E-Coat Market to Perceive Substantial Growth During 2024
E-coat or electro-coat is an immersion technique in which electrically charged particles are deposited out of a water suspension in order to coat a conductive part. The coat thickness is controlled by the applied voltage. The fundamental principle of e-coat technology is based on the ability of opposite charges to attract. E-coat technique is employed for uniform coating of interior and exterior surfaces. Low volatile organic compound products are used in e-coat as they give off no hazardous air pollutants. An additional environmental advantage of e-coat materials is that they produce very less solid waste compared to other coating techniques.
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The e-coat market is segmented on the basis of electro-coating technologies into anodic epoxy, anodic acrylic, cathodic epoxy, and cathodic acrylic. Cathodic acrylic electro coat materials are used for top coat application because of their resistance to UV rays. Based on application, the e-coat market is segmented into automotive parts and accessories, housing and construction, transportation, hardware goods, bulk fasteners, agriculture equipment, military equipment, and aircraft. The electro coating process is segmented as pretreatment, electro coat bath, post rinses, and bake oven.
The global e-coat market has witnessed a decent growth in 2015 and it is expected to continue the same trend during the forecast period (2016-2024). Housing and construction sector along with refurbishment trends act as the main market drivers of e-coat market because of the growing demands for residential buildings, commercial apartments and educational institutions that require both architectural and decorative coatings. Improvement in the number of employees in various organizations is a market driver as it demands more number of transportation facilities such as buses, trailers, rails and auto mobiles which in turn has boosted the e-coat market. The rising demand for electronic gadgets such as mobile phones, laptops, computers and accessories have also boosted the e-coat market. Growing demand of household appliances such as washers/dryers, refrigerators, and dryers as a result of urbanization and dispensable income are another key market drivers of e-coat market. Regulatory pressures also act as a market driver of e-coat as they recommend for low volatile organic compounds. Higher costs of traditional solvent is another significant factor that triggers e-coat market. Consumers’ interest and spending money on sports and recreation equipment are also considered as e-coat market drivers.
Government regulations on air pollution have also influenced the e-coat market since global demand for less volatile organic compounds and hazardous air- free products has increased. Recent progress in nanotechnology has imparted a significant positive change in the e-coat market as incorporation of nanoparticles into paint formulations makes paints more corrosion and scratch resistant. Salient features of e –coat such as uniform coating thickness, complete paint coverage, resistance to mechanical deformation, compatibility with other products, ease of application on a number of substrates, good chemical resistance, and aesthetic finishing have helped it to garner attention in the global market.
In terms of region, the global market for e-coat has been segmented into Asia Pacific, EU, and Latin America. In the Asia -Pacific region, China is expected to play a significant role in the near future followed by India. The key market players of e-coat are based in Eastern Europe and Latin America. Positive response for the e-coat market is expected in the Middle East and Rest of the World as well.
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Major players operating in the global e-coat market include PPG Industries, Inc., Akzo Nobel N.V, NIPSEA Group, BASF SE, Axalta Coating Systems, Chugoku Marine Paints Ltd, The Valspar Corporation, and The Sherwin-Williams Company.