Increasing demand for polymer layered steel for appliances enabled with smart technology is expected to spur the PET film coated steel coils market. Factors such as enhanced protection against heat, moisture and scratches along with additional sturdiness to steel bodies fueling product adoption rate. Growing consumer preference for aesthetic appealing and durable products are expected to act as major push-factor for the growth of the home appliance PET film coated steel coils market.
Shifting consumer trends towards better standard of living and increasing disposable income has encouraged consumers to spend their earnings on home appliances. Digital configurations and remote sensing technology in domestic appliances panels require a protection system which is waterproof and scratch-free. In addition, a steel body is a requisite in such appliances as only sturdy metals can withstand the pressure of these technologies.
Rising investment in innovations and digitization by industry participants have further supported the industry development. Manufacturers are expected to compete on the basis of product design, durability and low maintenance cost. Consumer demand for rusty monochromes have been replaced with the demand for variations in colors, patterns, and designs, which has led to an increase in the expansion of printed and designed PET film coated steel coils market.
Washing machines application is projected to witness CAGR over 8% upto 2025. Macroeconomic factors have also resulted in improved demand for energy efficient devices as consumers are increasingly focusing on reducing water and power wastage. Appliances such as dishwashers and washing machines have witnessed an upward trend in U.S, Brazil, Germany and UK owing to these factors. The use of dishwashers employs reduced use of water compared to hand washed dishes. These trends have positively impacted the home appliance polyethylene terephthalate treated steel coils market growth.
Latin America has witnessed a surge in its middle-class households and their improved lifestyle, which has driven the demand for modern consumers goods and appliances. The rise in consumption is reflected through the expansion of multinational players operating in the electronic appliance space, in this region. The region also holds a share of about 3% in the global steel production, thus offers strong business outlook for manufacturers.
Key players in the home appliance polyethylene terephthalate coated steel coils market are strategizing on their R&D divisions to bring about innovation in the technology which will enable them to reduce manufacturing costs and offer products at lower prices to the end users. Some of the key players operating in the market are ArcelorMittal, Union steel (Group - Dongkuk steel mill), Acerinox S.A, JSW Steel Limited, Qingdao Haier R&D Special Type Steel Plate Co. Ltd, Lampre srl, Jiangyin Everest Import and Export Co., Ltd, American Nickeloid Company Inc, Jiangyin Wofeng Metallic Material Co. Ltd, Boxing County Fuhong New Materials Co., ltd, Alucosuper New Materials Co., Ltd, Stargroup Research & Integration Co., Ltd and Lienchy Laminated Metal Co., Ltd. amongst others.