Epoxy Electrocoating Market Biggest Innovation with Top Key Players -BASF, Axalta Coating Systems, Nippon Paint, PPG, Valspar, Shanghai Kinlita Chemical, KCC, Modine, Shimizu, Tatung Fine Chemicals

Epoxy Electrocoating Market is an intelligence report with meticulous efforts undertaken to study the right and valuable information.The global electrocoating market size is projected to grow from USD 2.9 billion in 2021 to USD 13.0 billion by 2032, at a CAGR of 467% during the forecast period. The demand for high-performance, cost-efficient, and eco-friendly coatings is expected to drive the growth of the market during the forecast period between 2021 to 2032. However, factory shutdowns, interrupted supply chains, and reduced demand from end-use industries has negatively affected the electrocoating market.

In addition, the Global Epoxy Electrocoating market study also covers several factors such as market status, key market trends, growth forecast, and growth opportunities. Furthermore, we analyze the challenges faced by the Global Epoxy Electrocoating market in terms of global and regional basis.

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Key Players Mentioned in the Global Epoxy Electrocoating Market Research Report: BASF, Axalta Coating Systems, Nippon Paint, PPG, Valspar, Shanghai Kinlita Chemical, KCC, Modine, Shimizu, Tatung Fine Chemicals

Global Epoxy Electrocoating Market Segmentation:

Epoxy Electrocoating Market Types:

Cathodic, Anodic, Other.

Epoxy Electrocoating Market Applications:

Automotive, Heavy Duty Equipment, Decorative & Hardware, Appliances, Other

Stricter environmental regulations to propel the market growth
The coating industry has been focusing on manufacturing environmentally friendly materials and coatings over the past two decades. This is the result of stricter environmental regulations and policies of governments across the globe regarding VOC emissions reduction from coatings. The US and European governments are especially concerned about air pollution and forming regulations heading towards less or zero harmful emissions. These regulations for reducing air pollution are expected to play a major role in improving the demand for e-coat.

Owing to very less or no HAP or VOC emissions during the electrocoating process, many product manufacturers have moved to e-coats for their applications. This also helps in product recycling and less hazardous waste generation during recycling, thus meeting the Resource Conservation and Recovery Act (RCRA). This will play a major role in improving the application areas of e-coats and further increasing their market in the future.

High capital cost of electrocoating to restrict the market growth
In terms of new companies entering the e-coat market, the higher capital cost involved in setting up the factories and space constraints restrain the new entrants or existing players from setting up new production lines. Though coating the entire automobile body within specified time seems to be viable, the existing capital costs for the technology restrains many companies from adopting the technology, as there are chances of not operating their production lines on daily basis to meet the demand. On the other hand, some manufacturers install their own equipment when its price falls; subsequently, the manufacturer's production volumes justify the savings from outsourcing the e-coat service.

Growing demand from agricultural equipment application to create lucrative opportunities for the market
The agricultural sector in Asia Pacific, especially in China and India, has witnessed a significant growth in past few decades. The agricultural equipment market is finding increase in demand due to advancements in technology and integration of IoT. The market size of agricultural equipment was around USD 180 billion in 2020 and is expected to increase further with advancements and improvements in power supply infrastructure, especially in developing countries like India, China, Brazil, and others. Owing to increasing demand from the agricultural sector and government subsidies for agricultural applications, the market is witnessing increase in demand in this region. The agricultural equipment is exposed to moisture and dry environments alternatively, making them lose their resistance to corrosion and wear and tear. In order to prolong its useful lifespan, coatings with excellent corrosion resistance and heat dissipation materials should be provided. E-coats with proven properties of corrosion resistance suits the application well. With increasing sales of agricultural equipment, parts, and accessories, the demand for e-coats in the segment is expected to increase in the future.
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Asia Pacific held the largest market share in the electrocoating market
Strong growth is likely to be witnessed for electrocoating in the Asia Pacific region, especially in China, India, and South-East Asian countries. Rapid industrialization, shift in the manufacturing bases of end-use industries, and an increase in the number of applications are some of the major drivers responsible for the growth of the electrocoating market. Large end-use applications such as passenger cars and commercial vehicles, coupled with increasing demand in the Asia Pacific region, are expected to further boost the demand for electrocoating during the forecast period. Factors such as the huge and increasing population base and the shift in manufacturing units from North America and Europe to Asia Pacific are driving the electrocoating market in the Asia Pacific region.

Key Market Players
Some of the key players in the global electrocoating market are PPG Industries, Inc. (US), Axalta Coating Systems, Ltd. (US), BASF SE (Germany), The Sherwin Willaims Company (US), Nippon Paint Holdings Co., Ltd. (Japan), Tatung Fine Chemicals Co., Ltd (Taiwan), KCC Corporation (South Korea), Kansai Paint Co., Ltd (Japan), B.L.Downey Company LLC (US), Hawking Electrotechnology Ltd (England), Therma-Tronx-X, Inc. (US), Parker Trutec, Inc (US).

These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the electrocoating industry. The study includes an in-depth competitive analysis of these key players in the electrocoating market, with their company profiles, recent developments, and key market strategies.

Table of Contents:

1 Study Coverage

2 Market by Type

3 Market by Application

4 Global Epoxy Electrocoating Competitor Landscape by Company

5 Global Epoxy Electrocoating Market Size by Region

6 Segment in Region Level & Country Level

7 Company Profiles

8 Industry Chain and Sales Channels Analysis

9 Research Findings and Conclusion

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Recent Developments
In March 2021, Axalta Coating Systems launched a new environmentally-responsible, cathodic tin-free electrocoat primer-a new addition to its industrial coatings portfolio. AquaECTM 3500 EP has been developed as the next-generation, tin-free electrocoat technology. It is formulated for automotive parts and accessories, agriculture, construction, and earthmoving equipment (ACE), general industry sectors, and industrial job coaters.
In August 2021, The Sherwin-Williams Company signed an agreement to acquire the European industrial coatings business of Sika AG. Industrial coatings business is a core competence for Sherwin-Williams. The acquired business is an important strategic opportunity to drive growth and support the expansion of its market position in Europe.

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