Market Trends of Electrocoating (E-coat) Industry
This section covers the major market trends shaping the Electrocoating (E-coat) Market according to our research experts:
Cathodic Segment to Witness Strong Growth
- Cathodic type e-coat offers high chemical andcorrosion resistanceand is mostly used in the automotive and appliance industries. These types of coatings are generally preferred for the complex ware packages or parts with cavities or hidden portions that require coating.
- Their availability in a wide range of colors and glossmakes them an ideal choice for exterior one-coat final finishes.
- Cathodic epoxy is the traditional type of electrocoating used to provide corrosion resistance. Cathodic epoxy e-coating is extensively used in the automotive industry as it provides resistance to humidity and cyclic corrosion. Most of the automakers employ this e-coating for under the hood applicationsand as a prime coat.
- Similarly, cathodic acrylic e-coat is used in applications where, both, UV durability and corrosion protection on ferrous substrates (steel) are required. Cathodic acrylic electrocoating materials lend themselves to topcoat applications owing to their very good resistance to the ultraviolet rays from sunlight.
- Acrylic cathodic coat type is used as a one-coat finish for agricultural implements, garden equipment, appliances, and exterior HVAC, as only one coat of acrylic cathodic e-coat is enough for providing protection against UV rays and corrosion.
- All the aforementioned factors, in turn, are expected to increase the demand for the market, during the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share. Some of the major factors driving the demand for the e-coating market in the Asia-Pacific region are increasing automotive production, growing adoption of modern agricultural equipment by the farmers, and growing industrial sector.
- China continues to be the world’s largest automotive producer. The performance of the automotive industry was affected by the economic shifts and China's trade war with the United States.
- However, China is majorly focusing on increasing the production and sale of electric vehicles in the country. To achieve this, the country has planned to increase the production of electric vehicles (EVs) to 2 million a year by 2020, and 7 million a year by 2025. The target, if achieved, will increase the share of electric vehicles to 20% of the total new car production for China by 2025, which is likely to increase the demand for e-coat in the coming years.
- India has been witnessing huge investments in the automotive industry, which are further expected to increase production in the country. For instance, in 2018, Hyundai planned an investment of USD 1 billion in India by 2020. SAIC Motor has also announced its decision to invest USD 500 million in India by 2020.
- Hence, all such favorable trends and investments areexpected to drive the demand fore-coatover the forecast period.
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