Electrocoating Global Market Report 2023
Major players in the electrocoating market are Henkel AG & Co. KGaA, Axalta Coating Systems Ltd., B L Downey Co Llc, BASF SE, Burkard IndustriesInc., LCI Industries, Electro-Coatings of Iowa Inc., Greenkote PLC, Hawking Electrotechnology Ltd.
New York, March 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electrocoating Global Market Report 2023" - https://www.reportlinker.com/p06426367/?utm_source=GNW
, Luvata Oy, Dymax Corporation, The Valspar Corporation, Tru-Tone Finishing Inc., US Chrome Corporation, and PPG Industries Inc.
The global electrocoating market grew from $3.97 billion in 2022 to $4.35 billion in 2023 at a compound annual growth rate (CAGR) of 9.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The electrocoating market is expected to grow to $6.02 billion in 2027 at a CAGR of 8.5%.
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.
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.
Asia-Pacific was the largest region in the electrocoating market in 2022. The regions covered in the electrocoating market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of electrocoating are cathodic and anodic.The cathodic market refers to a process that is utilized in applications that demand both corrosion protection on ferrous substrates and UV durability.
It is also used in situations where light colors are necessary.The cathode is the positive or oxidising electrode that receives electrons from the external circuit and undergoes reduction during the electrochemical reaction.
The various equipment types include curing systems, coating and dispensing systems, handling systems, inspection systems, and others that are used in passenger cars, commercial vehicles, automotive parts and accessories, heavy-duty equipment, appliances, and other applications.
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, according to the International Energy Agency, a France-based autonomous intergovernmental organization, in 2020, the number of electric cars sold increased by 43% worldwide.
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 December 2020, Axalta Coating Systems Ltd., a US-based manufacturer of paints and industrial coating systems, launched AquaECTM 3500 EP, an environmentally-responsible electrocoat primer based on tin-free electrocoat Axalta technology. AquaECTM 3500 EP contains superior edge corrosion protection and meets all environmental constraints. It is a cost-effective solution that also offers energy savings.
In April 2022, Novaria Group, a US-based aerospace and defense company, acquired Hohman Plating for an undisclosed amount.Through this acquisition, Novaria Group aimed to enhance its position in aerospace and defense components and proprietary coating solutions.
Hohman Plating is a US-based metal finishing and coating company.
The countries covered in the electrocoating market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
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.
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