Press release
Electrocoating Market Potential Growth, Major Players, Essential Insights, Drivers And Forecast To 2033
Electrocoating Market Overview
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the electrocoating industry. This report on electrocoating market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The electrocoating market size has grown strongly in recent years. It will grow from $4.11 billion in 2023 to $4.37 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to environmental regulations, automotive industry growth, industrial and commercial construction, consumer electronics, demand for high-quality metal finishing.
The electrocoating market size is expected to see strong growth in the next few years. It will grow to $5.62 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to growth of the aerospace and defense sectors, increasing infrastructure development, sustainable coatings, global industrialization, the need for electrocoating systems. Major trends in the forecast period include technological advancements, ongoing advancements in electrocoating technology, water-based coatings, uv-curable electrocoating, industry 4.0 integration.
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Key Market Players:
Henkel AG & Co. KGaA, Axalta Coating Systems Ltd., B.L. Downey Co. LLC, BASF SE, Burkard Industries Inc., LCI Industries, Electro-Coatings of Iowa Inc., Greenkote PLC are prominent players in the electrocoating industry.
Market Drivers:
According to the Electrocoating Market Report 2024 by The Business Research Company, An increase in demand for electric vehicles is expected to propel the growth of the electrocoating market going forward. Electric vehicles (EVs) are vehicles that are either fully or partially powered by electricity. The electrocoating is used as a primer coating for electric vehicle parts and accessories to ensure the long-lasting durability of metal parts. For instance, in April 2023, according to the International Energy Agency, a France-based global research and statistics gathering organization for the energy sector, by 2022, roughly ten million electric cars will have been sold worldwide, with the electric vehicle market share increasing to 14% from 4% two years ago and expected to expand further. Therefore, the increase in demand for electric vehicles is driving the growth of the electrocoating market.
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Market segments for electrocoating include:
1) By Type: Cathodic, Anodic
2) By Equipment: Curing System, Coating And Dispensing Systems, Handling Systems, Inspection System, Other Equipments
3) By Application: Passenger Cars, Commercial Vehicles, Automotive Parts And Accessories, Heavy-Duty Equipment, Appliances, Other Applications
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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