“The electrocoating market is projected to register a CAGR of 4.7% during the forecast period.”
The global electrocoating market size is projected to grow from USD 3.9 billion in 2021 to USD 5.0 billion by 2026, at a CAGR of 4.7% during the forecast period. It is a technology used worldwide to achieve high-quality, low-cost finishes at a level of efficiency and environmental compliance no other finishing method approaches. The performance advantages, along with reduced finishing costs, have made it a growing technology that will continue long into the future as new uses and technologies are developed. However, the negative impact of the COVID-19 pandemic across all the end-use industries has affected the electrocoating market adversely. The electrocoating market is growing due to the rise in the demand for cost-effective, advanced technology, and stringent government regulations globally.
“Cathodic acrylictypeis the fastest-growing segment in the electrocoating market in terms of both value and volume.”
Cathodic acrylic electrocoating is available in a wide range of glosses and colors to maximize exterior durability, gloss retention, color retention, and corrosion protection. These products are used in the agricultural equipment, lawn & garden equipment, appliances, air-conditioners, and other such applications.
Cathodic acrylic electrocoating is typically used in applications where both UV durability and corrosion protection on ferrous substrates (steel) are desired. Cathodic acrylics are also used in applications where light colors are desired. The market for cathodic acrylic is projected to further grow due to the increasing demand for low-cost, high-performance, environmentally friendly materials.
“Automotive parts & accessories application to be the fastest-growing segment in the electrocoating in terms of both value and volume.”
Automotive parts & accessories is expected to be the fastest-growing application segment owing to the increased production of automobiles in emerging economies such as India and China. Automotive original equipment manufacturers produce different types of automotive components which require electrocoating. Electrocoating, due to its anti-corrosive and humidity resistance properties, acts as a cover for automotive parts like engine covers, bolts & frames, springs & splines, drive shafts, etc. Hence, the growing volume of the automotive sector will have a positive impact on the demand for electrocoating.
“Asia Pacific is the leading electrocoating market in terms of both value and volume.”
Asia Pacific accounted for the major share in the electrocoating market. The growth of the electrocoating market in the region is mainly attributed to the high economic growth rate followed by heavy investment across various industries such as automotive, consumer goods & appliances, building & construction, and furniture. Various companies such as PPG Industries, Inc and BASF SE are setting up new plants or expanding their existing electrocoating and resin production units in the Asia Pacific region. The major advantage of shifting production base to the Asian region is the availability of cheap labor and low cost of production. Over half of the world’s population lives in Asia Pacific countries and this region is increasingly becoming an important global trade and commerce center.
This study has been validated through primary interviews conducted with various industry experts globally. These primary sources have been divided into the following three categories:
- By Company Type– Tier 1- 37%, Tier 2- 33%, and Tier 3- 30%
- By Designation– C Level- 50%, Director Level- 20%, and Others- 30%
- By Region– Europe- 50%, Asia Pacific (APAC) – 20%, North America- 15%, Middle East & Africa (MEA)-10%,Latin America-5%,
The report provides a comprehensive analysis of company profiles:
PPG Industries, Inc. (US), Axalta Coating Systems, Ltd. (US), BASF SE (Germany), The Sherwin Willaims Company (US), Nippon Paint Holdings Co., Ltd. (Japan), Tatung Fine Chemicals Co., Ltd (Taiwan), KCC Corporation (South Korea), Kansai Paint Co., Ltd (Japan), B.L.Downey Company LLC (US), Hawking Electrotechnology Ltd (England), Therma-Tronx-X, Inc. (US), Parker Trutec, Inc (US).
Research Coverage
This report covers the global electrocoating market and forecasts the market size until 2026. It includes the following market segmentation– by type (Cathodic Epoxy, Cathodic Acrylic, Anodic),by application(Passenger Cars, Commercial Vehicles, Automotive Parts & Accessories, Heavy-Duty Equipment, Appliances, and Others),and Region (North America, Europe, Asia Pacific, Middle East & Africa, South America). Porter’s Five Forces Analysis, along with the drivers, restraints, opportunities, and challenges, has been discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global electrocoating market.
Key benefits of buying the report:
The report is expected to help market leaders/new entrants in this market in the following ways:
- This report segments the global electrocoating market comprehensively. It provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions.
- The report helps stakeholders understand the pulse of the electrocoating market and provides them with information on key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses. The competitive landscape section includes the competitor ecosystem, new product development, agreement, contract, expansion, and acquisition.
Reasons to buy the report:
The report will help leaders/new entrants in this market by providing them with the closest approximations of the revenues for the overall electrocoating market and the sub-segments. This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way.
