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Electrocoating Market Forecast 2024-2033: In-Depth Size, Trends, and Share Analysis
Electrocoating Global Market Report 2024
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According to The Business Research Company's, 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 electrocoatings, industry 4.0 integration.
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Market Drivers and Trends:
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.
Product innovations are the key trends gaining popularity in the electrocoating market. Major companies operating in the electrocoating sector are focused on introducing new products to sustain their position. For instance, in June 2023, PPG Industries Inc., a US-based manufacturing company of paints, coatings, electrocoating, and specialty materials, launched PPG ENVIRO-PRIME EPIC 200R coatings. PPG ENVIRO-PRIME EPIC 200R coatings are a collection of electrocoat (e-coat) materials that cure at lower temperatures than competitors. Customers benefit from the items' sustainability features, such as lower energy consumption and CO2 emissions at production sites. It is a revolutionary innovation. Higher oven temperatures are often required for conventional e-coats to cure across thicker substrates and complicated assemblies, leading to uneven appearance and color variances. The PPG Enviro-Prime EPIC 200R platform guarantees well-cured coatings at lower baking temperatures, resulting in a more sustainable solution that does not compromise production throughput or coating performance.
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Major Key Players of the Market:
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, Hawking Electrotechnology Ltd., Luvata Oy, Dymax Corporation, The Valspar Corporation, Tru-Tone Finishing Inc., US Chrome Corporation, PPG Industries Inc., Parker Trutec Inc., Greenfield Finishing LLC, Oklahoma Custom Coatings LLC, Protech Chemicals Ltd., Lippert Components Inc., KISCO Limited, Kansai Nerolac Paints Ltd., Nihon Parkerizing Co. Ltd., The Sherwin-Williams Company, Surface Technology Inc., Ecoat Inc., Kor-Chem Inc., Fisher-Barton Group Inc.
Electrocoating Market 2024 Key Insights:
• 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%.
• Electric Vehicle Boom Fuels Growth In The Electrocoating Market
• Innovative Product Developments Transforming The Electrocoating Market Ppg's Low-Temperature Ppg Enviro-Prime Epic 200R Coatings
• Asia-Pacific was the largest region in the electrocoating market in 2023
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