Overview and Scope
Electrocoating refers to the immersion wet paint finishing process that uses electric current to coat a metal with another metal through the process of hydrolysis, which helps the electrical current deposit paint on a surface. It also helps to give thickness to objects. The electrocoating market is used in industries to coat a wide range of metal components.
Sizing and Forecast
The electrocoating market size has grown strongly in recent years. It will grow from <b>$4.11 billion in 2023 to $4.37 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. </b> 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 <b>$5.62 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. </b> 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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Segmentation & Regional Insights
The electrocoating market covered in this report is segmented –
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
<b>Asia-Pacific</b> was the largest region in the electrocoating market in 2023. The regions covered in the electrocoating market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the electrocoating market include <b> 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. </b>
The electrocoating market report table of contents includes
1. Executive Summary
2. Electrocoating Market Characteristics
3. Electrocoating Market Trends And Strategies
4. Electrocoating Market – Macro Economic Scenario
5. Global Electrocoating Market Size and Growth
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31. Global Electrocoating Market Competitive Benchmarking
32. Global Electrocoating Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Electrocoating Market
34. Electrocoating Market Future Outlook and Potential Analysis
35. Appendix
Top Major Players:
Henkel AG & Co.
KGaA
Axalta Coating Systems Ltd.
BASF SE
Burkard Industries Inc
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