Market Research Future (MRFR)’s new detailed study reveals that the global Industrial Coating Equipment Market 2020 can reach an approx. valuation of USD 30 billion by 2025-end. The market is also set to expand at a decent rate of 5.5% between 2019 and 2025 (which is the appraisal period).
Top Boosters and Primary Restraints
Industrial Coating Equipment Market is growing relentlessly on the back of factors like the widespread applications in a variety of industries such as automotive, aerospace, transportation, construction and industrial. Surge in automotive sales, the expanding global population, burgeoning infrastructural sector and the rising purchasing power of consumers in developing economies are also promoting the growth of the Industrial Coating Equipment Market.
Heavy machineries extensively employed in various industries make use of several layering tools that offer resistance from abrasion, corrosion, wear & tear and rusting, while boosting the lifespan. Rising industrialization in developing countries can also drive the demand for coating equipment across major industries. The increasing use of heavy machines in the manufacturing industry and the rising deployment of layering in automobiles, bicycle and household appliances can ensure market growth in the approaching years.
On a dim note, the instability in crude oil prices can be a primary restraint in the market growth during the review timeline. With that said, the market can largely benefit from the steady economic growth in developing nations like India, Brazil, Mexico and China, in addition to the increased deployment of the latest technologies in coating equipment including AI, big data and IoT.
The coating equipment industry has been extensively studied by MRFR analysts, who have listed the top segments as type and industry vertical in the report.
The main types of coating equipment are powder, specialty and liquid. Between these, the highest growth rate can be procured by the powder coating segment, since these are the most ubiquitous types of coating used on metal surfaces across numerous industry verticals.
With respect to the industry vertical, the global market is considered for aerospace, automotive, construction, industrial, and others. The market is presumed to be led by the industrial sector in the forthcoming years, on account of the rising use of coating equipment in heavy machinery, which have become quite common in the sector.
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The market for coating equipment can be regionally dissected into Europe, North America, Asia Pacific (APAC), and the Rest of the World (RoW).
APAC is projected to be the most successful market for coating equipment in the ensuing period, thanks to the striking industrial growth as well as the fast-paced urbanization in India, Indonesia and China. Out of these, China is set to gain the highest traction in the regional market, given the escalating demand from the consistently expanding industrial sector and the consumer goods industry.
Europe can potentially be one of the stronger markets across the globe, because of the rising consumption of coverings in the industrial sector. Stricter government safety regulations have boosted the demand for eco-friendly items, leading to higher consumption of coating equipment in furniture, architectural, automotive and marine sectors. The regional market leader is touted to be Germany, as the country possesses an expansive automotive industry. The automotive sector makes high demand for coating equipment for protecting the automobile parts from wear & tear as well as abrasion. The top consumers in the region are Mercedes-Benz, Chevrolet, Volkswagen group and Skoda, and more. Marine industry also helps induce major market growth, on account of the hike in the demand for coverings on yacht and ships in the region.
The companies currently leading the Industrial Coating Equipment Market include Graco Inc. (US), O.C. Oerlikon (Switzerland), OC Oerlikon Management AG (Switzerland), ASAHI SUNAC CORPORATION (Japan), Carlisle Companies (US), Nordson Corporation (US), Anest Iwata (Japan), IHI Ionbond AG (Switzerland), SATA GmbH & Co. KG. (Germany) and J. Wagner GmbH (Germany), to mention a few.
With the aim of serving customers in the coating equipment industry, SOLAYER (Germany) has begun to produce large-scale models of high-precision optical coating equipment. In addition to excellent throughput, yield and performance advantages, the coating equipment provides great cost benefits to customers that manufacture advanced precision optics products that require highly complex coating.