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Cathodic Acrylic Market Size
Cathodic Acrylic Market size is anticipated to grow exponentially over 2024-2032, due to rising product demand in the construction and automotive sectors. According to OICA, the total vehicle sales for 2022 surpass 81.6 million units, with passenger car sales standing at over 57.48 million units and commercial vehicles sales accounting for over 24.1 million units.
The product finds widespread utilization as a form of electrocoating, particularly favored for exterior finishes and applications requiring a decorative aesthetic. Renowned for its exceptional balance between color precision, exterior resilience, and resistance to corrosion, cathodic acrylic coatings offer a versatile solution for various industries.
With a diverse spectrum of colors and gloss levels available, these coatings ensure not only aesthetic appeal but also deliver crucial benefits such as robust corrosion resistance and enduring UV durability. Even in the face of diverse weather conditions, cathodic acrylic coatings maintain their original appearance, making them an indispensable choice for a range of applications.
Cathodic Acrylic Market Trends
The market is witnessing robust growth driven by increased demand for corrosion-resistant coatings across various industries such as automotive, construction, and marine. This is due to the properties of cathodic acrylics including excellent adhesion, durability, and resistance to chemicals and UV radiation. Rising investments in infrastructure projects, coupled with stringent regulations regarding environmental protection, are further boosting market expansion. Additionally, innovations in formulation techniques and advancements in raw materials are enhancing product performance. As industries seek reliable solutions for long-lasting corrosion protection, the incorporation of cathodic acrylic will surge, shaping the market outlook positively.
Cathodic Acrylic Market Analysis
Based on end-use, the construction segment share will grow significantly through 2032 as these coatings provide protection from both corrosion and external weathering. With a spiking demand for electrocoating in the construction landscape, the product demand will surge as it is available in exclusive selection of hues and glosses. A rise in smart city construction projects across the globe will encourage the usage of electrocoated material over the coming years.
In terms of application, the automotive parts & accessories segment is expected to generate massive revenues for the market by 2032 owing to the robust demand for these products. The superior UV endurance and corrosion resistance of cathodic acrylic have driven its adoption in a variety of automotive applications. As the demand for electrocoating is increasing across the automotive sector, companies that specialize in cathodic acrylic are developing new products.
Asia Pacific cathodic acrylic market share is anticipated to grow through 2032 due to the presence of several end-use industries. The region is home to some of the renowned companies in the automotive, manufacturing, construction, to consumer goods sectors. Electrocoating needs in these end-use industries will drive up product demand in the region. The expansion efforts and R&D investments by the manufacturers are bolstering the regional industry growth. For instance, one of the market leaders, BASF, launched an acrylic dispersions production line in India in 2022. The new production line aims at serving paper, coatings, and adhesives industries across South Asia.
Cathodic Acrylic Market Share
The key companies operating in the market include:
- BASF SE
- Luvata OY
- Hawking Electrotechnology Ltd.
- Axalta Coating Systems
- Metokote Corporation, Inc.
- Valspar Corp.
- KCC Corporation,
- Koch Membrane Systems Inc
- PPG Industries Inc
- Nippon Paint Holdings Co.
Cathodic Acrylic Industry News
- In May 2023, Luvata Oy, a subsidiary of Mitsubishi Materials Corporation (MMC), finalized a licensing arrangement with MMC. This agreement confers upon Luvata an exclusive license for the patent and trademark rights of GloBrass® in Europe and North America. GloBrass® represents a cutting-edge lead-free brass alloy that adheres to a variety of lead-related regulations while maintaining excellent machinability.