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Electric Paint Global Market Share Projected to Reach $29.53 Billion by 2028: Akzo Nobel N.V., Sun Chemical Corp., Cima Nanotech Inc., MG Chemicals, Graphenano
Electric Paint Global Market
According to The Business Research Company's, The electric paint market size has grown strongly in recent years. It will grow from $21.22 billion in 2023 to $22.65 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to the rise of wearable technology, the internet of things (IoT) boom, renewable energy expansion, consumer electronics miniaturization, and healthcare technology advancements.
The electric paint market size is expected to see strong growth in the next few years. It will grow to $29.53 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to growth in internet of things (IoT) devices, the expansion of touchscreen technology, advancements in printed electronics, and the and the integration of smart home devices. Major trends in the forecast period include expansion in internet of things devices, innovation in automotive electronics, customization for DIY projects, expansion into medical devices, and incorporation in energy harvesting systems.
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Market Drivers and Trends:
The increasing production of consumer electronics is expected to propel the growth of the electric paint market going forward. Consumer electronics refer to electronic devices designed for everyday use by individuals, including smartphones, laptops, televisions, and home appliances. Consumer electronics is increasing due to advancements in technology, rising disposable incomes, evolving lifestyles, and growing demand for connected devices, entertainment options, and smart home solutions. Electric paint finds application in consumer electronics for creating conductive pathways, capacitive sensors, and interactive surfaces. For instance, in May 2023, according to the Japan Electronics and Information Technology Industries Association, a Japan-based trade association, the total electronic equipment production in Japan reached $5,128.55 million (¥771,457 million). In addition, consumer electronics production reached $213.39 million (¥32,099 million) in May 2023, compared to $155.79 million (¥23,425 million) in January 2023. Therefore, increasing production of consumer electronics is driving the growth of the electric paint market.
Major companies operating in the electric paint market are focusing on specialized formulations tailored for electric vehicle applications, such as conductive powder coatings, to enhance durability and address unique challenges in vehicle electrification. Conductive powder coatings can provide superior adhesion, chemical resistance, thermal stability, and insulation properties, ensuring long-term reliability and efficiency. For instance, in January 2023, Akzo Nobel N.V., a Netherlands-based company engaged in manufacturing paints and performance coatings, launched a range of Resicoat EV powder coatings to protect the battery system and electrical components of a new generation of electric vehicles. This new range offers advanced technologies to protect and enhance various components of electric vehicles, such as motors, battery systems, and electrical storage units. It also includes Resicoat EVpack for battery pack protection, Resicoat EVcell for cell-to-cell insulation, and Resicoat EVcooling for superior thermal and electrical performance in cooling applications.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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Major Key Players of the Market:
Heraeus Holding GmbH, Henkel AG & Co. KGaA, PPG Industries Inc., Parker Hannifin Corp., DuPont de Nemours Inc., Akzo Nobel N.V., Sun Chemical Corp., Novacentrix, Electrolube Ltd., Acheson Industries, Lechler S.p.A., Integran Technologies Inc., Cima Nanotech Inc., MG Chemicals, Graphenano, Voltera, Promethean Particles Ltd., Creative Materials Inc., Bare Conductive Ltd., Intelligent Material Solutions Inc., Applied Graphene Materials, Nano3D Biosciences Inc
Electric Paint Market 2024 Key Insights:
• The electric paint market size is expected to see strong growth in the next few years. It will grow to $29.53 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Surge in Consumer Electronics Production Sparks Growth Opportunities
• Specialized Formulations For Electric Vehicle Applications
• Asia-Pacific was the largest region in the electric paint market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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