PUNE, India, August 10, 2016 /PRNewswire/ --
d AThe report "E-Coat Market by Type (Cathodic Epoxy, Cathodic Acrylic, and Anodic), Application (Passenger Cars, Commercial Vehicles, Automotive Parts & Accessories, Heavy-Duty Equipment, and Appliances), and Region - Global Forecast to 2021", published by MarketsandMarkets, The market is projected to reach USD 3.80 Billion by 2021, registering a CAGR of 4.34% between 2016 and 2021.
Browse 162 market data Tables and 67 Figures spread through 179 Pages and in-depth TOC on "E-Coat Market"
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Superior performance of e-coats, compliance to environmental regulations, low cost, and growth in the end-use industries such as automotive and appliances are expected to drive the e-coat market.
Passenger cars application expected to drive the global e-coat market
Passenger car is the most popular and the fastest-growing segment in the automotive industry. The main market for passenger cars includes Germany, China, Japan, South Korea, and India. The application of metallic paints has increased in passenger cars, as they provide sparkling and glossy effect, due to which there is high demand among customers. The automotive manufacturers have introduced the trend of color customization in vehicles, especially in passenger cars, which is expected to drive the market. In addition, an increase in the disposable income of consumers in developing economies has fueled the demand of passenger cars. Automotive companies are establishing manufacturing facilities in emerging countries to cater to this increased demand.
Cathodic epoxy is the dominant type of e-coat
In 2016, the cathodic epoxy segment is estimated to account for the largest market share, in terms of value. Cathodic epoxy e-coat is the conventional type of e-coat used to provide corrosion resistance to the automotive and appliances bodies. It is widely used in the automotive industry, as it provides superior salt spray, resistance to humidity, and cyclic corrosion resistance. However, the cathodic epoxy technology, when applied on automotive bodies, generally requires a topcoat for protection from sunlight. It can be formulated to provide protection over sharp edges and welds without removing or exposing the metal underneath. As these coatings exhibit excellent throw power, it makes them a preferred choice for complex ware packages or parts with cavities or hidden areas that need coating.
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The Indian automotive industry is witnessing a phase of rapid transformation and growth, mainly driven by healthy economic conditions and growing infrastructure development. The Indian automotive industry has emerged as the seventh largest in the world. Global automotive companies have estimated India as a global sourcing hub due to its rapidly increasing demand. In India, healthy economic growth, changing consumer preferences, improvement in the standard of living and increased spending on infrastructure development in the automotive and electronics segments are expected to drive the E-Coat Market in the Asia-Pacific region.
Key market players in the global e-coat market
The key players in this market are Axalta Coating Systems (U.S.), PPG Industries, Inc. (U.S.), BASF SE (Germany), Nippon Paint Holdings Co., Ltd. (Japan), The Valspar Corporation (U.S.), Tatung Fine Chemicals Co., Ltd. (Taiwan), KCC Corporation (Korea), Luvata Oy (Finland), Hawking Electrotechnology Ltd. (U.K.), and NOROO Paint & Coatings Co., Ltd. (South Korea), among others.
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