E-coat Market Insights
As per Market Research Future Reports analysis, the global e-coat market is set to expand and reach USD 4.1 billion valuation by 2022. The registered CAGR is 5.1%, which is given an estimation that the market would rise exponentially in the future due to several crucial factors backing the market strongly.
Electrophoretic Painting Process, abbreviately known as E-Coat is stated as a process where a metal is immersed in a water-based solution that contains a paint emulsion. After it, an electric voltage is applied to the metal causing the paint emulsion to condense onto the part. This part gets painted both inside and out, whereas the liquid is able to reach a metal surface. This coating thickness is limited by the applied voltage. Due to such coating, the metal become insulators thus allowing lower voltage areas to build up.
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Global E-Coat Market: Drivers & Trends
According to MRFR reports, the major drivers of the global e-coat market are swelling demand from automotive, electrical& electronics, aerospace & defense and other industrial sectors. The properties of E-coat are highly notable due to its high performance, high corrosion-resistance and eco-friendly nature, which surges the demand for the product and will in the future.
Over the past few years, e-coating market has eventually witnessed healthy demand owing to increasing spending of people, which has encouraged sales of furniture. Nevertheless, cutthroat competition among the key market players is still less due to limited market players across the globe. Global market for E-Coating is thus fragmented and is moving towards growth expansion by adopting partnership, expansion and joint-venture strategies and product launch strategies. All these factors are supporting in the expansion of the global e-coat market, which is expected to surge in the forecast period, asserts MRFR.
On the other hand, the other major factors which are driving the global market are rapidly are noted to be swelling number of vehicles, high physical strengths with superior properties, green environment regulations, low cost of coating, emerging economies and others. Therefore, the rising demand from the agriculture sector has also created a new platform for the e-coat market to expand profusely along with proliferating demand of automotive. By looking at such eminent features, however, it is expected that there would be an ample opportunity for the overall growth of the global market during the forecast period.
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Global E-Coat Market Segmentation
In the reports published by MRFR, the global e-coat market has been segmented on the basis of product types, application, and region.
By the segmentation of product types, the market includes anodic e-coat and cathodic e-coat.
By the segmentation of application, the market includes personal vehicles, commercial vehicles, automotive accessories, heavy vehicles and other.
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On a geographical note, Asia-Pacific has accounted for the largest market share in 2015 and is expected to lead the market during the forecast period.
India remains the second largest consumer in Asia Pacific region as several initiatives have been taken by Government of India on e-coat, which supported the growth of coating industry in India. One of the most crucial initiative is ‘Make in India’, which also fostered the growth of Indian e-coat market by allowing duty rationalization for skill development, feedstock, improving infrastructure and tax incentives for R&D investments.
Some of the key players in this market are Ad-Tech Industries Inc., Axalta Coating Systems, Nippon Paint Holdings, Beacon Industries, Inc., BASF SE, PPG Industries, KCC Corporation, Valspar Corporation, Noroo Paint & Coatings, Hawking Electrotechnology and others.
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.