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The global e-coat market is likely to touch USD 5.42 billion at a 4.5% CAGR between 2023-2030, according to the new report by Market Research Future (MRFR). E-coat or electrocoat is a stable emulsion of de-ionized water & organic resins containing ionic components and solvents. This process uses electric current for depositing paint on the metal part and follows a sequence of operations- clean, rinse, acid etching, rinse again, wetting agent dip, rinsing the electrocoat, recovery & curing with convection oven or infra-red.
Various factors are propelling the global e-coat market growth. According to the new MRFR report, such factors include booming automotive sector, growing demand for low-VOC coatings, growing manufacturing activities, rising appliances industries, and growing demand from the agriculture sector that has created a new platform for e-coat market. Additional factors adding market growth include emerging economies, low cost of coating, green environmental regulations, high physical strength with excellent properties, and the rising number of vehicles.
On the contrary, environmental and health concerns about VOC content that is released from e-coat coupled with major challenges faced by manufacturers are factors that are likely to impede the global e-coat market growth over the forecast period. Worldwide lockdown and social distancing due to the COVID-19 pandemic have resulted in a halt in the industries, thereby impacting the market growth.
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Market Segmentation
The MRFR report gives an inclusive segmental analysis of the global e-coat market based on product type & application.
By product type, the global e-coat market is segmented into Cathodic Epoxy, Cathodic Acrylic, Anodic
By application, the global e-coat market is segmented into heavy vehicles, automotive accessories, commercial vehicles, personal vehicles, and others.
Regional Analysis
Based on the region, the global e-coat market report covers the growth opportunities and recent trends across North America, Europe, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, the APAC region will have the lions share over the forecast period. Growing non-residential and residential activities, and demand from the automotive industry are adding to the global e-coat market growth in the region. China has the maximum share in the region as it is the largest exporter, manufacturer, and consumer of e-coating followed by India. Various initiatives are undertaken via the Government of India, such as Make in India that is boosting the market growth. This initiative will allow duty rationalization for skill development, improving infrastructure, feedstock, and tax initiatives for research and development investments. Besides, the approval of the GST Bill, the launch of Single Window Interface for Facilitating Trade (SWIFT) by the government, growing demand from the auto sector especially in Japan, India, and China, and rising manufacturing of electronic and electrical products in China are also adding market growth.
The global e-coat market in North America is predicted to have the second-largest share over the forecast period. New construction activities, renovation, growing non-residential repair, increasing production of vehicles in the US, and surging demand for e-coat in building and household products and military and defence are adding to the global e-coat market growth in the region.
The global e-coat market in Europe is predicted to have healthy growth over the forecast period. Burgeoning demand from electrical and automotive industries, coupled with growing demand from the sports and recreation industry are adding to the global e-coat market growth in the region.
The global e-coat market in the Middle East and Africa and Latin America are predicted to have moderate growth over the forecast period. Burgeoning demand for e-coat from the automotive and building and household industry is adding to the global e-coat market growth in the region.
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Key Players
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
