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Topcoats and primers to reflect same adoption rates in the global functional coil coatings market during the forecast period
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The functional coil coating process is a chemical pre-treatment of the metal surface on either one side or both the sides. It includes various products that are used for functional coil coatings like topcoats, primers, backing coats and others. Among these products, topcoats are estimated to have significant market share, as they are largely used for functional coil coating process. Topcoats are also termed as finishing coats. For applying topcoats, the strip of the coil is passed through the roller coater machine. The topcoats are generally applied on both the sides. Topcoats are generally made of polyester, SMP (silicone modified polyester), polyurethane, PVDF, plastisols and PVCETC. According to the market forecast, topcoats segment in the product type category is expected to reach a market value of over US$ 260 Mn by the end of 2027. Topcoats is in strong competition with primers which is projected to grow at same CAGRs as topcoats. Both attractive products of global functional coatings market, i.e. topcoats and primers are expected to grow at the rate of 5% during the forecast period.
Earlier, crude-oil based solvents formed a key component of paints and coatings. However, solvent-based paints and coatings are said to release relatively higher amounts of VOCs as compared to other bio-based alternatives. VOC is hazardous to the environment as it reacts with nitrogen to form ozone, thereby contributing to ozone depletion. This has even made various environmental regulatory bodies, such as the European Environment Agency (EEA) and The Environment Protection Agency, to set VOC content limits for various coatings in the market. Lately, coating manufacturers are focusing on the development of eco-friendly or green-product offerings that employ bio-based resins. The European coil coatings industry is one of the largest worldwide and has innovated strongly throughout the last decade to create a technology for high performance products. The trend for ‘green’ philosophy of coil coating technology is growing, especially in Europe. Coil coatings are being developed to meet the needs of customers while also reducing the emission of volatile organic compounds.
Water based coating is expected to assist the global functional coil coating products, in order to put a hold on VOC emissions
Strict environmental regulations have increased the demand for water based coatings. Strict regulations related to VOC emission has compelled coating manufacturers to go green and adopt sustainability as their agenda. Manufacturers are spending heavily on research aimed at developing new and innovative products to be offered at a reduced cost while adhering to regulatory guidelines. This shift towards water based coatings have also increased the application areas such as electricity and power industry driving the demand for water based coating in the region. Water-based coatings reduce volatile organic compound emissions (VOC) by 80% as compared to solvent-based coatings and offer enhanced performance. The increase in demand for water based coatings triggers the overall functional coil coatings market. However the market may face a few restrictions in its growth like high prices of the raw materials used in the coatings market.
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