Electrocoating Market 2022 – Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Market Size & Forecast 2030

INTRODUCTION

E-coat, also known as electro-coat, is a coating method that uses electrically charged particles deposited from a water suspension to cover conductive parts. The thickness of the coating is determined by the applied voltage. The e-coat, or electronic coat, is electrically charged thanks to cutting-edge technology. Water suspension is employed to produce voltage in proportion to the thickness of these coats. The technology in these coats' primary role is to attract opposing charges. It's a painting technique in which the paint is settled using an electric current. The metal section is painted with water-based paint solutions. As per the market dynamics, the electrocoating market is projected to grow at the CAGR of 4.460% over the forecasted period.

Due to the novel coronavirus (COVID-19) pandemic, the electrocoating industry is predicted to increase slowly in 2021. This lethal virus has wreaked havoc around the globe, particularly in North America and Europe. Many companies have reported that COVID-19's disruption in component supply from multiple countries will affect their planned manufacturing. Due to numerous precautionary lockdowns imposed by governments to control the spread of disease, substantial interruptions in various production and supply-chain processes have resulted in significant financial losses for the market.

GROWTH DRIVERS

Due to its ability to coat even the most complex parts and assembled products while meeting specific performance requirements, electrocoating is widely used in the industry to coat products in a variety of categories, including appliances, automobiles, automotive parts, transformers, metal office furniture, and much more. The higher rate of utilization across the maximum level of end users determines the growth of global electrocoating market.

The increased need for passenger automobiles, heavy-duty vehicles, and commercial vehicles will increase the demand for e-coatings, propelling the electrocoating (E-coat) market's growth rate. In addition, the low-cost coating will increase market value. Electrocoating (E-coat) is expected to increase at a faster rate due to its higher performance and attributes.

In recent decades, the agricultural sector in Asia Pacific, particularly in China and India, has experienced substantial growth. Because of technological improvements and the incorporation of IoT, the agricultural equipment market is seeing a growth in demand. Agricultural equipment is alternately exposed to moist and dry conditions, reducing its resistance to corrosion and wear and tear. Coatings with good corrosion resistance and heat dissipation materials should be provided to extend its useful lifespan. E-coats with established corrosion resistant qualities are ideal for this application. The demand for e-coats in the agricultural equipment, parts, and accessories market is likely to rise in the future, thanks to rising sales of agricultural equipment, parts, and accessories.

The United States and European governments are particularly concerned about air pollution and are developing rules aimed at reducing or eliminating hazardous emissions. Regulatory considerations are also a market driver for e-coat, as it is advised that less volatile organic chemicals be used. The last two decades, the coatings industry has focused on developing environmentally friendly materials and coatings. This is the outcome of countries around the world enacting stronger environmental regulations and policies aimed at reducing VOC emissions from coatings.

Due to of their various properties, electrocoating materials have a lot of potential in the appliance market. UV protection, electrical conductivity, and durability are just a few of the features offered by these products.

In terms of new enterprises joining the e-coat market, the greater capital costs associated with setting up factories, as well as space constraints, deter new entrants and established players from establishing new production lines. Though coating the complete automotive body in a given amount of time appears to be feasible, the technology's current capital expenditures deter many companies from adopting it, as there is a risk that their production lines may not be able to satisfy demand on a daily basis. Some manufacturers, on the other hand, install their own equipment when the cost of it drops. As a result, the manufacturer's production quantities justify the cost savings from outsourcing the e-coat service.

Additionally, different colors necessitate different processing tanks, which will present a significant challenge to the industry.

ELECTROCOATING MARKET SEGMENTATION

By Type

·         Cathodic Epoxy

·         Cathodic Acrylic

·         Anodic

By Application

·         Passenger Cars

·         Commercial Vehicles

·         Automotive Parts & Accessories

·         Heavy-Duty Equipment

·         Agricultural Equipment

·         Construction Equipment

·         Military & Aerospace Equipment

·         Appliances

·         Others

By Region

·         North America

·         Europe

·         Asia Pacific (APAC)

·         Latin America

·         Middle East & Africa

REGIONAL OUTLOOK

Due to the sheer advancements in transportation manufacturing in the United States, North America controls the electrocoating (E-coat) market. Furthermore, increased orders for e-coat in army and security equipment, as well as construction and household commodities, are expected to expand market extension in the region over the future cycles.

Electrocoating is expected to increase rapidly in the Asia Pacific region, particularly in China, India, and Southeast Asian countries. Rapid industrialization, a shift in end-use industries' manufacturing bases, and an expansion in the number of applications are some of the primary drivers of the electrocoating market's growth. During the forecast period, large end-use applications such as passenger automobiles and commercial vehicles, together with rising demand in the Asia Pacific region, are likely to drive increased demand for electrocoating. The electrocoating market in Asia Pacific is being driven by factors such as a large and growing population base, as well as a movement of production units from North America and Europe to Asia Pacific.

KEY COMPANIES IN ELECTROCOATING MARKET

The research report offers a competitive analysis of prominent companies operating in the global electrocoating market. Some of the leading players profiled in the market research report include:

·         Allnex GmbH

·         Arkema

·         IFB Industries Limited

·         Solvay (U.S.)

·         FAWER Y-TEC Automotive Chassis System Co.,Ltd

·         Axalta Coating Systems

·         PPG Industries, Inc.

·         BASF SE

·         Nippon Paint Holdings Co., Ltd.

·         Valspar

·         Tatung Fine Chemicals Co., Ltd.

·         KCC Corporation

·         Luvata Oy

·         Hawking Electrotechnology Limited

·         NOROO Paint & Coatings Co., Ltd.

·         Other Players