The coating equipment market size is predicted to grow from USD 20.3 billion in 2022 to over 27.1 billion in 2028, with a CAGR of 6.8%.
The escalating call from end-use industries and the need to replace existing coating systems is the determining factor in the coating equipment market. A wide range of techniques is available for applying coatings to a substrate, using different equipment. Good coating equipment ensures a uniform distribution of the coating material on the substrate, an adequate mix of the different components of the material to be coated, optimal drying, and the presence of an efficient exhaust system to remove residual solvent vapors. In turn, the escalating consumption of coatings around the world is likely to increase the call for coating equipment in the coming years. The coating is a coating that is applied to a surface to improve its functional or aesthetic properties. Paints are an important type of coating. The paints are employed in a wide variety of applications in the automotive, industrial, building and construction, marine, medical, electrical, and electronic services sectors. public and oil and gas. Coatings are applied to all types of substrates, including polymers, glasses, metals, and ceramics. The use of coatings is escalating around the world as companies take a prevention-based approach to reducing the costs associated with rusting equipment.
Escalatingcall from end-users and the need to replace old equipment are the drivers of the coating equipment market. However, the availability of low-cost alternatives such as brushes and rollers is predicted to slow the expansion of the coating equipment market. New developments in the coating industry and the high call for APAC are the main market opportunities for industry players in the coating equipment market.
Coating requirements change with advances in technology. Coating performance, durability, coating efficiency, and energy consumption are key parameters that are considered when selecting coating material and process. Improved coating efficiency, relatively low overall coating cost, and regenerative properties have made powder coatings replace liquid coatings. Also, in liquid coatings, water-based coatings are rapidly replacing solvent-based coatings. As coating technology changes, equipment needs to be changed as coating processes are different. This factor drives new equipment sales. According to a sales manager for one of the major players in the industry, the average life of coating equipment is around 10-15 years and that of a spray gun is around 3-4 years. Therefore, the coating equipment market is also driven by the need to replace old systems. Escalatingcall from major end-user sectors, such as automotive, industrial, medical, and building and construction, is likely to be a key driver for the coating equipment market during the foreseen period. The use of coatings to provide protection to various products, as well as to impart functional properties to product surfaces, is escalating in these sectors. A number of companies in unorganized sectors of emerging economies, which previously employed non-standard methods to apply coatings, are turning to the use of standard coating equipment.
The use of advanced coating equipment in all applications is not affordable. Equipment cost is an important factor when considering the choice of coating materials and the application process. For applications that involve less rigid specifications and low volumes, the use of high-end coating equipment may not be an economical option. Conventional equipment, such as brushes and rollers, are less expensive and are preferred in some applications over other equipment. Therefore, the availability of low-cost alternatives limits the market for coating equipment in some applications. This would have a negative effect on solvent-based coating equipment in the near future.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022-2028 |
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Base Year |
2022 |
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Forecast Period |
2023-2028 |
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CAGR |
6.8% |
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Segments Covered |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
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Market Leaders Profiled |
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Continuous developments in coating processes and coating equipment are driving the market for coating equipment in different applications. There is a need for custom coating equipment in end-use industries such as automotive and transportation, aerospace, and other sectors. Coating equipment manufacturers continuously carry out R&D and develop advanced equipment to meet customers' needs. New technological developments in coating equipment help speed up coating processes and achieve long-lasting coatings. The development of tribal guns has helped drive the market for powder coating equipment. A liner manufacturer has developed a new liner that can minimize air entrainment and eliminate debris build-up. The development of these new technologies offers market agents opportunities to expand their market towards new applications.
Cost is an important factor when selecting a product. Providing a cheaper product with better performance is a difficult task for manufacturers. Producing quality equipment at a lower cost requires specific research and development. Understanding customer requirements and meeting industrial needs is the main challenge for coating equipment manufacturers. With the presence of low-cost alternatives for some applications, the development of low-cost products would allow for greater penetration in end-use industries.
By Type:
Liquid coating
Powder coating
Specialty coating
In emerging APAC countries and the Middle East and Africa, the call for specialized coating equipment is escalating due to the escalating call for long-lasting protective coatings in various applications.
Automotive & Transportation
Aerospace
Industrial
Building & infrastructure
The end-use aerospace industry is predicted to register the fastest expansion during the foreseen period. The strong expansion of the aerospace industry and the development of new aerospace coatings are the factors driving the expansion of the coating equipment market in this segment.
APAC is predicted to be the fastest-growing market for coating equipment. APAC is also predicted to experience the fastest expansion during the foreseen period. Strong population expansion, industrial development, escalating calls for automobiles, and escalating calls for better-efficiency coatings in the region are driving the coating equipment market. The region's market is experiencing significant expansion due to the presence of growing economies such as India, China, and ASEAN countries such as Thailand and Indonesia. Asia-Pacific is predicted to be a very attractive market for coating equipment during the foreseen period. Industrial expansion and rapid urbanization in countries such as China, India, and Indonesia are predicted to drive the call for coating equipment in these countries over the next decade. The coating equipment markets in the mature economies of Western Europe and North America are predicted to grow slowly over the next decade.
The North American coating equipment market is predicted to show moderate expansion during the review period. Factors such as the increase in technological advances in products and the high adoption of coating equipment in the aerospace and defense industry have driven the expansion of the regional market.
The European market is predicted to grow at a phenomenal rate during the foreseen period; The growing call for electric vehicles together with the development of the automotive industry in the region are some of the factors that are predicted to drive the expansion of the market in the region. Additionally, rapid urbanization is likely to drive the expansion of the coating equipment market in the Middle East and Africa during the foreseen period.
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