Market Research Future (MRFR) anticipates that the global coating equipment market can touch the valuation of approximately USD 30 billion by 2025. It has the potential to achieve a CAGR of 5.5% during the forecast period (2019-2025).
Primary Drivers and Key Challenges
Coating equipment market size can expand significantly in the coming years, thanks to the surge in end use application in different industries such as automotive, aerospace, transportation, construction and industrial. Increasing automotive sales combined with expanding population works in favor of the market. In addition, the booming infrastructural industry along with the rising purchasing power of the consumers in developing countries boosts the demand for coating equipment market.
Heavy types of machinery that are used across industries use various layering apparatus that help provide tool resistance from abrasion, corrosion, wear & tear and rusting, which helps increase the lifespan of tools. Surge in industrialization in building and manufacturing industries, especially in emerging nations can benefit the coating equipment market in the years to come. Increasing application of heavy machines in the manufacturing sector will also elevate market demand. An additional factor that is expected to promote market growth includes the high use of layering in automobiles, bicycle, and household appliances.
The strengthening economy in emerging countries like India, China, Mexico, and Brazil paired with deployment of highly advanced technology in coating equipment like AI, big data and IoT are bound to offer a host of growth opportunities to the global market. The market has a bright future, given the rising need for replacing existing coating systems as well as the soaring demand from aviation, medical and automotive industries.
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The worldwide market for coating equipment has been analyzed by MRFR in terms of type and industry vertical.
Depending on the type, the global market has been considered for powder, liquid, and specialty coating equipment. The powder coating segment can grow at the highest rate during the forecast period, as it is the most commonly used coating on metal surfaces and finds massive use across various industry verticals.
Based on the industry vertical, the global coating equipment market includes aerospace, automotive, construction, industrial, and others. The industrial sector has the highest chances of leading the coating equipment market in the following years, on account of the rising use of the coating in heavy machinery.
Significant players in the worldwide global coating equipment market include J. Wagner GmbH (Germany), Graco Inc. (US), Carlisle Companies (US), OC Oerlikon Management AG (Switzerland), Nordson Corporation (US), ASAHI SUNAC CORPORATION (Japan), O.C. Oerlikon (Switzerland), IHI Ionbond AG (Switzerland), Anest Iwata (Japan), SATA GmbH & Co. KG. (Germany), to name a few.
North America, the Middle East, and Africa, Asia Pacific and Europe are the main regions with the highest concentration of the coating equipment market.
The APAC market for coating equipment is believed to gain the highest traction during the forecast period. China is the most significant market for coating equipment in the region and is expected to garner the highest growth rate in the ensuing years. Industrial development, soaring demand for automobiles, and high population growth are some of the important factors that support the market growth in the region. Increased popularity of consumer goods such as refrigerators, TV, cell phones and computers will also benefit the regional market. Furthermore, a number of international competitors are now concentrating on emerging countries, given the boom in industrialization & construction industries. Product consumption in nations like Indonesia, Thailand, Vietnam, and Malaysia has been on the rise in recent years, which has added to the market strength in the region.
North America, with the United States (U.S.) as the leading market for coating equipment, accounts for a high share in the global market. Presence of advanced and high-tech industries along with lack of time management for servicing machines stimulates market growth in the region. Mexico shows immense potential for significant growth in the near future, owing to soaring demand for packaging, industrial and original equipment manufacturers (OEMs) in the country. Moreover, rapid surge in coverings in furniture and decoration industry also backs the market growth in the region.
Europe can note strong demands for coating equipment in the following years, thanks to the increasing consumption of coverings across various industries. Better government safety standards with regard to eco-friendly products have accelerated the consumption rate of layering in furniture, architectural, automotive and marine sector in the region. The coating equipment market is the most profitable in Germany, as it is the hub of the region’s automotive industry. Some of the highly esteemed product consumers in the region are Mercedes-Benz, Chevrolet, Volkswagen and Skoda. Marine industry in the region also contributes considerably to the market growth, considering the rising demand for coverings on ships and yachts.
The MEA market shows promise, with countries like the United Arab Emirates (UAE) and Saudi Arabia transforming from an oil-based industry to a thriving tourism-based industry. Global vendors are investing in large-scale construction projects in the region. Additionally, rising construction and industrial activities in Jordan and Qatar is stimulating market growth in the region.
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