What Has Been the Growth of the Electrocoating Market So Far?
The electrocoating market has seen considerable growth due to a variety of factors.
• The market size of electrocoating has seen substantial growth over the past few years. Its size is expected to escalate from $4.3 billion in 2024 to $4.55 billion in 2025, showing a compound annual growth rate (CAGR) of 5.7%.
Reasons for this growth during the historic period include environmental regulations, expansion of the automotive industry, industrial and commercial construction, consumer electronics, and an increased demand for superior metal finishing.
What Are the Future Growth Projections for the Electrocoating Market?
The electrocoating market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size of electrocoating is predicted to witness substantial growth. It is projected to escalate to a whopping $6.05 billion in 2029, expanding at a compound annual growth rate (CAGR) of 7.4%.
The expansion during the forecast period could be ascribed to factors like the growth of aerospace and defense sectors, the surge in infrastructure development, demand for sustainable coatings, and global industrialization, which essentially necessitates electrocoating systems. The forecast period will also see major trends such as technological evolutions, continuous improvements in electrocoating technology, the advent of water-based coatings, uv-curable electrocoatings, and the integration of industry 4.0.
What Factors Are Driving Growth In The Electrocoating Market?
The surge in electric vehicle demand is projected to spur the growth of the electrocoating market. Electric vehicles (EVs), being either fully or partially electric-powered, utilize electrocoating as a preliminary coating for their parts and accessories to maintain long-lasting durability of metal components. For example, the International Energy Agency, based in France and a global energy sector research and statistics collection entity, noted in April 2023 that by 2022, approximately ten million electric cars would have been sold globally. This represents an increase in the electric vehicle market share from 4% to 14% in just two years, with further growth projected. Thus, the escalating demand for electric vehicles is directly boosting the electrocoating market's expansion.
What Are The Main Segments Of The Global Electrocoating Market?
The electrocoating market covered in this report is segmented –
1) By Type: Cathodic, Anodic
2) By Equipment: Curing System, Coating And Dispensing Systems, Handling Systems, Inspection System, Other Equipment
3) By Application: Passenger Cars, Commercial Vehicles, Automotive Parts And Accessories, Heavy-Duty Equipment, Appliances, Other Applications
Subsegments:
1) By Cathodic Electrocoating: Waterborne Cathodic Electrocoating, Solventborne Cathodic Electrocoating, High-Performance Cathodic Coatings
2) By Anodic Electrocoating: Waterborne Anodic Electrocoating, Solventborne Anodic Electrocoating, Specialty Anodic Coatings
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What Emerging Trends Are Influencing The Growth Of The Electrocoating Market?
Significant advancements in product creation forms the main trend that is rapidly gaining traction in the electrocoating industry. Major corporations functioning in the electrocoating domain are concentrating on the launch of innovative products to maintain their prominence. For example, PPG Industries Inc., an American corporation that produces paints, coatings, electrocoating, and specialty materials, unveiled its PPG ENVIRO-PRIME EPIC 200R coatings in June 2023. These coatings consist of a variety of electrocoat or e-coat materials that cure at more moderate temperatures than their market counterparts. The customers are drawn to the sustainable attributes of these products, which include reduced energy use and CO2 emissions in their manufacturing process. The new product represents a substantial technological leap. Conventional e-coats often necessitate greater oven temperatures to ensure complete curing on thick substrates and intricate assemblies, potentially leading to inconsistencies in appearance and color. The PPG Enviro-Prime EPIC 200R system ensures comprehensive curing of coatings at lower baking temperatures, translating to a greener alternative that does not compromise on production speed or coating effectiveness.
Who Are the Key Players in the Electrocoating Market?
Major companies operating in the electrocoating market include:
• AkzoNobel
• PPG Industries
• BASF
• Sherwin-Williams
• DuPont
• Henkel
• Axalta Coating Systems
• Valspar
• Jotun
• Eastman Chemical Company
• RPM International
• 3M
• Royal DSM
• KCC Corporation
• CVC Specialty Chemicals
• Intech PPG
• Techno Coatings
• Cortec Corporation
• Clariant
• Kansai Paint
• Nippon Paint
• Carboline
• Tnemec Company
• Zircotec
• Mankiewicz
• Klockner Pentaplast
• American Industrial Coatings
• Superior Industrial Coatings
• Noroo Paint
• EonCoat
• Sika
What Is The Most Dominant Region In The Electrocoating Market?
Asia-Pacific was the largest region in the electrocoating market in 2024. The regions covered in the electrocoating market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
