PET film coated steel coil market analysis
Global PET film coated steel coil market forecast will be largely propelled by robust demand for home appliances. Laminated steel sheets are widely used in manufacturing electrical and electronics home electronics. Evolving living standards coupled with growing demand for comfort while performing household chores and activities will augment the business growth.
Coated steel coils offer excellent advantages such as high strength, robust durability and superior corrosion resistance which makes it suitable for the production of various home appliances. The product is ecofriendly in nature and eliminates the paint baking process during appliance manufacturing. Emergence of small local as well as presence of prominent home appliance manufacturers will propel PET film coated steel coil industry outlook in the coming years.
Refrigerators and freezers segment held 36% of total PET film coated steel coil industry share from home appliances during 2018. Growing depletion of fossil fuels along with rising pollution has resulted in increased environmental concerns. This has led an increasing number of consumers to opt for single door refrigerators, thereby fostering the adoption of PET film coated coils.
Uncertainty in the trade environment such as the ongoing US-China trade war are rendering negative impact on the industry growth. Unpredictable fluctuations in financial markets are impacting the overall supply chain dynamics worldwide. However, the adoption of latest and advanced technologies for product manufacturing will offer ample opportunities for manufacturers, fostering PET film coated steel coil market trends over the forecast timeline.
Strict regulations and guidelines set forth by regulatory bodies related with respect to the release of harmful gases into the environment is expected to hamper the business growth up to certain extent. For instance, the U.S. government has enforced national emission standards over release of harmful gases and air pollutants used for metal surface coating into the atmosphere.
Rapidly shifting consumer needs and preferences towards adoption of smart home appliances are significantly driving the product innovations. Advanced technologies such as microstructure control are being used to achieve additional strength, magnetic shielding and formability required by electrical and electronic home appliances.
Busy and evolving consumer lifestyles have subsequently fueled the demand for convenience and ready-to-eat foods. This in turn has accelerated the demand for highly energy-efficient refrigerators which offer a safe, easy and convenient option for food preservation. Advancements in technology such as pairing of smartphones with refrigerators through IoT and installation of cold-water taps on the door will expand the product scope in smart kitchen applications.
Asia Pacific PET film coated steel coil industry size is estimated to record a prominent CAGR of over 7.5% over 2019-2025. This growth will be prominently led by India which is one of the largest markets for electrical and electronics home appliances. Favorable initiatives by the Indian government such as “Start-up India” and “Make in India” coupled with rising affordability and easy availability of credits will complement the regional industrial outlook.
In addition, 100% FDI for electrical and electronics hardware manufacturing in India will drive manufacturing sector. Presence of prominent manufacturers in regions including Japan, China and South Korea is anticipated to boost the demand for laminated steel sheets and coated steel coils.
China consumes over 48% of the total finished steel products. Emergence of smart and efficient online distribution channel and increasing number of logistics startups will accelerate the business growth across the region.
Author Name : Hrishikesh Kadam