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3. Increased demand for electrocoating from automotive & transportation end-use industry to drive the growth of the Market

Electrocoating is a process used for depositing an organic paint film by means of an electrical charge. In this process, the part is immersed in an electrified tank, and the reaction between the electricity and the solution causes the paint to deposit on the substrate. Although this process is used in different applications, it is mostly known for its application in the automotive industry as a primer coat for automotive bodies. It provides a more uniform texture to the car body than conventional priming systems do and has become the most widely used priming process in the automotive industry.

The major drivers for the electrocoating market include superior performance and better properties of electrocoating in the market, green environmental regulations concerning the product, the least expensive coating, growth in the end-use industries such as appliances, automotive, construction, and furniture, and technological advancements. Only the high capital cost of equipment can restrain the market from growing. Some of the opportunities for manufacturers include growing application in the automotive industry in emerging economies such as China and India and booming agricultural equipment, shipbuilding, and pipeline industries. The major challenges faced by the manufacturers is that different colors require different processing tanks, and changing the tanks is time-consuming coupled with bottlenecks in supply chain due to Covid-19. However, the demand for electrocoating would show recovery with the recovery in demand from end-use industries. The global electrocoating market size is projected to grow from USD 3.9 billion in 2021 to USD 5.0 billion by 2026, at a CAGR of 4.7% during the forecast period.

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Companies operating in the electrocoating market have strengthened their position by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions from 2016-2021. For instance, Axalta Coating Systems launched a new environmentally-responsible, cathodic tin-free electrocoat primer—a new addition to its industrial coatings portfolio in March 2021. AquaECTM 3500 EP has been developed as the next-generation, tin-free electrocoat technology. It is formulated for automotive parts and accessories, agriculture, construction, and earthmoving equipment (ACE), general industry sectors, and industrial job coaters.

PPG Industries, Inc. (US), Axalta Coating Systems, Ltd. (US), BASF SE (Germany), The Sherwin Willaims Company (US), Nippon Paint Holdings Co., Ltd. (Japan), Tatung Fine Chemicals Co., Ltd (Taiwan), KCC Corporation (South Korea), Kansai Paint Co., Ltd (Japan), B.L.Downey Company LLC (US), Hawking Electrotechnology Ltd (England), Therma-Tronx-X, Inc. (US), Parker Trutec, Inc (US) are some of the key players in the electrocoating market.

PPG Industries, Inc. is a global leader in advanced coatings, paints, and specialty materials. The company has two business segments: performance coatings and industrial coatings. It has been pioneering in solutions focused on technology and quality in the industrial market for more than 90 years. PPG is a leader in epoxy and acrylic electrocoat for industrial applications. Its products include black and grey cathodic epoxy electrocoat and PPG POWERCRON 6th Generation products.

The company provides a comprehensive mix of anodic and cathodic electrocoats to various markets. Its products are manufactured globally, supported by local sales and service teams that can provide timely, on-site support. The company is committed to innovation, sustainability, community engagement, and developing leading-edge paint, coatings, and specialty materials technologies. It serves customers in construction, consumer products, industrial, and transportation markets and aftermarkets with manufacturing facilities and equity affiliates in more than 70 countries.

Axalta Coating Systems, Ltd is one of the largest electrocoat producers globally, supplying e-coat products to most major light vehicles, commercial vehicle original equipment manufacturers, and a wide range of general industrial customers. The company operates under two business segments: performance coatings and transportation coatings. It offers a portfolio of qualified e-coatings formulated to meet unique customer needs with a complete range of the latest generation technologies and a team of technical experts to provide service and support.

Axaltas electrocoats are high-performance products formulated to provide reliable mechanical strength and superior corrosion protection. Each is water-based, and therefore helps support environmental goals, and is formulated to ensure superior performance over various substrates, including hot-rolled steel, cold-rolled steel, galvanized steel, aluminum, and magnesium. It offers a variety of e-coat formulations such as lead-free and tin-free products, low VOC and HAPS-free systems, and formulations with special benefits such as improved edge protection, low-temperature bake capability, and improved throw power. The company has adopted AquaEC as the single name for its entire E-Coat product portfolio.

Related Reports:

Electrocoating Market by Type (Cathodic Epoxy, Cathodic Acrylic, Anodic), Application (Passenger Cars, Commercial Vehicles, Automotive Parts & Accessories, Heavy-Duty Equipment, Appliances) and Region - Global Forecast to 2026

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