The global cathodic electrodeposition coating market was valued at US$ 2,408.5 million in 2018, according to Cathodic Electrodeposition Coating Market Report, by Resin Type (Epoxy and Acrylic), by Application (Automobile Parts, Heavy Equipment, Electrical Appliances, Metal Furniture, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) published by Coherent Market Insights.
The global cathodic electrodeposition coating market is expected to reach US$ 3,016.8 million by 2027, exhibiting a CAGR of 3.3% over the forecast period.
Growing automotive industry across the globe is the key driving factor for the cathodic electrodeposition coating market growth. For instance, according to the International Organization of Motor Vehicle Manufacturers, in 2018, the production of cars & commercial vehicles in Mexico accounted for 1,575,808 and 2,524,717 units, respectively. Therefore, significant production of vehicles in the country is expected to boost demand for cathodic electrodeposition coatings in the region.
Moreover, in 2016, ChemSpec Ltd. announced to expand its business by setting up its subsidiary in Mexico. The company would provide products and technical support on rubber compounding, coatings, adhesives, sealants, elastomer, and others in the country.
To know the latest trends and insights prevalent in this market, click the link below:
Browse 138 market data tables* and 66 figures* on "Cathodic electrodeposition coating Market” - Global forecast to 2027.
Key Trends and Analysis of the Cathodic Electrodeposition Coating Market:
- Emergence of new technologies pertaining to the cathodic electrodeposition coating are expected to create lucrative growth opportunities for companies operating in the global cathodic electrodeposition coating market. For instance, in 2016, Nippon Paints China’s Automotive Coatings Division launched a new low-temperature electrodeposition cure coating technology. The new technology helped in reducing baking temperature and has a stable bath. The new technology offers smooth surface, good appearance, and low environmental impact. The new technology ensures coating stability at a low temperature and can control surface tension to provide a coating with excellent resistance to shrinkage and improve surface appearance. The innovative technology also helps in saving at least 20% in cost & input energy and reduces production cost.
Key Takeaways of the Market:
- Among resin type, epoxy segment is expected to witness significant growth in terms of value during the forecast period. A resin acts as a binder in a coating solution, which forms a matrix to hold the coating pigments in place. Epoxy resins offer excellent adhesion and high resistance to corrosion. Epoxy resins are made from 1-chloro-2,3-epoxypropane and substituted phenols such as bisphenol A.
- Heavy equipment refers to heavy-duty vehicles that are designed for executing construction tasks, mostly involving earthwork operations or other construction tasks. Cathodic electrodeposition coating is used in heavy equipment industry for applying coatings to metal fabricated products. The increasing demand for construction equipment is expected to drive demand for cathodic electrodeposition coating. For instance, according to the Committee for European Construction Equipment, sales of construction equipment in Europe increased by 15% in 2017.
- Europe is expected to account for significant market share in 2027. Key players in this region are adopting various strategies such as investments, business expansion, which may is expected to fuel the cathodic electrodeposition coating market growth over the forecast period. For instance, in 2019, the surface treatment global business unit of BASF’s Coatings division inaugurated a new laboratory and office in Langelsheim, Germany.
- Major players in the global cathodic electrodeposition coating market include Kansai Paint Co., Ltd., Axalta Coating Systems, Kyoei Vietnam Co., ltd, Nippon Paint Holdings Ltd., PPG Industries, Inc., B.L Downey, Dornauer-Grillitsch GmbH, KAPCO Manufacturing Inc., BASF Coatings Gmbh, and DuPont de Nemours, Inc.