The report "Coating Equipment Market - Global Forecast to 2021", The coating equipment market was valued at USD 13.79 Billion in 2015 and is projected to reach USD 19.33 Billion by 2021, at a CAGR of 5.8% from 2016 to 2021.
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Growth of the market is driven by increased demand for coating equipment from various end-use industries, such as automotive & transportation, aerospace, industrial, and building & infrastructure. Growing demand for new vehicles and aircraft, rapid industrialization in emerging economies, and increasing acceptance of coating equipment in the building & infrastructure industry are the factors expected to fuel the growth of the coating equipment market during the forecast period.
Among end-use industries, the industrial segment is projected to lead the coating equipment market during the forecast period.
Heavy machinery and equipment employed in varied end-use industries to carry out numerous processes need to be protected from corrosion, abrasion, and other types of wearing. For this, industrial coatings are used. Increasing use of industrial coatings in heavy machinery as well as in the manufacturing industry is expected to fuel the demand for the coating equipment in the industrial segment. Thus, high demand for industrial coatings from various industries is the reason for the largest share of the industrial segment in the coating equipment market.
Among types, the powder coating equipment segment is projected to grow at the highest CAGR during the forecast period.
Powder coating is generally applied to metal surfaces. The most commonly used process for applying powder coating to metal surfaces is to spray it with the help of corona or tribo guns. The coated object is then cured in oven to form a uniform film of coatings. Industries have started using powder coatings as they are free from volatile organic components. Increasing concerns about environment conservation and growing use of environment-friendly products that are free from volatile organic components are expected to contribute towards the demand for powder coatings, thereby fueling the growth of the powder coating equipment segment of the coating equipment market.
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Increasing demand for coating equipment in the Asia-Pacific is the major driver for the growth of coating equipment market in the region.
In 2015, the Asia-Pacific region accounted for the largest share of the coating equipment market. The Asia-Pacific coating equipment market is projected to grow at the highest CAGR from 2016 to 2021. China is currently the largest market for coating equipment in the Asia-Pacific region and is expected to remain so during the forecast period as well. The growth of the Asia-Pacific coating equipment market is led by rapid industrialization in the region, growing demand for coating equipment from varied end-use industries, and increasing government spending. Several global companies are focusing on emerging markets in the Asia-Pacific region and as such, are increasing their footprints in the region by setting up their manufacturing facilities, distribution centers, and research & development centers. The India coating equipment market is projected to grow at the highest CAGR during the forecast period due to increase in demand for various industrial products and consumer goods.
The key companies profiled in the coating equipment market research report are Nordson Corporation (U.S.), Anest Iwata (Japan), Graco Inc. (U.S.), O.C. Oerlikon (Switzerland), IHI Ionbond AG (Switzerland), SATA GmbH & Co. KG. (Germany), among others.
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