Internet Of Things (Iot) Is Fastest Growing Segment Fueling The Growth Of E-Coat Market

The global e-coat market is estimated to be valued at US$ 3.90 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

E-coat protects automobile bodies during the assembly process from corrosion under the heaviest of conditions. It provides an even coating of protective paint on all interior and exterior surfaces without overspray during application.

Market key trends:

One of the key trends in the e-coat market is the increasing adoption of multi-layer e-coat process. The multi-layer e-coat process involves applying more than one layer of e-coat to the substrate. This enhances the overall protection level, appearance, and corrosion resistance. Automotive OEMs are increasingly adopting the multi-layer e-coat process as it provides durable protection for vehicles and meets stringent environmental regulations.

Segment Analysis

The global E-Coat market is segmented by type into cathodic epoxy, cathodic acrylic, and anodic. Among these, the cathodic epoxy segment dominates the market and accounts for around 65% share of the total E-coat market. Cathodic epoxy coatings are widely used across end-use industries like automotive, appliance, heavy duty equipment, general industries, and others due to their excellent corrosion resistance and adhesion properties.

Key Takeaways

The global E-Coat market is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing demand from the automotive industry. The market size for E-coat is projected to reach US$ 3.90 Bn by 2023.

Regional analysis - Asia Pacific dominates the global E-coat market and is expected to maintain its position over the forecast period. This is attributed to the expanding automotive production and rapid industrialization in China and India. North America is another major market for E-coats due to the large automotive manufacturing base in the US and Canada.

Key players - Key players operating in the E-coat market are 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. PPG Industries and AkzoNobel collectively account for over 45% of the global market share due to their strong product portfolio and wide distribution network across regions.

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