TECHNICAL COIL COATINGS MARKET ANALYSIS

Fluctuating raw material prices have been one of the major factors restraining the growth of the global technical coil coatings market in the recent past. Coil coatings manufacturers are heavily dependent on various raw materials such as resins, pigments, and minerals for producing coatings. However, the prices of these raw materials are susceptible to volatility owing to various macroeconomic and geopolitical factors. Resins like polyester, fluoropolymer, and siliconized polyester are derived from petroleum products. Therefore, fluctuations in crude oil prices have a significant impact on the overall production cost of these resins.

Market Opportunities: Emergence of new end-use applications

The technical coil coatings market is poised to benefit significantly from the emergence of new end-use applications in various industries. One such major opportunity lies in the food packaging sector. As consumers demand more sustainable and recyclable packaging solutions, coil coated steel is increasingly being used for packaging various food products. According to a 2021 report by UNEP, over 50% of steel used in food packaging globally now has some form of coil coating for corrosion protection and aesthetics. Coil coated steel provides an excellent moisture and gas barrier while retaining recyclability. Many big food brands have committed to using higher percentages of recycled steel in their packaging by 2025. This is expected to drive additional demand for technical coil coatings from the food industry.