LONDON, Feb. 14, 2017 /PRNewswire/ -- "The coating equipment market is projected to grow at a CAGR of 5.8% during the forecast period, 2016 to 2021."
The coating equipment market is projected to reach USD 19.33 billion by 2021, at a CAGR of 5.8% between 2016 and 2021. Growth of this market can be attributed to increasing requirements of customers for quick delivery of products, reduction in industrial maintenance time, and good finish. Thus, increasing acceptance of coating equipment to cater these requirements of customers is expected to drive the demand for coating equipment during the forecast period.
Increasing need for customized coating equipment in varied end-use industries, such as automotive & transportation, and aerospace, among others is providing growth opportunities for manufacturers of coating equipment. They are continuously carrying out R&D activities to develop new and advanced equipment that can meet varied requirements of customers. New technological advancements taking place in coating equipment not only expedite coating processes, but also ensure long-lasting coatings.
"Among end-use industries, the industrial segment of the coating equipment market is projected to grow at the highest CAGR during the forecast period."
Demand for coating equipment is expected to increase during the forecast period, owing to rapid industrialization taking place in emerging economies. Increased application of coating materials in various end-use industries is fueling the demand for industrial coatings, thereby leading towards growth of the industrial segment of the coating equipment market. Rising demand for high end coating equipment is another reason for the growth of the coating equipment market in heavy machinery and manufacturing industries.
"Among types, the powder coating equipment segment of the coating equipment market is projected to grow at the highest CAGR during forecast period."
Growing concerns for environmental conservation are driving the demand for the environment-friendly products. This has led to reduction in the use of coatings containing volatile organic components. Powder coatings are preferred over coatings containing volatile organic components. Growing acceptance of powder coatings in varied end-use industries is boosting the demand for powder coating equipment. Hence, increasing concerns about environment and use of coatings free from volatile organic components are expected to lead towards increasing demand for the powder coating equipment, which, in turn is expected to contribute to the growth of the coating equipment market during the forecast period.
"The Asia-Pacific region is the largest market for coating equipment."
The Asia-Pacific region is the largest market for coating equipment. The Asia-Pacific coating equipment market is projected to grow at the highest CAGR during the forecast period. The growth of the coating equipment market in the region can be attributed to increased demand for coating equipment from various countries, such as Japan, China, and India. China is the largest market for coating equipment in the Asia-Pacific region, followed by Japan and India. The India coating equipment is projected to grow at the highest CAGR during the forecast period.
Extensive primary interviews have been conducted to determine and verify the market size for several segments and subsegments.
The break-up of primary interviews is given below.
- By Company Type: Tier 1 – 50%, Tier 2 – 37%, and Others – 13%
- By Designation: C level – 46%, Director level – 31%, and Others – 23%
- By Region: North America – 33%, Europe – 28%, Asia-Pacific – 22%, Middle-East & Africa – 11%, and South America – 6%
The companies profiled in this 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.
This research report categorizes the coating equipment market on the basis of type, end-use industry, and region. The report includes detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities influencing the growth of the coating equipment market. A detailed analysis of the key industry players has been done to provide insights into business overviews, products & services, key strategies, investments & expansions, mergers & acquisitions, and recent developments associated with the market.
Reasons to Buy the Report:
The report will help market leaders/new entrants in this market in the following ways:
1. This report segments the coating equipment market comprehensively and provides the closest approximations of market sizes for the overall market and subsegments across different regions.
2. The report will help stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders understand the major competitors and gain insights to enhance their position in the business. The competitive landscape section includes expansions, new product launches/developments, mergers & agreements.
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