Coating Equipment Market Size And Forecast
The size of the global coating equipment market was valued at USD 16.62 billion in 2021 and is anticipated to grow at a compounded annual growth rate (CAGR) of 5.3% between 2022 and 2030. The increased demand for products in different applications like aerospace, automotive, and construction is likely to propel the growth of the industry. The coatings sector suffered a serious downturn due to the effects of the shutdown imposed to prevent the spread of the coronavirus. Consequently, demand for coatings almost plummeted in most locations and was not likely to be reactivated until governments eased their strict stay-at-home measures, enabling their respective economies to regain some semblance of stability.
Product Insights
Powder coating equipment product segment is forecasted to see a CAGR of 5.0% during 2022-2030 because the powder coating has the ability to coat products having characteristics like de-icing, abrasion, corrosion, and heat resistance that is predicted to create favorable scope for the sector. The powder coating wastage is relatively less which is anticipated to continue boosting the market demand
Liquid coating is cheaper than other products which is expected to offer a positive horizon for the growth of the industry during the forecast period. It is expected to face demand from the construction industry because it has high use in the painting application.
The specialty coating equipment product segment is anticipated to exhibit a CAGR of 5.6% during the forecast period of 2022 to 2030 due to the growing use of technologies like physical vapor deposition and chemical vapor deposition in various industries is expected to drive the growth.
Regional Insights
The Asia Pacific was the leading region in 2021 with a share of 45.3% due to the increasing construction industry, industrialization, increased population growth, rise in automobile demand, and increasing demand for coatings with enhanced efficiency in the region is expected to be the major driver for product demand during the forecast period.
Improvement in efficiency of the current buildings and new construction in the Europe region have the greatest potential to drive demand for coatings. In addition, planning of numerous PPP projects in the region for the development of roads, hospitals, schools, and airports is anticipated to enhance the market demand during the forecast period.
Key Challenges
Increasing Raw Material Prices Fluctuating metal, polymer, and electronics prices is significantly impacting the overall cost of coating equipment, thereby increasing prices for customers and, in turn, causing a decline in demand. Additionally, supply chain disruptions due to local conflicts or worldwide events magnify cost issues creating a key challenge in the Coating Equipment Market.
Low-Cost Manufacturers Competition Low-cost manufacturer competition, especially from developing countries, exerts downward pressure on prices, and compels business firms in high-cost locations to differentiate their goods and services through innovation and added value influencing market demand.
Balancing Act Between High Precision And Efficient ThroughputAiming to make the application process more precise in most cases means reducing the process speed or building more complex machinery. Focusing on speed and throughput, meanwhile, may occasionally sacrifice coating accuracy and quality from time to time. Consequently, they both direct the path of demand in the Coating Equipment Market.
Key Trends
Customization and Personalization Customized coatings and equipment to meet specific customer requirements are gaining popularity. Additionally, businesses offer flexible and modular solutions to accommodate the diverse requirements of different industries and applications. Consequently, it leads to a significant trend in the Coating Equipment Market.
Digitalization and Data Analytics Real-time monitoring and analysis of data are increasingly important for maximizing coating operations, minimizing waste, and anticipating maintenance needs. Digitalization is revolutionizing the coating industry by leveraging sensors, connected equipment, and cloud-based solutions, which are expected to grow the Coating Equipment Market in the future.
Sustainability Orientation The need for eco-friendly coating technology and equipment, including low-VOC and water-based coatings, powder coating systems, and energy-efficient equipment, is growing. Consequently, companies are making investments in the development and adoption of sustainable solutions to reduce their environmental footprint and meet regulations impacting the demand for expansion in the Coating Equipment Market.
Coating Equipment Market Regional Analysis
Here is a more detailed regional analysis of the Coating Equipment Market
Asia Pacific
As per Market Research, Asia Pacific is predicted to lead the Coating Equipment Market during the forecast period. The continuous innovations in the industrial and constructional sector to address the increasing demands for shelter, disposable income, and other day-to-day needs of the expanding population are key factors favoring Asia Pacific to remain in a commanding position in the Coating Equipment Market.
Huge investments in infrastructure development projects including roads, bridges, and buildings in economies such as China and India have led to a rise in demand for construction equipment and coating products in the market.
Government investment in infrastructure and industrial development presents favorable market conditions for the take-up of new coating technologies and equipment.
In addition, the competitive situation, which features the presence of multiple domestic as well as overseas manufacturers, enhances cost-competitiveness in terms of being able to deliver a wide spectrum of cost-friendly equipment options, which drive the market in the region.
North America
Requirement for high-end and specialized coating equipment from brand-name firms like Graco and Wagner in aerospace, medical, and marine processes is expected to propel the North American Coating Equipment Market.
A high focus on research and development results in the implementation of advanced technologies, including automation, robots, and digitalization for coating processes, thereby increasing the demand for coating equipment. Stringent environmental regulations also push the implementation of eco-friendly coating technologies and equipment, particularly low-VOC and water-based solutions in the North America market.
Also, the area experiences a lack of trained specialists to work on and maintain contemporary coating machinery, requiring investment in training and skill development programs by corporations. All these contribute significantly to allowing the area to undergo significant expansion during the projection period.
Europe
Tougher environmental regulations, especially European Union norms, propel innovation in green and low-emission painting equipment in Europe. Automation, robotics, and Fragmented markets contribute to a competitive market with varied product offerings and customer bases in Europe.
The trend toward utilizing robotic arms and automated coating systems that can facilitate smooth and precise coating procedures responds to issues of labor shortage. The focus is aligned with the wider European aspiration for the adoption of up-to-date and efficient manufacturing techniques in order to develop the Coating Equipment Market.
This same increasing demand for custom coatings and intricate finishing treatments also influences the European market. The wide-ranging and sophisticated requirements of numerous industry sectors and uses, highlight Europe’s commitment to customization and customization further developing the region’s market to advance.
In addition, the European Coating Equipment Market is supported by close associations and collaborations among equipment makers, coating material producers, and research institutes. Such cooperation fosters a favorable climate for fast development and adoption of new technology.
Coating Equipment Market Segmentation Analysis
The Global Coating Equipment Market is divided based on Coating Type, End-Use Industry, and Geography.
Coating Equipment Market, By Coating Type
Powder Coating Equipment
Liquid Coating Equipment
Specialty Coating Equipment
On the basis of Coating Type, the market is divided into Powder Coating, Liquid Coating, and Specialty Coating. The powder coating segment is projected to lead the Coating Equipment Market due to aspects such as environmental advantages, better performance, cost savings, and versatility. Technological innovation and increasing demand from major industries also play a role in determining the direction of the growth of powder coating equipment in the market. Powder coatings are greener compared to common liquid paints since they release fewer toxic chemicals. The equipment is renowned for being efficient, economical, and versatile, which is why it is used extensively in industries like automotive, furniture, and construction further leading to the supremacy of the segment.
Coating Equipment Market, By End-Use Industry
Automotive & Transportation
Aerospace
Industrial
Building & Infrastructure
Others
On the basis of End-Use Industry, the market is divided into Automotive & Transportation, Aerospace, Industrial, Building & Infrastructure, and Others. The Chain segment is projected to lead the Coating Equipment Market with the increasing adoption of electric vehicles (EVs), and growing vehicle production and sales. With more vehicles being produced, there is an increasing need for high-quality and efficient coating processes. Increased worldwide demand for cars, trucks, and other automobiles in developing nations like China and India are key drivers of the growth of the Coating Equipment Market.
Key Players
The “Coating Equipment Market” study report will deliver insightful information with a focus on the global market. The key players in the market include Graco Inc., SATA GmbH & Co. KG, Wagner Group, Atlas Copco AB, Durr AG, GEA Group AG, Robert Bosch GmbH, 3M Company, ITW Corporation, Eisenmann AG, SAMES KREMLIN, Gema Austria GmbH, IWATA Corporation, SATAKE Corporation, Collagen Corporation, Fanuc Corporation, Yaskawa Electric Corporat
