Coating Equipment Market 2022 Size Analysis, Sales and Growth Rate...

Coating Equipment Market 2022 Size Analysis, Sales and Growth Rate

Posted 2024-10-10 06:39:27

Coating Equipment Industry

The global coating equipment market size was estimated at USD 16.62 billion in 2021 and is expected to expand at a compounded annual growth rate (CAGR) of 5.3% from 2022 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.

Gather more insights about the market drivers, restrains and growth of the Global Coating Equipment market

Coating Equipment Market Segments:

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.

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.

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.

Browse through Grand View Research's Paints, Coatings & Printing Inks Industry Research Reports.

The global hydrophobic coating market was valued at USD 2.06 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2030.
The global nanocoatings market size was valued at USD 12.86 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 16.4% from 2024 to 2030.

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: