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The Electrocoating Market size is estimated to reach US$5.2 billion by 2027 after growing at a CAGR of 4.0%. Electrocoating is an immersion wet paint finishing process in which electrical current is used to attract the paint produced to the metal surface. The process is mainly used to protect a wide range of metals used in different industries like automotive, aerospace, mining, electrical, etc. from corrosion, adhesiveness, degradation, and to improve their electrical conductivity. Electrocoating is done by two methods i.e., anodic and cathodic, and the coating materials used consist of polymer resin-like acrylic, silicone, polyurethane, etc. The drivers for the electrocoating market increase in demand for electric vehicles, an increase in construction activities, technological advancements in the agriculture equipment sector, and the evolving application in marine and midstream sectors. However, the electrocoating process requires a high capital cost for the installation of the e-coat system. Hence such a high cost of the e-coat system can reduce its usage in small scale end-users in regions, like in the European region, which can negatively impact the growth of the electrocoating industry in that region
Electrocoating has high industrial applications in the automotive sector it is used as primer coatings for parts & accessories, in aerospace, it is used for coating airframes, blades, and gears, in the construction sector it is used for coating heavy-duty equipment, etc. The negative impact left by COVID-19 harmed the functionality of such sectors as the lockdown and social restriction imposed by the government of countries decreased labor workforce, caused shutting down of various construction sites, automotive & aerospace factories. Hence such events led to a decrease in productivity of these sectors. For instance, as per the International Organization of Motor Vehicle Manufacturing, in 2020 there was a 16% global decline in vehicles production. In the 2021 report of the General Aviation Manufacturers Association, the Global business jet deliveries declined 20.4% to 644 aircraft in 2020 due to the COVID-19 pandemic. Moreover, as per International Construction and Infrastructure Surveys, the construction and infrastructure activities across all regions went down in Q1 of 2020 with China in the Asia-Pacific region having the sharpest workload contraction. Hence such a decrease in the productivity of these sectors harmed the usage of electrocoating, thereby hampering the growth of the electrocoating industry. However, industries showed some recoveries at the end of the year with the construction sector taking more infrastructure projects and the automotive sector increasing production of passenger and electric vehicles.
Electrocoating Market Segment – By Product Type
Cathodic electrocoating held the largest share in the electrocoating market in 2021, with a share of over 30%. This owns to factor like these coating types have high availability in a wide range of colors and gloss, have high chemical and corrosion resistance properties and they are designed to be compatible with a wide range of liquid and powder topcoat materials. Cathodic electrocoating has high industrial applicability like in automotive and mining industries wherein automotive sector it is used as a primer coating for under the hood parts and in the mining sector, it ensures long-lasting durability of metal parts. The rapid growth in the automotive and mining sector will have a positive impact on the demand for cathodic electrocoating. For instance, as per the November 2021 report of the Europe Automobile Manufacturer Association, the new passenger car registration in the first ten months of 2021 increased up to 2.2% with an increase shown in European Union markets like Italy showed 12.7%, Spain showed 5.6% and France showed 3.1%. Also, as per the National Bureau of Statistics in China mining production increased 7.3% in December 2021 as compared to last year. The increase in productivity of such sectors will increase the usage of electrocoating for parts & accessories in the automotive sector and metal parts of machinery in the mining sector
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Electrocoating Market Segment – By Material Type
The epoxy coating held the largest share in the electrocoating market in 2021, with a share of over 35%. This owns to factor like epoxy coating has super adhesion and corrosion protection properties which makes it have high industrial applicability. The epoxy coatings are used as a primer in automotive parts, aerospace parts, transformers, and appliances, and also it is used in exterior applications like structural steel in the construction sector, etc. The increase in the volume of automotive & aircraft production and construction activities has positively impacted the demand for epoxy coatings. For instance, in 2021 Boeing delivered 79 commercial aircraft in the second quarter compared to 20 deliveries in 2020, showing an increase of 79%, while Airbus delivered 172 aircraft in the second quarter in 2021 compared to 72 in 2020, showing an increase of 54%. Also, as per the October reports of Infrastructure Australia 2021, the major infrastructure activity relating to commercial buildings, civil infrastructure, and residential buildings will double in the next three years. Hence the increase in aircraft production will lead to more usage of epoxy coating for aircraft parts like wings, bearings, gears, etc., while the increase in construction activities will lead to more usage of structural steel which requires epoxy coating to make it anti-corrosive and anti-UV resistance.
Electrocoating Market Segment – By Application
Automotive parts & accessories held the largest share in the electrocoating market in 2021, with a share of over 30%. This owns to factors like electrocoating due to its anti-corrosive and humidity resistance properties act as cover for automotive parts like engine covers, bolts & frames, springs & splines, Driveshafts, etc. Hence the growing volume of the automotive sector will have a positive impact on the demand for electrocoating. For instance, as per European Automobile Manufacturers Association, the production and registration of passenger cars in the EU increased by 53.4% in 2021 with strong volume seen in Spain, France, Germany. Also, as per the European Association of Motorcycle Manufacturers, in European markets like France, Germany, Italy, Spain the two-wheeler production and registration rose by 10.6% in 2021 from last year. Hence, such an increase in demand for automotive vehicles will lead to more usage of electrocoats like cathodic electrocoats which have high applicability in interior parts of automotive.
Electrocoating Market Segment – By Geography
Asia-Pacific held the largest share in electrocoating market in 2021, with a share of over 35%. This owns to factor as the region consists of countries like China, India, Japan, South Korea, etc. which have well-established automotive sectors which are major users of electrocoating. For instance, as per the 2021 report of the European Automobile Manufacturers Association on global vehicle production from 74 million units, China produced a maximum share of 32% while Japan & Korea produced 16%. Also, as per the International Organization of Motor Vehicle Manufacturing, the global production volume of vehicles increased to 57 million in 2021 from 52 million in 2020, with Asia accounting for 50% of production. Hence as electrocoating applications are used mostly used in automotive vehicles like in passenger, a commercial for their parts and accessories, so the growing volume of automotive production in Asia-Pacific will increase the demand for electrocoating in the region, thereby positively impacting the growth of electrocoating industry.
Electrocoating Market Drivers
Increase in Demand for Electric vehicles
With the growing technological advancements, consumers have started shifting their demand from manual vehicles to electric hybrid vehicles. Various automotive plants for e-vehicles are being set up in countries. For instance, as per European Automobile Manufacturing Association, the production for e-vehicles increased up to 11% in 2020 from 3% in 2019 in the EU, and as per the International Energy Agency, electric car registration increased by 41% in 2020 globally, with China and Europe being the largest electric vehicle market. Hence electrocoating helps the batteries of electric vehicles in maintaining optimal temperature and also it reduces the risk of fire damage and electric interferences. The growing volume of electric vehicle production will lead to more usage of electrocoating for e-vehicles batteries, thereby having a positive impact on the growth of the electrocoating industry.
Increase in volume of construction activities
Emerging economies, rapid urbanization, and various infrastructural developments undertaken by countries have increased the scale of construction activity. For instance, as per the State Council for the People’s Republic of China, in July 2021 China has approved projects related to the development of affordable rental homes for better access to housing in China’s big cities. In 2019 National Development and Reform Commission of China approved 26 infrastructure projects estimated to be completed by 2023. Electrocoating applied on heavy-duty equipment such as scrapers, cranes strengthen the machinery performance and prevents them from degradation, corrosion. Hence, the increase in construction activities will lead to more usage of heavy-duty equipment, thereby creating more demand for electrocoats such as cathodic coatings which provide anti-corrosive properties and high-performance.
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Electrocoating Market Challenges
The high capital cost of electrocoating
Electrocoating is more capital intensive than any other coating operation as the e-coat system with appropriate equipment like the treatment system for process fluids represents a significant capital and staffing investment. Moreover, the maintenance work for e-coat lines is also very expensive as the paint has to be constantly processed with being suspended in the bath. This increases the operating cost of electrocoating which could harm profits. High capital investments in e-coat systems and equipment are not affordable by small-scale chemical manufacturers, auto-shops, etc. For instance, European countries like Germany, Belgium consist of a large number of small-scale auto workshops and service centers, hence the high capital cost of electrocoating equipment will reduce their applicability in such centers for automotive coating thereby decreasing the usage of electro coats like cathodic electrocoats. This can harm the growth of electrocoating industry in the European region.
Electrocoating Market Industry Outlook
The companies to develop a strong regional presence and strengthen their market position, continuously engage in mergers and acquisitions. Electrocoating Market top 10 companies include:
In September 2021, Dymax Corporation has released the Dual-Cure 9771 reworkable conformal coating, capable of curing with light and moisture to ensure a firm hold on the surface underneath PCBs in missiles, spacecraft, and satellites.
In 2019, PPG Industries Inc. invested US$10 million in a new 82,000 square-foot facility and class-A paint line at its Greenville, South Carolina, coatings services facility. The expansion will meet increased demand for class A coatings application and value-added services for the automotive and large truck markets.
Asia-Pacific dominates the electrocoating market as the region consists of countries like India, China, Japan, etc. which has major end-users of electrocoating like the automotive sector, electronic, construction, etc.
Electrocoating also has high applicability in the medical industry as medical instruments used are made of metals like titanium, gold, and silver, hence electrocoating enables these pieces of equipment to be wear resistance, corrosion, resistance, and have biocompatibility
The constant introduction of new vehicles and models has introduced new color trends in the automotive sector which can have a positive impact on cathodic electrocoating since it is available in a wide variety of colors.
A. Electroplating Market
B. Industrial Coatings Market
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