Coating Equipment Market (2023 - 2030)

Report Overview

The global coating equipment market size was estimated at USD 17,248.9 million in 2022 and is expected to expand at a compounded annual growth rate (CAGR) of 5.3% from 2023 to 2030. The growing product demand in various applications such as aerospace, automotive, and construction is expected to drive the industry’s growth. The coatings industry endured a serious slump as a result of the impact of the shutdown imposed to stop the spread of the coronavirus. As a result, demand for coatings nearly dropped in many places and was unlikely to be revived until governments relaxed their stringent stay-at-home regulations, allowing their respective economies to return to some sort of stability.

The global coating equipment market is one of the primary industries that would experience supply chain delays and industrial interruptions as a result of COVID-19 regulations. The shutdown of various facilities and industries in key locations is affecting global supply chains and significantly harming production, delivery schedules, and product sales.

One of the primary reasons driving the market is the significant growth in global demand for electric cars. The coating is crucial to avoid rust damage to the surface of electric cars and their goods, as well as contributing to their appearance and quality. As a result, the rising demand for coated electronic devices in electric cars is likely to boost market growth.

Governments are taking numerous initiatives, in accordance with technological advancements, to sell electric-powered vehicles through various subsidies such as incentives for installing charging stations and budget allotment for the improvement of electrical battery generation regarding weather extrude concerns.

The use of high-end coating equipment is not an economical option due to low capacity and less specific applications. The cost of the equipment is a vital factor in choosing both the coating methods and materials. Therefore, the availability of low-cost alternatives such as brushes, and rollers limits the market in some applications and is expected to hamper the market growth during the forecast period.

Product Insights

The powder coating equipment product segment is expected to witness a CAGR of 5.0% from 2022 to 2030 due to its ability to effectively coat products with properties such as de-icing, abrasion, corrosion, and heat resistance which is anticipated to provide positive scope for the industry. The wastage in powder coating is comparatively less which is expected to further drive the market demand

The cost of liquid coating is less compared to other products which is anticipated to provide a positive scope for the industry’s growth over the forecast period. It is anticipated to witness demand from the construction sector due to its high utilization in the painting application.

The specialty coating equipment product segment is expected to witness a CAGR of 5.6% from 2022 to 2030 owing to the increasing utilization of technologies such as physical vapor deposition and chemical vapor deposition across various industries is likely to augment the growth.

The ability of specialty equipment to coat various products including wood, metal, and flooring is expected to propel the market growth. In addition, the product is expected to substitute powder coating equipment on account of its capability to operate on metals.

Application Insights

Automotive application is expected to witness a CAGR of 6.5% over the forecast period. Penetration of equipment in the automotive application is expected to be high over the forecast period due to the increasing utilization of technologies like vacuum deposition coating, and physical vapor deposition to obtain thin film coatings across the industry.

Increasing demand for coated electronic devices and focus on the protection of car exteriors is expected to drive the product demand in the coming years. Automated equipment is considered to lower the amount of wastage during automotive production which is likely to provide a positive scope for market growth.

Growing purchasing power, high living standards, and rapid urbanization are expected to drive the construction sector worldwide. This is likely to develop new opportunities for the coating equipment industry over the coming years. Powder coatings are being increasingly used in aluminum extrusions of windows, bathrooms, and electrical fixtures, thereby fueling the demand.

Other applications including agriculture and oil & gas industries are expected to witness considerable growth of 5.1% over the forecast period due to increasing consumption of food and energy. The oil & gas industry utilizes the product to coat the drilling equipment which is anticipated to provide a positive scope for market growth.

Regional Insights

The Asia Pacific region led the market in 2021, accounting for a share of 45.3% owing to the growing construction sector, industrial development, high population growth, increase in demand for automobiles, and growing demand for coatings with better efficiency in this region is anticipated to be the key factor for product demand over the forecast period.

Efficiency improvements in existing buildings and renovations in the Europe region have the highest potential to stimulate demand for coatings. Moreover, the planning of various PPP projects in the region for the construction of roads, hospitals, schools, and airports is expected to boost the market demand over the forecast period.

The U.S. dominated the North America coating equipment industry accounting for a share of 57.5% in 2021. Increased industrial budget by the U.S. government to create more jobs is expected to drive the manufacturing sector across the region thereby providing positive scope for market growth over the forecast period.

The increasing production of electric vehicles in Europe and the presence of key automotive OEMs such as Volkswagen and BMW AG are anticipated to increase demand for coating equipment. In addition, technical developments in product development to boost productivity and energy savings are anticipated to drive the market.is expected to provide positive scope for market growth over the forecast period.

Key Companies & Market Share Insights

The key players across the industry are involved with manufacturing a completely automated system as well as components such as hand sprays and trolleys to meet consumer demand. Mergers and acquisitions supported the companies to improve their technical expertise and enabled them to offer enhanced products to consumers.Some prominent players in the global coating equipment market include:

• Nordson Corporation

• Gema Switzerland GmbH

• J. Wagner GmbH

• ANEST IWATA Corporation

• Carlise Companies Inc

• IHI Ionbond AG

• Statfield

• SAMES KREMLIN

• The Eastwood Company

• Graco Inc

• RED LINE INDUSTRIES LIMITED

• Pittsburgh Spray

• Reliant Finishing Systems

• ANEST IWATA USA, Inc.

• IHI HAUZE B.V.

Coating Equipment Market