NEW YORK, Dec. 2, 2021 /PRNewswire/ — The electrocoating market report offers information on several market vendors, including Arkema SA, Axalta Coating Systems Ltd., BASF SE, DuPont de Nemours Inc., KCC Co. Ltd., Nippon Paint Holdings Co. Ltd., PPG Industries Inc., Shimizu Corp., The Sherwin-Williams Co., and Valmont Industries Inc., among others. The electrocoating market is fragmented, and the vendors are deploying growth strategies such as product innovations to compete in the market. The electrocoating market is expected to grow by USD 1.44 billion from 2020 to 2025, at a CAGR of 6.52%. The report also throws light on the new opportunities and challenges market players can expect.
For more insights on the electrocoating market – Get a FREE Sample Report Now!
Electrocoating Market: Driver
High demand for electrocoating applications from APAC to drive growth
The automotive industry is the largest end-user industry for the global electrocoating market. The global automotive industry is expected to grow significantly during the forecast period. The increase in the disposable income of consumers in developing economies has driven the demand for automobiles. Several automobile companies are establishing their manufacturing facilities in developing countries to cater to increased demand.
Electrocoating Market: Challenge
Stringent regulatory consents mandatory for production and application to impede growth
The electrocoating industry works under highly sophisticated regulatory policies given by the regulatory authorities. There are multiple regulations and sets of approvals are required for the production and application of electrocoating products. The production and application require several regulatory approvals such as air, water, solid and hazardous waste, health and safety approvals. The numerous regulatory requirements and mandate approvals are likely to restrict the growth of the electrocoating market.
Electrocoating Market: Segmentation Analysis
This market research report segments the electrocoating market by Type (cathodic electrocoating and anodic electrocoating), Application (automobiles, heavy-duty equipment, appliances, and others), and Geography (APAC, Europe, North America, MEA, and South America).
43% of the market’s growth will originate from APAC. China and India are the key markets for electrocoating in APAC. Rapid industrialization and the developing automobile industry will facilitate the electrocoating market growth in APAC.
For more insights on the market share of various regions – Download a Free sample report
Some of the key topics covered in the report include:
Paints and Coatings Market –The paints and coatings market share…