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Global EV Powder Coating Market - Industry Trends and Forecast to 2031

Chemical and Materials

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Global EV Powder Coating Market - Industry Trends and Forecast to 2031

  • Chemical and Materials
  • Upcoming Report
  • Apr 2024
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global EV Powder Coating Market - Industry Trends and Forecast to 2031

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2023–2031
Diagram Market Size (Base Year) USD 571.60 USD Million
Diagram Market Size (Forecast Year) USD 1,089.75 USD Million
Diagram CAGR %

Major Markets Players

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Global EV Powder Coating Market, By Type (Thermoset and Thermoplastic), Application Method (Electrostatic Spray, Fluidized Bed Dip, and Electrosttic Fluidized Bed), Resin Type (Epoxy, Polyester, Polyurethane, Acrylic, Polyvinyl Chloride (PVC), Nylon, Polyolefin, Polyvinyl Fluoride (PVF), and Others), End-Use (Electric Vehicle Body Panels, Battery Enclosures, Charging Stations, and Others) - Industry Trends and Forecast to 2031.

EV Powder Coating Market

EV Powder Coating Market Analysis and Size

The market for electric vehicle (EV) powder coating is witnessing significant growth attributed to the rising adoption of electric vehicles worldwide. EV powder coating, or electric vehicle powder coating, is a specialized coating technology designed to meet the unique requirements of electric vehicle components. This market is experiencing significant growth driven by the expanding electric vehicle industry and the need for durable, environmentally-friendly coatings. EV powder coatings offer superior performance, corrosion resistance, and aesthetic appeal, making them ideal for coating various components such as body panels, battery enclosures, and charging stations. The demand for EV powder coatings is expected to continue its upward trajectory, with the increasing emphasis on sustainability and the expansion of the electric vehicle market.

Data Bridge Market Research analyses that the global EV powder coating market which was USD 571.6 million in 2023, is expected to reach USD 1,089.75 million by 2031, and is expected to undergo a CAGR of 8.4% during the forecast period of 2024 to 2031. “Thermoset” dominates the type segment of the EV powder coating market due to IT offer exceptional durability and resistance to heat, chemicals, and UV radiation. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

 Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2024 to 2031

Base Year

2023

Historic Years

2022 (Customizable to 2016-2021)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Type (Thermoset and Thermoplastic), Application Method (Electrostatic Spray, Fluidized Bed Dip, and Electrosttic Fluidized Bed), Resin Type (Epoxy, Polyester, Polyurethane, Acrylic, Polyvinyl Chloride (PVC), Nylon, Polyolefin, Polyvinyl Fluoride (PVF), and Others), End-Use (Electric Vehicle Body Panels, Battery Enclosures, Charging Stations, and Others)

Countries Covered

U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel and Rest of Middle East and Africa

Market Players Covered

Akzo Nobel N.V. (Netherlands), PPG Industries, Inc. (U.S.), BASF SE (Germany), Jotun (Norway), Axalta Coating Systems, LLC (U.S.), The Sherwin-Williams Company (U.S.), Asian Paints (India), Kansai Nerolac Paints Limited (Japan), TCI Powder (U.S.), Berger Paints India Limited (India), Nippon Paint Holdings Co., Ltd. (Japan), RPM International Inc. (U.S.), Tikkurila (Finland), TIGER Coatings GmbH & Co. KG (Germany), NOROO Paint & Coatings co.,Ltd. (South Korea), IGP Pulvertechnik AG (Switzerland), Diamond Vogel (U.S.), Brillux GmbH & Co. KG (Germany), Teknos Group (Finland), Hempel A/S (Denmark), TOA Performance (Thailand), and Hentzen Coatings, Inc. (U.S.)

Market Opportunities

  • Lucrative Demand for Durable and Aesthetic Finishes
  • Growing Focus on Light Weighting

Market Definition

EV powder coating is a naturally occurring polymer consisting of multiple lysine amino acids linked together through peptide bonds. It is characterized by its polycationic nature, owing to the presence of positively charged amino groups along its chain. EV powder coating finds diverse applications across industries such as food preservation, pharmaceuticals, and cosmetics, primarily due to its antimicrobial properties.

EV Powder Coating Market Dynamics

Drivers

  • Increasing demand and Adoption of Electric Vehicles

The automotive industry is witnessing a significant shift towards electrification, as governments worldwide implement stringent regulations to curb emissions and promote sustainable transportation solutions. This surge in electric vehicle adoption translates to increased demand for EV powder coatings, which play a crucial role in enhancing both the aesthetics and durability of electric vehicle components. Consumers are increasingly inclined towards electric vehicles as a sustainable mobility solution, with advancements in battery technology, improved charging infrastructure, and government incentives for EV purchases. This trend propels the growth of the EV powder coatings market, as manufacturers strive to meet the coating requirements of electric vehicle manufacturers seeking durable, corrosion-resistant, and aesthetically pleasing finishes for their products.

  • Stringent Environmental Regulations Aimed at Reducing Emissions and Promoting Sustainable Practices

Governments worldwide are implementing rigorous regulations aimed at reducing emissions and promoting sustainable practices across industries. Automotive manufacturers are required to adhere to strict environmental standards, as part of these regulations, including the use of eco-friendly coating solutions like EV powder coatings, which have low volatile organic compound (VOC) emissions and minimal environmental impact. Companies are proactively seeking coatings that comply with regulatory standards while also aligning with their sustainability goals. This regulatory landscape incentivizes innovation and investment in EV powder coatings formulations that offer superior performance, durability, and environmental sustainability, driving market growth and adoption across the automotive sector.

Opportunities

  • Lucrative Demand for Durable and Aesthetic Finishes

EV powder coatings offer superior durability, scratch resistance, and a wide range of color options compared to traditional liquid coatings. This presents an opportunity for powder coating manufacturers to cater to the specific needs of EV manufacturers seeking high-quality finishes that enhance the overall appearance and longevity of their vehicles. The rise in demand for innovative powder coating solutions for electric vehicles (EVs) is driven by consumer preferences for stylish, visually appealing designs, offering design flexibility and potential collaboration between coating companies and manufacturers.

  • Growing Focus on Light Weighting Strategies by Vehicle Manufacturers

There is an increasing emphasis on using lightweight materials such as aluminum, magnesium, and advanced composites in vehicle construction, as electric vehicle manufacturers strive to improve vehicle efficiency and extend driving range. This shift towards lightweighting creates a demand for innovative EV powder coatings that can provide protective and decorative finishes while complementing the lightweight materials used in electric vehicle components. Automotive manufacturers are incentivized to prioritize lightweighting strategies in vehicle design, as governments implement stringent fuel efficiency standards and environmental regulations. This trend opens doors for EV powder coating manufacturers to develop specialized coatings tailored for lightweight materials, offering enhanced durability, corrosion resistance, and aesthetic appeal to electric vehicle manufacturers seeking to optimize performance while meeting regulatory requirements.

Restraints/Challenges

  • Difficulty in Obtaining Thin Films Using Powder Coating

Powder coatings are inherently thicker compared to liquid coatings, making it difficult to achieve ultra-thin films required for certain electric vehicle components. This limitation can pose challenges, particularly in applications where precise coating thickness and weight are critical factors for performance and efficiency. Moreover, the complex nature of electric vehicle components, such as intricate geometries and varying substrate materials, further complicates the process of obtaining thin film thicknesses with powder coatings. Manufacturers may encounter difficulties in achieving uniform coverage and consistent film thickness across different components, leading to potential quality issues and performance concerns.

  • Limited Availability of Raw Materials for EV Powder Coatings, such as Specialized Pigments and Resins

There is growing pressure on the supply chain for key raw materials used in powder coating formulations. Factors such as fluctuations in commodity prices, geopolitical tensions, and supply chain disruptions can impact the availability and cost of raw materials, leading to uncertainties and challenges for powder coating manufacturers. Moreover, the specialized nature of raw materials required for EV powder coatings, such as pigments, resins, and additives, further exacerbates supply constraints. Manufacturers may face difficulties sourcing specific raw materials that meet the quality and performance standards required for electric vehicle coatings. These supply challenges can result in delays in production, increased costs, and potential compromises in coating quality, posing significant restraints on market growth and competitiveness in the EV powder coatings sector.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.

Recent Developments

  • In February 2023, Axalta Coating Systems, LLC announced it has won three prestigious 2023 Edison Awards. Axalta’s Abcite 2060 Flame Spray Powder Coating, AquaEC Flex and Self Priming Kitchen Cabinet Coating have won for the Sustainability, Smart Transportation and Material Science categories, respectively. AquaEC Flex is a sustainable electrocoat (e-coat) that enables electric vehicle (EV) designs. This product cures over a broad range of temperatures while also reducing emissions, eliminating hazardous materials and enabling water recycling
  • In January 2023, Akzo Nobel N.V. has launched a new range of Resicoat EV powder coatings to protect the battery system and electrical components of a new generation of electric vehicles (EVs). Powder coatings can improve the performance of the battery by providing insulation from electric current and protection against corrosion. This means manufacturers can extend battery life, and ensure the battery performs better for longer

EV Powder Coating Market Scope

The market is segmented on the basis of type, application method, resin type, and end-use. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

  • Thermoset
  • Thermoplastic

Application Method

  • Electrostatic Spray
  • Fluidized Bed Dip
  • Electrostatic Fluidized Bed

Resin Type

  • Epoxy
  • Polyester
  • Polyurethane
  • Acrylic
  • Polyvinyl Chloride (PVC)
  • Nylon
  • Polyolefin
  • Polyvinyl Fluoride (PVF)
  • Others

End-Use

  • Electric Vehicle Body Panels
  • Battery Enclosures
  • Charging Stations
  • Others

EV Powder Coating Market Regional Analysis/Insights

The market is analysed and market size insights and trends are provided by type, application method, resin type, and end-use are referenced above.

The countries covered in the market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel and Rest of Middle East and Africa.

North America dominates the EV powder coating market and will continue to flourish its dominance due to the region's robust electric vehicle manufacturing sector and stringent environmental regulations promoting the adoption of eco-friendly coating solutions. However, Asia-Pacific will continue to project the highest growth rate in the forecast period of 2024 to 2031 owing to the region's burgeoning electric vehicle production, rapid industrialization, and increasing adoption of eco-friendly coating solutions to align with stringent environmental regulations.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends, and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and EV Powder Coating Market Share Analysis

The market competitive landscape provides details by competitors. details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width, and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the market are:

  • Akzo Nobel N.V. (Netherlands)
  • PPG Industries, Inc. (U.S.)
  • BASF SE (Germany)
  • Jotun (Norway)
  • Axalta Coating Systems, LLC (U.S.)
  • The Sherwin-Williams Company (U.S.)
  • Asian Paints (India)
  • Kansai Nerolac Paints Limited (Japan)
  • TCI Powder (U.S.)
  • Berger Paints India Limited (India)
  • Nippon Paint Holdings Co., Ltd. (Japan)
  • RPM International Inc. (U.S.)
  • Tikkurila (Finland)
  • TIGER Coatings GmbH & Co. KG (Germany)
  • NOROO Paint & Coatings co.,Ltd. (South Korea)
  • IGP Pulvertechnik AG (Switzerland)
  • Diamond Vogel (U.S.)
  • Brillux GmbH & Co. KG (Germany)
  • Teknos Group (Finland)
  • Hempel A/S (Denmark)
  • TOA Performance (Thailand)
  • Hentzen Coatings, Inc. (U.S.)


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FREQUENTLY ASK QUESTIONS

The EV powder coating market size will be worth USD 1,089.75 million by 2031.
The growth rate of the EV powder coating market is 8.4%.
Increasing demand and Adoption of Electric Vehicles & Stringent Environmental Regulations Aimed at Reducing Emissions and Promoting Sustainable Practices are the growth drivers of the EV powder coating market.
Type, application method, resin type, and end-use are the factors on which the EV powder coating market research is based.
Major companies in the EV powder coating market are Akzo Nobel N.V. (Netherlands), PPG Industries, Inc. (U.S.), BASF SE (Germany), Jotun (Norway), Axalta Coating Systems, LLC (U.S.), The Sherwin-Williams Company (U.S.), Asian Paints (India), Kansai Nerolac Paints Limited (Japan), TCI Powder (U.S.), Berger Paints India Limited (India), Nippon Paint Holdings Co., Ltd. (Japan), RPM International Inc. (U.S.), Tikkurila (Finland), TIGER Coatings GmbH & Co. KG (Germany), NOROO Paint & Coatings co.,Ltd. (South Korea), IGP Pulvertechnik AG (Switzerland), Diamond Vogel (U.S.), Brillux GmbH & Co. KG (Germany), Teknos Group (Finland), Hempel A/S (Denmark), TOA Performance (Thailand), and Hentzen Coatings, Inc. (U.S.).
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