The global E-coat market is experiencing growth due to an increase in penetration of E-coat components in the automotive industry and robust demand from the building and construction industry.
PORTLAND, Ore., Sept. 21, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "E-coat Market by Type (Cathodic epoxy, cathodic acrylic, and anodic) by Application (passenger cars, commercial vehicles, automotive parts and accessories, heavy duty equipment, and others.): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global E-coat market was valued at $2.3 billion in 2022, and is projected to reach $3.7 billion by 2032, growing at a CAGR of 5.1% from 2023 to 2032.
E-coating, alternatively referred to as Electrophoretic Painting, Electrocoating, Electropainting, and other names, is an advanced process that has undergone significant development and advancement over the past five decades. This process finds extensive application across various industries, as it delivers a uniform and resilient finish to metal objects and components. The E-coating process offers a multitude of benefits, including outstanding corrosion resistance, consistent coating thickness, and the capability to coat intricate shapes and areas that are challenging to access.
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Prime determinants of growth
Increase in investments in building infrastructure in countries such as the U.S., China, Japan, Mexico, and India, have led the building & construction sector to witness a significant growth where E-coats are used for flooring, wall finishing, and roofing applications. However, high cost and complex pre-treatment restrain the market growth to some extent. Moreover, sustainable economic growth coupled with increasing demand for consumer goods has led the automotive & transportation sector to witness a significant increase in demand which will offers remunerative opportunities for the expansion of the E-coat market.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $2.3 billion |
Market Size in 2032 | $3.7 billion |
CAGR | 5.1 % |
No. of Pages in Report | 349 |
Segments Covered | Type, Application, and Region. |
Drivers | Increase in penetration of E-coat components in automotive industry Robust demand from building and construction industry |
Opportunity | Green and sustainable coatings and emergence of advance coating formulation |
Restraint | High cost and complex pre-treatment |
Impact of Russia Ukraine War on the E-coat Market
- Russia Ukraine conflict led to broader economic repercussions; which affected consumer purchasing power and overall economic growth. This, in turn, impacted industries that utilize e-coating in their manufacturing processes.
- In response to geopolitical events, countries might alter their trade policies, regulations, and standards. Changes in regulations could influence the e-coating industry's operations and market dynamics. Public awareness about the importance of transitioning to sustainable and renewable energy sources has enhanced the E-coat market during the forecast period.
The cathodic epoxy type segment is expected to grow faster throughout the forecast period
Based on type, the cathodic epoxy segment held the highest market share in 2022, accounting for around half of the global E-coat market revenue and is estimated to maintain its leadership status throughout the forecast period. Cathodic epoxy e-coat is well-suited to provide the required level of protection for automotive components. Furthermore, increasing environmental regulations have led industries to seek out more environmentally friendly coating solutions with reduced volatile organic compounds (VOCs) emissions. The same segment would cite the fastest CAGR of 5.3% throughout the forecast timeframe.
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The passenger cars segment is expected to lead the trail by 2032
Based on the application, the passenger cars segment held the highest market share in 2022, accounting for nearly two-third of the global E-coat market revenue and is estimated to dominate during the forecast period. E-coating is used on safety-critical components like airbag brackets and mounting points. Ensuring the integrity of these components is essential for passenger safety. These factors are anticipated to boost market growth during the forecast period. However, the automotive parts and accessories segment is projected to manifest the highest CAGR of 5.4% from 2023 to 2032.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly three-fifths of the global E-coat market revenue and is expected to rule the roost in terms of revenue throughout the forecast timeframe. The same segment is projected to cite the fastest CAGR of 5.4% from 2023 to 2032. China's robust manufacturing sector includes automotive, electronics, appliances, and more. E-coating is used in various industries to protect components from corrosion and wear. Japan is known for its automotive and electronics industries, both of which require e-coating to protect components from corrosion and maintain high-quality standards. Japan is known for its automotive and electronics industries, both of which require e-coating to protect components from corrosion and maintain high-quality standards.
Leading Market Players: -
- PPG INDUSTRIES, INC.
- AXALTA COATING SYSTEMS, LTD
- BASF SE
- NIPPON PAINT HOLDINGS CO., LTD.
- THE SHERWIN-WILLIAMS COMPANY
- KCC CORPORATION.
- TATUNG FINE CHEMICALS CO.
- KANSAI PAINT CO., LTD.
- B.L DOWNEY COMPANY LLC.
- PARKER TRUTEC, INC.
The report provides a detailed analysis of these key players in the global E-coat market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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