other technologies is likely to witness a striking growth of ~6% throughout the assessment period (2019-2029)
• As compared to developed regions, the sales of functional coil coatings are envisaged to be higher in the developing countries such as India and China
Read Report- https://www.factmr.com/
"Growing demand for green and sustainable functional coil coatings have compelled manufacturers to invest heavily on R&D to develop innovative, environment friendly and cost-effective functional coil coating products" says the FMR analyst.
Key Players Account for One-third Global Sales, as New Product Innovations Abound
Functional coil coating market is highly fragmented with key players accounting for around one-third of the global sales. Prominent players including Clariant, Songwon, Solvay and Beckers Group are increasingly focusing on expansion of production capacity, new product development and inorganic growth strategy to maintain a strong position in the market.
PR Source- https://www.factmr.com/