Electrocoating Market worth $5.0 billion by 2026 | Key players PPG Industries, Axalta Coating Systems, BASF SE, The Sherwin Willaims Company, Nippon Paint Holdings

According to recent market research the "Electrocoating Market by Type (Cathodic Epoxy, Cathodic Acrylic, Anodic), Application (Passenger Cars, Commercial Vehicles, Automotive Parts & Accessories, Heavy-Duty Equipment, Appliances) and Region - Global Forecast to 2026", size is projected to grow from USD 3.9 billion in 2021 to USD 5.0 billion by 2026, at a CAGR of 4.7% during the forecast period. The electrocoating market is growing due to the rise in the demand for cost-effective, advanced technology, and stringent government regulations globally.

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Cathodic epoxy electrocoating provides excellent corrosion resistance. It is widely used in the automotive industry, as it provides superior salt spray, humidity, and cyclic corrosion resistance. However, the cathodic epoxy technology generally requires a topcoat to be protected from sunlight. It can be formulated to provide protection over sharp edges and welds, without pulling back or exposing the metal underneath. As these coatings exhibit excellent throw power, it makes them a great choice for complex ware packages or parts with cavities or hidden areas that need a coating. Cathodic epoxy electrocoating delivers excellent corrosion resistance and provides one of the best primers available. The scope for improvement is not to increase the performance, but to reduce the cost. Two important advances that can lead to lower applied cost for electrocoating are low cure temperature for energy savings and improved throw power1/shutdown for reduced film build control, coverage, and reduced material use. Hence, increasing demand from applications such as passenger cars, commercial vehicles, appliances, etc will lead to growth of the electrocoating market during the forecast period.

Heavy-duty equipment is used in the construction industry to move large quantities of soil or to dig foundations and landscape areas. It is also generally referred to as earthmoving equipment. This includes agricultural equipment such as tractor, JCB, military, and aerospace applications. Materials with ultra-low cure temperatures have made it possible to electrocoating heavy gauge material that is difficult to handle by conventional method due to higher-temperature cure requirements. This capability can enhance corrosion resistance while reducing the applied cost on agricultural products and construction equipment. Electrocoating has military applications such as body panels, shipping containers, cab springs, cross members tailgate lifts, doors, vehicles, frame rails, and wheels. It is applied on more than 50% of heavy machinery vehicles. Therefore, the increase in urbanization and industrialization will augment the market growth.

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Electrocoating is a process used for depositing an organic paint film by means of an electrical charge. In this process, the part is immersed in an electrified tank, and the reaction between the electricity and the solution causes the paint to deposit on the substrate. Although this process is used in different applications, it is mostly known for its application in the automotive industry as a primer coat for automotive bodies. It provides a more uniform texture to the car body than conventional priming systems do and has become the most widely used priming process in the automotive industry.

The major drivers for the electrocoating market include superior performance and better properties of electrocoating in the market, green environmental regulations concerning the product, the least expensive coating, growth in the end-use industries such as appliances, automotive, construction, and furniture, and technological advancements. Only the high capital cost of equipment can restrain the market from growing. Some of the opportunities for manufacturers include growing application in the automotive industry in emerging economies such as China and India and booming agricultural equipment, shipbuilding, and pipeline industries. The major challenges faced by the manufacturers is that different colors require different processing tanks, and changing the tanks is time-consuming coupled with bottlenecks in supply chain due to Covid-19. However, the demand for electrocoating would show recovery with the recovery in demand from end-use industries. The global electrocoating market size is projected to grow from USD 3.9 billion in 2021 to USD 5.0 billion by 2026, at a CAGR of 4.7% during the forecast period.

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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) are some of the key players in the electrocoating market.

PPG Industries, Inc. is a global leader in advanced coatings, paints, and specialty materials. The company has two business segments: performance coatings and industrial coatings. It has been pioneering in solutions focused on technology and quality in the industrial market for more than 90 years. PPG is a leader in epoxy and acrylic electrocoat for industrial applications. Its products include black and grey cathodic epoxy electrocoat and PPG POWERCRON 6th Generation products.
The company provides a comprehensive mix of anodic and cathodic electrocoats to various markets. Its products are manufactured globally, supported by local sales and service teams that can provide timely, on-site support. The company is committed to innovation, sustainability, community engagement, and developing leading-edge paint, coatings, and specialty materials technologies. It serves customers in construction, consumer products, industrial, and transportation markets and aftermarkets with manufacturing facilities and equity affiliates in more than 70 countries.

Axalta Coating Systems, Ltd is one of the largest electrocoat producers globally, supplying e-coat products to most major light vehicles, commercial vehicle original equipment manufacturers, and a wide range of general industrial customers. The company operates under two business segments: performance coatings and transportation coatings. It offers a portfolio of qualified e-coatings formulated to meet unique customer needs with a complete range of the latest generation technologies and a team of technical experts to provide service and support.

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