Coating Equipment Market Worth $27.7 Billion by 2023 - Exclusive Report by MarketsandMarkets™
Jan 23, 2019, 04:30 ET
CHICAGO, January 23, 2019 /PRNewswire/ --
According to the new research report "Coating Equipment Market by Type (Liquid Coating, Powder Coating, and Specialty Coating), End-use Industry (Automotive & Transportation, Aerospace, Industrial, Building & Infrastructure), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Coating Equipment Market size is estimated to be USD 20.4 billion in 2018 and is projected to reach more than USD 27.7 billion by 2023, at a CAGR of 6.3% between 2018 and 2023. Increasing demand from growing end-use industries and the need for replacement of existing coating systems are the key drivers for the growth of the Coating Equipment Market.
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The powder coating equipment segment is projected to grow the fastest in the overall Coating Equipment Market during the forecast period.
The powder coating equipment segment is projected to grow at the fastest rate during the forecast period. Powder coating is generally applied to metal surfaces. In powder coating, the excess material can be reclaimed, which decreases the amount of waste material that goes into the waste stream. Although the use of powder coating equipment requires a large initial investment, the cost of applying powder coating 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 aerospace end-use industry segment is projected to grow the fastest during the forecast period.
The Coating Equipment Market in the aerospace industry is projected to witness the highest-growth 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 coupled with the development of new aerospace coatings is expected to drive the demand for coating equipment in this segment.
APAC is estimated to account for the largest share of the Coating Equipment Market during the forecast period.
APAC is projected to be the fastest-growing Coating Equipment Market. High population growth, industrial development, increase in demand for automobiles, and growing demand for coatings with better efficiency in the region are driving the Coating Equipment Market. The market in the region is witnessing significant growth due to growing economies such as India, China, and ASEAN countries such as Thailand and Indonesia.
The leading players in the Coating Equipment Market are Nordson Corp (US), IHI Corp (Japan), OC Oerlikon (Switzerland), SATA (Germany), Graco (US), ANEST IWATA (JAPAN), ASAHI Sunac Corp (Japan), J. Wagner (Germany), Carlisle Companies (US), and WIWA Wilhelm Wagner (Germany).
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