NEWARK, Del, Oct. 06, 2023 (GLOBE NEWSWIRE) -- The global coatings and application technologies for robotics market is on the brink of a substantial valuation, projected to reach US$ 18,141.9 million by 2023. The market is estimated to attain a total valuation of US$ 38,925 million by 2033 and is predicted to record a CAGR of 7.9% from 2023 to 2033.
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The growth is primarily driven by the burgeoning interest and insights surrounding the coatings and application technologies for the robotics market. The trend is expected to open doors to new opportunities within the market.
The global coatings and application technologies for the robotics industry are witnessing significant growth. This growth is driven by the extensive use of automotive robotics in various sectors, including chemical and material industries.
Robotic systems offer many advantages, such as improved product quality, enhanced production capacity, reduced warranty costs, and ensuring the safety of workers by automating hazardous and challenging tasks. This transformative impact of robotics technology has been a driving force in propelling the industry forward.
One of the primary catalysts for the growth of the coatings and application technologies for robotics market is the remarkable enhancement in product quality achieved through automation. Robots are known for their precision and consistency, which leads to a significant reduction in defects and errors in the final products. This not only improves the overall quality of products but also enhances customer satisfaction, thereby boosting the market's prospects.
The utilization of robotics in various industries results in increased production capacity. Robots can work tirelessly around the clock without the need for breaks, thus substantially increasing manufacturing output. The heightened production capacity is particularly beneficial in industries with fluctuating demand or seasonal variations, as it allows for rapid adjustments to meet market needs.
Lower warranty costs represent another key advantage of incorporating robotics into industrial processes. The consistency and precision of robots significantly reduce the occurrence of defects and faults, thereby minimizing the need for warranty repairs and replacements. This translates to cost savings for manufacturers and bolsters their competitiveness in the market.
The high initial cost of acquiring and implementing robotic systems, as well as the ongoing maintenance expenses, can pose a barrier to market growth. Industry experts foresee a promising future for the coatings and application technologies for robotics market, driven by the increasing adoption of Industry 4.0 principles.
Key Takeaways from the Market Study
- The market valuation in 2022 was US$ 17,066.7 million.
- Based on technology, water-borne coatings are expected to dominate at a market share of 33.5% by 2033.
- Based on resin type, acrylic coatings are likely to register a market share of 53.4% by 2033.
- The coatings and application technologies for robotics market size expanded at 4.68% CAGR between 2018 and 2022.
- Japan is estimated to reach a market share of 6.5% in 2023.
- Australia experiences a significant value share of 4.42% in 2023.
“The investment aims to improve operational efficiency and reduce downtimes, further fueling the market's growth. It is considered one of the key drivers of the coatings and application technologies for robotics market”, comments by Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
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Competitive Landscape
The coatings and application technologies for robotics industry boasts a substantial array of market participants. Research and development play a pivotal role among the market participants. It primarily focuses on the introduction of eco-friendly product lines as a core aspect of their manufacturing endeavors.
Key participants also employ various expansion strategies, including collaborations, mergers and acquisitions, and diligent exploration of regulatory approvals to bolster their market presence.
Key Innovations in the Market
- Akzo Nobel, a prominent player in the coatings industry, embarked on a groundbreaking partnership with Qlayers, a Netherlands-based startup specializing in robotic solutions for applying paints and surface treatments in industrial and marine settings.
This collaboration signified Akzo Nobel's commitment to exploring the synergy between its product offerings and robotic applications.
- Axalta Coating Systems announced the launch of Imron® Industrial Ultra 2.8 VOC Topcoat, an enhanced urethane topcoat to support the agriculture, construction and earthmoving equipment (ACE) market segments.
The new technology offers low VOC emissions and a faster cure compared to other urethane topcoats
Key Companies Profiled
- Akzo Nobel N.V.
- Axalta Coating Systems
- PPG Industries
- The Sherwin-Williams Company
- HMG Paints Limited
- The Lubrizol Corporation
- Yashm Paint & Resin Industries
- U.S. Paint Corporation
- Kansai Paint Co. Ltd.
- Bernardo Ecenarro SA
- Nippon Paint Holdings Co., Ltd.
- Sheboygan Paint Company
- Beckers Group, Alps Coating Sdn. Bhd
- NOROO Paint & Coatings Co., Ltd.
- WEG SA, Reichhold LLC
- Tikkurila
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Key Segmentation
By Resin Type:
- Polyurethane Coatings
- Acrylic Coatings
- Alkyd Coatings
- Polyester Coatings
- Epoxy Coatings
By Technology:
- Solvent Borne Coatings
- Water Borne Coatings
- UV Cure Coatings
- Powder Coatings
By Coating Layer:
- Primer Coatings
- Base Coat Coatings
- Top Coat Coatings
- Clear Coat Coatings
By End Use Industry:
- Healthcare
- Agriculture
- Mining
- Manufacturing
- Construction
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- China
- Japan
- The Middle East & Africa
About the Chemicals and Materials Division at Future Market Insights
The chemicals and materials team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Authors:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in the Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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