The global e-coat market is estimated to grow from USD 3.08 Billion in 2016 to USD 3.80 Billion by 2021, at a CAGR of 4.34% between 2016 and 2021. The market is witnessing moderate growth because of demand for e-coats from the end-use industries such as automotive and appliances.
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On the basis of Application:
- Passenger Cars
- Commercial Vehicles
- Automotive Parts & Accessories
- Heavy-Duty Equipment
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.
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Key Market Players -
The e-coat market is highly competitive, with key market players, such as 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). Investments & expansions, new product launches, contracts & agreements, partnerships & joint ventures, and mergers & acquisitions are some of the key strategies adopted by the market players to increase their market presence and expand their product portfolio. The maximum number of strategic activities was undertaken in 2015, accounting for the maximum number of developments in the e-coat market.