Electrocoat Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3950
Electrocoat Market size will witness favorable growth trends in the coming years as it is an organic finishing method which is used to deposit paint with the help of electric current. The process is based on the principle of “the material with opposite charges attract”. In this method, metal part to be deposited is immersed in a bath of oppositely charged paint particles. DC charge is applied to this metal part which leads to the attraction of paint particles to the metal part. Finally, paint is deposited on the metal part by formation of even and uniform film of required thickness.
Electrocoat market will be driven by increasing applications in automotive industry in future. Electrocoat is used on seat tracks, wheels, truck chassis, space frames, cross members and many other components. One of the main reasons it is used in automotive industry is due to its ability to provide corrosion resistance. Additionally, it is cost effective and provides superior finishing to automobile parts & components. The worldwide demand of automobiles is rising due to increasing population, rising spending tendency of people and changing consumer preferences. Moreover, technological progressions coupled with huge investments to manufacture automobiles with improved safety, longevity and efficiency will create positive outlook for automobile sector in upcoming years. This in turn will spur the electrocoat market growth during the forecast timespan.
Electrocoat is widely used in household appliances such as microwave ovens, range hoods, laundry machines, air conditioners, water coolers, refrigerators, etc. It offers excellent color and gloss retention along with ability to replace two-coat operations with one-coat process. Urbanization and increasing disposable income levels are fueling the household appliance sector growth. Many companies are developing new products with the help of research and development activities which are superior and efficient over their predecessors. These product innovation and development initiatives are supported by favorable government policies. This will create ample opportunities for the electrocoat market in future.
The electrocoat market will witness promising trends in future owing to largescale applications in heavy duty equipments in agricultural & construction industry. Growing global population will generate more demand for food grains thereby farmers will be compelled to produce more yield with efficient use of agricultural equipments. Additionally, recent technological progressions and government incentives will generate favorable growth trends for agricultural equipments sector. Such trends will bolster the product demand in future. Rising residential and commercial building construction activities all over the world will generate the need for construction equipments. Surge in infrastructure investment by various countries to build world-class infrastructure will propel the construction equipments sector. Hence, the aforementioned trends will augment the growth of the market between 2019 to 2025.
Electrocoat market is divided on the basis of type, technology and end-user industry. Based on type, the market is segmented into anodic and cathodic. Based on technology, the market is categorized into cathodic epoxy, cathodic acrylic, anodic epoxy and anodic acrylic. Based on end-user, the market is classified into automotive, household appliances, heavy duty equipment, military & defense and others.
North America will capture significant market share in electrocoat market by 2025 owing to thriving automotive industry. Despite slight decline in global automotive production for the year 2018, U.S. showed growth of 1.1% over the production of 2017 according to Organisation Internationale des Constructeurs d'Automobiles (OICA). Asia Pacific exhibits huge potential for electrocoat market due to rising demand from various end-user industries such as Automotive, agriculture, construction, etc. Future infrastructure development projects in China, India and Southeast Asian countries will catapult the product demand. Europe will grow at steady rate within the forecast time period owing to favorable trends associated with household appliances industry. According to APPLiA, household appliances industry turnover is increased by more than USD 2.5 billion between 2017 to 2018. Such trends will positively influence the growth of the market.
Some of the key players in the electrocoat market are PPG Industries, Inc., Hartford Finishing, Inc., Clearclad Coatings LLC, Barron Metal Finishing, Coatec India, Valmont Coatings, Axalta Coating Systems Ltd. and others.
Electrocoat Market, By Type, 2014-2025 (USD xx)
Electrocoat Market, By Technology, 2014-2025 (USD xx)
- Cathodic epoxy
- Cathodic acrylic
- Anodic epoxy
- Anodic acrylic
Electrocoat Market, By End-user, 2014-2025 (USD xx)
- Household appliances
- Heavy duty equipment
- Military & defense
The above information has been provided for the following regions and countries:
- North America
- South Korea
- Latin America
- Saudi Arabia
- South Africa
- PPG Industries, Inc.
- Hartford Finishing, Inc.
- Clearclad Coatings LLC
- Barron Metal Finishing
- Coatec India
- Valmont Coatings
- Axalta Coating Systems Ltd.
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