Coating Equipment Market Size is projected to reach USD 32 Billion by 2031 | CAGR: 6.55%.
The global market for coating equipment was valued at USD 20.27 billion in 2022 and is projected to reach USD 32 billion by 2031, with a compound annual growth rate (CAGR) of 6.55% from 2023 to 2031. The main factor driving this expansion is the increasing demand for the product across various sectors like automotive, aerospace, and construction, coupled with the need for alternative coating systems. The automotive industry, in particular, plays a significant role in the consumption of coating equipment. The surge in automobile demand is propelling the growth of the automotive sector, consequently driving the expansion of the coating equipment market. This progress is further supported by the economic growth seen in developing nations and the adoption of new technologies. Moreover, the rising need for corrosion protection, as coatings are essential for safeguarding materials against corrosion, a prevalent issue in multiple industries, is contributing to the revenue growth in the market.
AkzoNobel, a leading coating manufacturer, has introduced a new powder coating line in May 2022 to meet the growing demand for powder coating in the automotive and construction industries.
The global market for coating equipment is crucial for various industries, such as automotive, aerospace, construction, and industrial. Among these industries, the automotive sector holds the largest market share and is expected to experience consistent growth in the forecast period. The growth in this industry is mainly fueled by the rising need for UV-resistant coatings on different automobile parts such as body panels, bumpers, and wheels. Additionally, the region is experiencing rapid industrialization and the establishment of new manufacturing facilities, which is anticipated to drive demand for coating equipment. The rising demand for coated electronic devices and the growing focus on car exterior protection are also expected to contribute to the growth of this market in the future.
Asia Pacific accounted for the largest market share of 45% in 2022 and is expected to continue to grow at a high rate. The surge in growth results from the growing need for cars and the rising demand for coating equipment in the construction and industrial sectors. The increase in research and development investments in countries like China, Japan, and India has significantly contributed to the expansion of the coating equipment market in the region. The expansion of the coating equipment market in the region is also expected to be aided by the presence of major industry players such as Nordson Corporation, Graco Inc., and Anest Iwata.
The report “Coating Equipment Market Size, Share, & Trends Analysis Report by End User Industry (Automotive, Aerospace, Construction, Industrial, and Others), and by Region (North America, Europe, APAC, MEA, and CSA), And Segment Forecasts, 2023-2031” is available now to Econ Market Research customers and can also be purchased directly from: https://www.econmarketresearch.com/
Further key findings from the report suggest:
- The global coating equipment market is projected to grow by 6.55% over the forecast period.
- Asia Pacific is expected to be a leading region in the global coating equipment market over the next nine years.
- The major players in the global coating equipment market are: Anest Iwata; Graco Inc.; OC. Oerlikon; IHI lonbond AG; SATA GmbH & Co. KG; ASAHI Sunac Corporation; Carlisle Companies; J. Wagner; WIWA Wihelm Wagner; Castolin Eutectic; Praxair S.T. Technology; and Picosun Oy.
Econ Market Research has segmented the global coating equipment market based on end-use industry, type, and region:
Coating Equipment Market by End-Use Industry Outlook (Revenue, USD Billion, 2023-2031)
Coating Equipment Market by Type Outlook (Revenue, USD Billion, 2023-2031)
- Powder Coating
- Liquid Coating
- Speciality Coating
Coating Equipment Market Regional Outlook (Revenue, USD Billion, 2023-2031)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of Latin America
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