MarketsandMarkets projects the global coating equipment market size to grow from to USD 20.4 billion in 2018 to more than USD 27.7 billion by 2023, at a CAGR of 6.3%. Coating equipment are used to apply coatings on various substrates for functional and aesthetic purposes. The use of coating equipment enables easy, fast, and efficient coating process. It also helps save labor cost. Advanced coating systems, such as automatic or robotic systems, are witnessing increased demand. Increased usage of such coating systems is witnessed in areas where conventional equipment such as brushes and rollers were used for applying coatings.
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Newer coatings are being developed, which is expected to increase the penetration of coatings market in end-use industries. 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.
The powder coating segment is projected to grow at the fastest rate during the forecast period. Powder coating is generally applied to metal surfaces. Equipment used in powder coating is dependent on the shape and size of the object to be coated and certain other parameters. In powder coating, the excess material can be reclaimed, which decreases the amount of waste material. Although the use of powder coating equipment requires a large initial investment, the cost of applying powder is less than a liquid system in the long-term. Powder coating is replacing liquid coating, wherever possible, due to its low-VOC content. The growing powder coating market is driving the demand for coating equipment. The need for large ovens for curing large objects coated with powder coatings is the main restraint to the growth of the powder coating equipment market.
The market for coating equipment is projected to register the highest growth in the aerospace end-use industry during the forecast period. Coatings in the aerospace industry are used for enhancing the performance and protect the substrates of aircraft components. The aerospace industry includes commercial, military, and general aviation segments. Strong growth of the aerospace industry and development of new aerospace coatings are the factors boosting the growth of the coating equipment market in this segment.
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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.
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