Jan 17, 2023
2022: Metal Coatings Market Share Competition Analysis
Corrosion is one of the issues that many industries face challenges while the global cost of corrosion is estimated to value more than USD 3 trillion. Metal coatings are very important to protect the metal from corrosion, rust, and dirt, and keep them in good shape for functioning by increasing durability and hence, cost saving. The global metal coatings market is estimated at USD 15.7 billion in 2022 and is forecast to grow at a CAGR of over 6.15% over the period 2022-2027. The metal coating has a high demand in building & construction, automotive, marine & protective coatings, consumer goods & appliances, etc. The type of metal coatings depends on the end-user industry as different types of metal coatings offer different levels of protection to metals. The different resin types of metal coatings are epoxy, polyester, polyurethane, fluoropolymers, acrylics, etc.
In 2022, the top 3 global metal coatings players accounted for about 35.30% market share, where PPG Industries continued the top position in this market, followed by AkzoNobel, and Sherwin Williams. These top players have vast product lines for different end-user industries and they also focus on the acquisition strategy to increase their product portfolio, technology advancements, and increasing their market share. For example: on 2nd Dec. 2022, AkzoNobel announced the acquisition of the wheel liquid coatings business of Lankwitzer Lackfabrik GmbH which will empower their powder coatings business and other innovative products in the automotive parts coatings business.
The 12 key players listed below accounted for about 60% market share of the global metal coatings market in 2022. In the regional market, the metal coatings market is moderately fragmented with many local small players.
Asia-Pacific accounted for the largest market share over 29% followed by North America, and Europe. The increasing market share in the Asia-Pacific region is mainly because of urbanization, industrialization, increasing buildings & construction activities, increasing automotive production, etc. Moreover, the key players are also focusing on emerging economies in South-East Asian countries & China for gaining market share. The focus on manufacturing Electric Vehicles (EVs) using eco-friendly coatings, has supported the demand for metal coatings in the region.
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