Growing end-use industries are expected to drive the coating equipment market. The coating equipment market size is estimated to be USD 20.4 billion in 2018 and is projected to reach USD 27.7 billion by 2023, at a CAGR of 6.3%. The market is driven by various factors such as growing end-use industries and need for the replacement for existing coating systems. Availability of low-cost alternatives for some applications is a key factor restraining the coating equipment market.
Powder coating equipment is projected to register the highest CAGR during the forecast period. The powder coating equipment segment is projected to grow at the fastest rate during the forecast period.Powder coating is generally applied to metal surfaces.
In powder coating, the excess material can be reclaimed, which decreases the amount of waste material that goes into the waste stream.Although the use of powder coating equipment requires a large initial investment, the cost of applying powder is less than a liquid system in the long-term.
Powder coating is replacing liquid coating, wherever possible, due to its low-VOC content.The growing powder coating market is driving the demand for coating equipment.
The need for large ovens for curing large objects coated with powder coatings is the main restraint to the growth of the powder coating equipment market.
Aerospace industry is projected to the fastest-growing consumer of coating equipment during the forecast period. The aerospace end-use industry is projected to register the fastest-growth during the forecast period.Coatings in the aerospace industry are used for enhancing the performance and protect components in aircraft.
The aerospace industry includes commercial, military, and general aviation segments. Strong growth of the aerospace industry and development of new aerospace coatings are the factors boosting the growth of the coating equipment market in this segment.
APAC is likely to register the highest growth rate during the forecast period. APAC is projected to be the fastest-growing coating equipment market.The emerging countries in the region are witnessing high population growth and industrial development.
Increase in demand for automobiles and growing demand for coatings with better efficiency from end-use industries in the region is driving the coating equipment market. Extensive primary interviews were conducted to determine and verify the market size for several segments and subsegments.
The breakup of primary interviews is given below: • By Company Type - Tier 1 – 35%, Tier 2 – 45%, and Tier 3 –20% • By Designation - C level – 35%, Director level – 25%, and Others – 40% • By Region - North America – 45%, Europe– 20%, APAC – 30%, RoW-5%.
The leading players in the coating equipment market are Nordson Corp (US), IHI Corp. (Japan), OC Oerlikon (Switzerland), SATA (Germany), Graco (US), ANEST IWATA (JAPAN), ASAHI Sunac Corp (Japan), J. Wagner (Germany), Carlisle Companies (US), and WIWA Wilhelm Wagner (Germany).
Research Coverage: This research report categorizes the global coating equipment market on the basis of type, end-use industry, and region.The report includes detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, challenges, and opportunities.
Detailed analysis of the key market players provides insights into business overviews, services, key strategies, and recent developments associated with the market.
Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market in the following ways: 1. This report segments the global coating equipment market comprehensively and provides the closest approximations of market sizes for the overall market and subsegments across verticals and regions.
2. The report will help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders understand the major competitors and gain insights to enhance their positions in the business. The competitive landscape section includes expansion, mergers & acquisition, agreements, and new product development.
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