Chicago, July 16, 2023 (GLOBE NEWSWIRE) -- The global Coating Equipment Market size is estimated to be USD 18.9 Billion in 2021 and is projected to reach USD 24.7 Billion by 2026, at a CAGR of 5.6%, as per the recent study by MarketsandMarkets™. The suspension of manufacturing operations in several industrial sectors has resulted in a slump in overall specialty coating equipment market.
Moreover, owing to the COVID-19 pandemic, the demand from the manufacturing sector had slumped sharply in the H-1 2020. This impact was further intensified by increasing the supply-demand gap in the supply chain and led to a sharp spike in raw material prices. However, during the pandemic period, the growing demand from the electric vehicle supports to offset the marginal decline in demand caused due to the slowdown in the manufacturing sector across the globe.
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Browse in-depth TOC on “Coating Equipment Market”.
199 - Market Data Tables
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List of Key Players in Coating Equipment Market:
- IHI Corporation (Japan)
- Nordson Corporation (U.S.)
- OC Oerlikon Management AG (Switzerland)
- SATA GmbH & Co. KG (Germany)
- Graco Inc. (U.S.)
- ANEST IWATA Corporation (Japan)
- ASAHI Sunac Corporation (Japan)
- WIWA Wilhelm Wagner GmbH (Germany)
- Others
Drivers, Restraints, and Opportunities in Coating Equipment Market].[:
- Driver: Increasing demand from growing Electric Vehicle market
- Restraint: Availability of low-cost alternatives for some applications
- Opportunities: Development of new technology
- Challenges Development of cheaper equipment for coatings
Key Findings of the Study:
- Based on end-use, the consumption of coating equipment in various end-use industries such as Automotive & Transportation, Aerospace, Industrial, Building & Infrastructure, and among others is considered.
- Based on the type of coating, coating can be classified as liquid, powder, and specialty coating.
- Based on end-use industries Newer coatings are being developed, which is expected to increase the penetration of the coatings market in end-use industries.
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These coatings are applied so as to protect them from rusting, degradation and corrosion which increases their effective life without any maintenance and replacement costs. Some of the major end-use industries are automotive & transportation, aerospace, industrial, and building & construction. Similarly, the equipment used for applying the different type of coatings is broadly categorized as liquid coating equipment, powder coating equipment, and specialty coating equipment.
For instance, PPG developed the first electrocoat primer system for the aerospace industry which can be used by airframe manufacturers to coat commercial, military, and general aviation aircraft parts. Electrocoat possesses high transfer efficiency with low environmental impacts. Such innovations are expected to drive equipment manufacturers to develop new coating equipment.
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The coating equipment market has been segmented into five regions, namely, North America, Asia Pacific (APAC), Europe, the Middle East & Africa, and South America. APAC is expected to register the fastest growth during the forecast period due to the high growth of end-use industries in the region. China is the key market in the region, accounting for the largest share of the coating equipment market in the region. Key industry players are adopting strategies such as expansion, new product launches, merger & acquisition, and agreements to tap various opportunities in the market.
The demand for coating equipment has been severely affected by the outbreak of COVID-19 owing to the halting of various industries across the globe. Vehicle production had been affected in major countries due to supply shortages, lockdowns, and production suspensions in the early months of 2020. The demand for new vehicles in pandemic-affected countries was low due to lockdowns and restrictions to curb the spread of the virus. According to the European Automobile Manufacturers Association (ACEA), the total loss due to COVID-19 in 2020 for the European automobile market was approximately 3.6 million vehicles worth approximately USD 120 billion.
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