The coating equipment market is estimated to witness a CAGR of 5 % and a significant CAGR value in the forecast period from 2027 to 2030. The historical forecast data was valued at USD 17.3 billion in 2020.
Coating Equipment Market Overview
The coating equipment market is receiving great demand from different industrial verticals. The coating prevents and protects the surface against corrosion and other external damages. The growing infrastructure development due to the development of huge industries is thriving the demand of the coating equipment market.
The rising economic development in various regions and the growing urbanization in developed countries are prominent growth factors in the market. Moreover, the enhancement of the automotive sector is leading to market expansion. The demand from the end-users such as the medical industry, aerospace, aviation, and construction is enhancing the market’s growth.
The implementation and introduction of advanced technologies such as nanotechnology, IoT, and AI, in the coating segment, propels the market’s demand. Innovative and efficient technologies for wide applications like waste reduction and reliability are emerging. The government’s initiatives and the public’s concern for eco-friendly and highly sustainable coating let industrial players focus more on research and developments. This is leading to more developments. The higher investment of the players will drive the growth rate of the global coating equipment market.
Coating Equipment Market Competitive Landscape
The major global companies playing a key role in the coating equipment market are :
- Nordson Corporation (US)
- Anest Iwata (Japan)
- Graco Inc. (US)
- C. Oerlikon (Switzerland)
- IHI Ionbond AG (Switzerland)
- SATA GmbH & Co. KG. (Germany)
- ASAHI SUNAC CORPORATION (Japan)
- Wagner GmbH (Germany)
- Carlisle Companies (US)
- OC Oerlikon Management AG (Switzerland)
- April 2022 - Biocoat, Inc is a global manufacturer of various hydrophilic biomaterial coatings and medical equipment coating equipment. The company has declared its expansion to innovate its development, delivery, and design of the hydrophilic coating equipment. The company’s new equipment is called EMERSE. It offers an in-house dip coating system for medical devices and further completes the production.
- April 2022 - Interpon Redox, a manufacturer of powder coatings from AkzoNobel, is helping HAGS, Europe’s foremost outdoor playground equipment manufacturer. It will protect its products based on cost and unsightly corrosion in coastal environments with high salt content.
- September 2021 - Axalta coating system limited a leading paint company announced that it completed the acquisition of U-POL. U-POL was a leading producer of automotive refinishing products.
Coating Equipment Market Dynamics
Rapid economic development and rising urbanization are the major growth-promoting factors. Additionally, the growth of heavy industries and the automotive sector are playing a vital role in the expansion of the global coating equipment market. The necessary need for coating on other subsidiary industries such as aviation, medical industry, aerospace, and construction, etc. is too generating the market demand.
The use of advanced technology in the coating is expected to propel market growth. The use of nanotechnology, IoT, AI, etc. in coating equipment is changing the face of paint coating. Newer and efficient technologies ensure proper application, reduces wastage, and are more reliable. Moreover, the continuous need to replace the existing coating system with a new one sustains the market demand.
Governments around the globe are taking steps to make the paint industry eco-friendly and sustainable. Therefore, increasing research and rising investments in eco-friendly coating brightens future market prospects.
The major hindrance to coating equipment is fluctuation in crude oil prices and the increasing cost of raw materials. Petroleum extracts are the important base material for making paints and coating materials, fluctuations in their price directly affect the coating equipment market. Lack of skilled labor to operate new coating equipment is too a major growth refraining factor.
Coating equipment is a machine that is used to apply a layer of covering (eg paint) on a surface. The coating enhances durability and makes the product appealing. Moreover, it also prevents corrosion of metal surfaces and enhances their aesthetic value. Coating equipment makes the process of coating faster and simpler. These machines ensure even distribution of coating material, proper drying, and optimum mixing of components.
There are different types of coating equipment available in the market. Thermal spray and layer cladding are among the major types. In thermal spray, the heated or melted materials are sprayed over the surface. Whereas in layer cladding the coating material is first applied on the surface and then melts by heat into a thin layer to form a metallurgical bond with the surface.
The coating has decorative as well as functional benefits. They give finishing smoothness to machines, walls, and products. Moreover, they prevent abrasion on any surface or any reaction with chemicals and weather elements. Finally, a coating is essential to enhance the durability of a product.
Coating Equipment Market Segment Analysis
Segmentation of global coating Equipment Market, by type
- Liquid coating equipment
- Powder coating equipment
- Specialty coating equipment
Specialty coating equipment is the dominating market segment. The high demand for specialty coating equipment from end-users is driving the market growth. Specialty coatings are adhesive coatings used to improve the appearance of the material. These coatings are material-specific and offer several advantages. Moreover, it is made to contain additives to suit a particular environment such as heat resistance in concrete floors, etc.
However, the powder coating segment is the fastest-growing segment with a high CAGR. These coatings are best suited for application in metals. The rise in heavy industries and the automobile industry are the major contributing factors for its market growth.
Segmentation of global coating Equipment Market, by the end-user
- Building & Construction
- Electrical & Electronics
Automotive Industry is the leading market segment. The rise in sales of automobiles is driving the market growth. The global automotive industry is growing at a high CAGR of around 5%. The extensive use of coatings in automobiles to protect the parts from corrosion and to enhance their look is the major growth-promoting factor. Moreover, the rising disposable income of people is increasing global vehicle sales.
Coating Equipment Market Regional Analysis
Asia-Pacific is the largest regional market for the Coating Equipment market. Rapid urbanization and economic development in this region are boosting the market growth. China is estimated to witness the highest CAGR over the forecast period and is also the largest regional market. This growth is due to a rise in demand for industrial equipment and other consumer goods. Moreover, high industrial growth in India, Indonesia is too a growth-promoting factor. North America is the second-largest market. A major part of market revenue in this region comes from the growing aerospace and defense sector. Moreover, technological advancements in coating equipment are expected to boost the market growth here. Europe is also showing phenomenal market growth. Development in the automotive sector especially in the electric vehicles market is the major growth booster. Moreover, the high disposable income of people with good spending on luxurious items is bolstering the market development in this region. The Middle East region is witnessing rapid urbanization and infrastructure development. This is, in turn, generating the demand for the coating equipment market here.
The different regional markets for the global coating equipment market are:
- North America
- Rest of Europe
- Australia & New Zealand
- Rest of Asia-Pacific
- Rest of the world ( RoW )
- The Middle East
- Latin America
Coating Equipment Market Report Overview
This report provides an in-depth analysis of the coating equipment market in terms of current value and future forecast. It also brings into the limelight, the problems and prospects of the given market.
Moreover, technological analysis of the product will greatly help in decision-making. Furthermore, this report contains a detailed analysis of every segment of the given market for the current forecast period. This report has also highlighted the key players and the current developments in the coating equipment market.
Covid 19 Analysis
Covid 19 had a severe impact on the global coating equipment market. As the growth of the coating equipment industry depends upon the proper functioning of other industries, it had to suffer a huge blow. The estimated growth rate plummed to the ever low rates. The worst performance of the automobile and the infrastructure sector during the period was the major growth restricting factor. Disruptions in the supply chain during the period also impacted the market severely. However, the market is growing at a faster pace in the post-pandemic period.
This report aims to provide a complete overview of the coating equipment market. The specific objectives of this market report are given below:
- To analyze and forecast the coating equipment market in terms of value and volume.
- To provide information about the impact of covid 19 on the market growth.
- To identify the problems and prospects of the Coating Equipment market.
- To give details about the technological viability of the product
- To provide an overview of the regional market and the potentially growing segments.
- To identify the key players of the industry.
This report will be beneficial for every stakeholder of the global coating equipment market such as :
- Manufacturers of coating Equipment
- Raw Material Suppliers for coating Industry
- Distributors and suppliers
- Research and Development organizations
- End Users