Electrocoating Global Market Report 2024

Electrocoating is a wet paint finishing method that involves immersing a metal in an electrically charged bath, utilizing electric current to deposit another metal onto the surface through hydrolysis. This process not only facilitates the application of paint but also contributes to adding thickness to objects. The electrocoating market finds widespread use across various industries for coating different metal components.

There are two main types of electrocoating such as cathodic and anodic. Cathodic electrocoating is employed in applications requiring corrosion protection for ferrous substrates and UV durability. It is particularly useful in scenarios where light colors are essential. In this process, the cathode serves as the positive or oxidizing electrode, receiving electrons from the external circuit and undergoing reduction during the electrochemical reaction. A range of equipment types is utilized in the electrocoating process, including curing systems, coating and dispensing systems, handling systems, inspection systems, and others. These systems find application in various sectors such as passenger cars, commercial vehicles, automotive parts and accessories, heavy-duty equipment, appliances, and more.

The electrocoating market research report is one of a series of new reports that provides electrocoating market statistics, including electrocoating industry global market size, regional shares, competitors with an electrocoating market share, detailed electrocoating market segments, market trends and opportunities, and any further data you may need to thrive in the electrocoating industry. This electrocoating market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

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 expansion observed in the historical period can be attributed to several factors, including the impact of environmental regulations, growth in the automotive industry, increased activity in industrial and commercial construction, rising demand for consumer electronics, and a heightened need for high-quality metal finishing. These elements collectively contributed to the overall growth during that timeframe.

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 anticipated growth in the forecast period can be linked to several key factors, including the expanding aerospace and defense sectors, a rise in infrastructure development projects, the adoption of sustainable coatings, ongoing global industrialization efforts, and the increasing demand for advanced electrocoating systems. Noteworthy trends expected in this period encompass technological advancements, continuous progress in electrocoating technology, the adoption of water-based coatings, the emergence of UV-curable electrocoatings, and the integration of Industry 4.0 practices into the electrocoating industry. These trends collectively contribute to the projected growth and evolution of the electrocoating market in the forecasted period.

The electrocoating market is expected to experience growth due to an increasing demand for electric vehicles (EVs). Electric vehicles, which rely either entirely or partially on electricity, utilize electrocoating as a primer coating for various parts and accessories. This coating is crucial for ensuring the long-lasting durability of metal components in electric vehicles. According to the International Energy Agency, the electric vehicle market share is expected to increase to 14% by 2022, with roughly ten million electric cars sold worldwide. This surge in demand for electric vehicles is a significant driver for the growth of the electrocoating market.

The electrocoating market is anticipated to benefit from the rising demand in the automotive industry. Electrocoating, also known as electrophoretic deposition (EPD) or e-coating, plays a crucial role in the automotive sector, providing an effective and versatile method for coating various vehicle components. It offers benefits such as corrosion protection, aesthetic finishing, and increased durability. In May 2023, Australia's automotive sector witnessed a 1.3% increase in vehicle production compared to the same period in 2022, emphasizing the growing demand in the automotive industry. The application of electrocoating in this sector contributes to the market's overall growth.

Product innovations are emerging as a key trend in the electrocoating market, with major companies focusing on introducing new and advanced products to maintain their competitive positions. For example, PPG Industries Inc., a US-based manufacturing company specializing in paints, coatings, and specialty materials, launched PPG ENVIRO-PRIME EPIC 200R coatings in June 2023. This collection of electrocoat materials cures at lower temperatures than competitors, providing sustainability features such as reduced energy consumption and CO2 emissions at production sites. The innovation addresses challenges associated with conventional e-coats, ensuring well-cured coatings at lower baking temperatures without compromising production throughput or coating performance.

Major companies in the electrocoating market are strategically forming partnerships to better serve their existing consumers. One notable example is the collaboration between PPG Industries Inc. and Satys Group in France for an aircraft e-coat system. This collaboration involves the installation of a PPG AEROCRON e-coat priming system at Satys' factory, providing electrocoating (e-coat) services for original equipment manufacturer (OEM) aircraft components. In June 2023, PPG Industries Inc. announced this partnership with Satys Group to bring new e-coat technology to key aircraft OEMs. The PPG Aerocron technology ensures a more consistent finish on aircraft components while using less paint compared to standard spray-applied processes, benefiting French clients. Satys Group, a France-based industrial company, will set up the PPG AEROCRON e-coat priming system at its factory in Dugny, France, as part of this collaboration.

In another instance, Novaria Group, a US-based aerospace and defense company, acquired Hohman Plating in April 2022 for an undisclosed amount. This strategic acquisition aimed to strengthen Novaria Group's position in aerospace and defense components, particularly in proprietary coating solutions. Hohman Plating, a US-based metal finishing and coating company, became part of Novaria Group through this transaction.

Major companies operating in the electrocoating market include 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.

Asia-Pacific was the largest region in the electrocoating market in 2023. The regions covered in the electrocoating market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the electrocoating market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The electrocoating market consists of sales of continuous motion, conveyorized tanks, batch installations, and bulk coating systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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