Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 2.5 Million | USD 7 Million | 14% | 2020 |
FrequentlyAsked Questions
A shift towards increasing preference for electric vehicles, which do not run on gas, petrol, or diesel. The increasing demand for EVs is expected to propel the global battery coating market growth during the forecast period which is also strengthened by the addition of strong market players who are working on manufacturing electric vehicles for every segment of the population thus increasing the consumer database. A rising number of industry players offering advanced electronic technology along with the modernization of cities which aid the growth in demand for advanced smart devices is expected to aid global battery coating market growth over 2022-2028.
According to Zion Market Research, the global battery coating market was valued at $2.5M in 2021 and held a market value of $3.2M in 2022. The global market is expected to generate a revenue of over $7M by 2028 and grow at a CAGR of 14% during the forecast period
Asia-Pacific is anticipated to dominate the global battery coating market owing to the presence of multiple large-scale battery coating manufacturers in the region which is aided by government initiatives to attract foreign investors along with the presence of many domestic players in the segment. Due to the rising population and increasing disposable income in regions like Singapore, China and India, the region has become a target market for EV manufacturers while at the same time, many local automobile companies are investing in the development of the affordable lines of electric vehicles which are anticipated to aid the regional growth.
The global battery coating market is led by market giants like Axalta Coating Systems Ltd., Samco Inc., Targray Technology International Inc, Asahi Kasei Corporation, Asahi Kasei Corporation, Dürr Group, Tanaka Chemical Corporation, APV Engineered Coatings, Unifrax, Solvay SA, PPG Industries, Inc, NEI Corporation, ALD NanoSolutions, Inc., Alteo Group, Mitsubishi Paper Mills Ltd., Nano One Materials Corp.
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