Electrocoating Market worth $5.0 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 11, 2022 /PRNewswire/ -- According to the new market research report "Electrocoating Market by Type (Cathodic Epoxy, Cathodic Acrylic, Anodic), Application (Passenger Cars, Commercial Vehicles, Automotive Parts & Accessories, Heavy-Duty Equipment, Appliances) and Region - Global Forecast to 2026", published by MarketsandMarkets™, the 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. The electrocoating market is growing due to the rise in the demand for cost-effective, advanced technology, and stringent government regulations globally.
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Cathodic epoxy accounts for a significant market share in terms of value and volume.
Cathodic epoxy electrocoating provides excellent corrosion resistance. It is widely used in the automotive industry, as it provides superior salt spray, humidity, and cyclic corrosion resistance. However, the cathodic epoxy technology generally requires a topcoat to be protected from sunlight. It can be formulated to provide protection over sharp edges and welds, without pulling back or exposing the metal underneath. As these coatings exhibit excellent throw power, it makes them a great choice for complex ware packages or parts with cavities or hidden areas that need a coating. Cathodic epoxy electrocoating delivers excellent corrosion resistance and provides one of the best primers available. The scope for improvement is not to increase the performance, but to reduce the cost. Two important advances that can lead to lower applied cost for electrocoating are low cure temperature for energy savings and improved throw power1/shutdown for reduced film build control, coverage, and reduced material use. Hence, increasing demand from applications such as passenger cars, commercial vehicles, appliances, etc will lead to growth of the electrocoating market during the forecast period.
Heavy-duty equipment to be the second-largest application in the global electrocoating market in terms of value and volume
Heavy-duty equipment is used in the construction industry to move large quantities of soil or to dig foundations and landscape areas. It is also generally referred to as earthmoving equipment. This includes agricultural equipment such as tractor, JCB, military, and aerospace applications. Materials with ultra-low cure temperatures have made it possible to electrocoating heavy gauge material that is difficult to handle by conventional method due to higher-temperature cure requirements. This capability can enhance corrosion resistance while reducing the applied cost on agricultural products and construction equipment. Electrocoating has military applications such as body panels, shipping containers, cab springs, cross members tailgate lifts, doors, vehicles, frame rails, and wheels. It is applied on more than 50% of heavy machinery vehicles. Therefore, the increase in urbanization and industrialization will augment the market growth.
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Asia Pacific to be the second-fastest-growing region in the electrocoating market during the forecast period
The Asia Pacific region is segmented into China, Japan, India, South Korea, Indonesia, and other Asia Pacific countries. The growth of the electrocoating market 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 (US) and BASF SE (Germany) 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. With a population of around 3.6 billion people in about 48 countries, the region accounts for almost one-third of the global GDP measured in terms of purchasing power parity (PPP).
The advancements and increase in automobiles production, along with increase in purchasing power of the public, are the major reasons for the increased consumption of electrocoating in the region.
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), and Parker Trutec, Inc (US).
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