Electric vehicles boost the coatings market: compound growth rate or more than 8%!

In the context of the global energy transition, the rapid development of electric vehicles (EVs) is profoundly affecting many industries, among which the rise of the coatings market is particularly significant. According to the latest data, the EV powder coating market has reached $571.6 million in 2023 and is expected to approach $1.1 billion by 2031, with a compound annual growth rate (CAGR) of 8.4%. This trend not only shows the boom in the production of electric vehicles, but also allows paint manufacturers to tap into this potential market.

In recent years, global environmental policies and sustainable development goals have promoted the transition from traditional fuel vehicles to electric vehicles, and more and more drivers are choosing electric vehicles to reduce fuel costs and reduce environmental pollution. As an important part of this transformation, the demand for the production of electric vehicles is also driving automakers to introduce new models, and the rapid growth of this segment is attracting the attention of coating manufacturers.

These coatings are not only used to beautify the appearance of automobiles, but also play a vital role in the batteries and other critical components of electric vehicles. As the power source of electric vehicles, batteries have very high quality and performance requirements, and the application of battery coating technology for electric vehicles is becoming more and more important. Coatings improve battery safety and durability, help manage temperatures, and prevent loss of performance due to overheating or cooling. Powder coatings are emerging as the preferred coating for EV batteries, offering superior corrosion resistance and superior electrical insulation and thermal management for critical equipment.

AkzoNobel’s innovation in the field of electric vehicle batteries is even more remarkable. Tomasz Kluczewski, the company’s global EV commercial coordinator, said powder coatings provide comprehensive protection and sustainability for EVs. With these coatings, metal surfaces are protected from rust and damage, and thermal interface materials help manage heat transfer between components, reducing the risk of overheating. At the same time, the intumescent coating increases safety, while the electrophoretic coating ensures even coverage.

The performance and longevity of a battery is highly dependent on the quality and application of the coating technology. Kluczewski emphasises that the application of powder coating ensures that the battery operates within the optimal temperature range, preventing extreme temperatures from adversely affecting battery performance. If the battery temperature is too low, the power output will be affected and the driving range will be reduced; Overheating, on the other hand, accelerates the aging of the battery, which affects its durability. Powder coating ensures stable operation of the battery under different temperature conditions by insulating and protecting the components.

David Fetterman, PPG’s global market director for automotive coatings for electrification, also noted that coating systems provide a solution for the industry’s rapid growth by broadening the engineering space for EV batteries. With the development of electric vehicles, the industry’s functional requirements for coatings are becoming more diverse, and PPG is committed to developing a variety of coating solutions including fire protection, thermal management, dielectric isolation, and more. Fetterman emphasizes that these coatings can effectively improve the safety of electric vehicles, especially under conditions of fast charging and high temperature resistance, ensuring the long-term stability of batteries and systems.

The development of coating technology is not limited to the surface layer, but also the battery technology inside. Lithium-ion batteries and battery packs are designed with functional coatings to protect and insulate the active materials of the electrodes and ensure safety at high voltages. With the continuous progress of electric vehicle technology, the technology of electric vehicle battery coating will also continue to evolve in the future.

Historically, paint manufacturers have not been able to develop coatings for electrical manufacturing overnight. As Kluczewski explains, AkzoNobel has more than 60 years of experience in the field of coatings for electric vehicle batteries, which supports innovation in the field. Over the past decade, PPG has continued to improve its coating technology to enhance its overall supply capacity for battery applications. This development not only provides strong technical support for electric vehicles, but also promotes the upgrading of the environmentally friendly coating industry to a certain extent.

Looking to the future, the in-depth integration of coating technology and electric vehicles is bound to bring new opportunities for the development of both. With the continuous expansion of the electric vehicle market, the coatings market will also usher in the opportunity to flourish. Coatings manufacturers who can capitalize on this trend and take advantage of advanced technologies can not only improve their market competitiveness, but also help achieve their sustainability goals.

In this wave of electric vehicle revolution, players in the coatings industry will undoubtedly usher in new challenges and opportunities. How to gain a foothold in the fierce market competition, coating manufacturers need to continue to innovate and develop diversified product applications to meet the changing market demand. If the technological innovation and product iteration can be effectively realized, then these coatings will not only protect the core components of electric vehicles, but also make a positive contribution to the sustainable development of the entire industry.

Finally, with the continuous expansion of the electric vehicle market and the development of environmental policies driven by various governments, whether the coatings industry can adjust its strategy in time to capture this business opportunity deserves the attention and consideration of all industry participants.