Coating Equipment Market - Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation by Type, Application and Region

Coating Equipment Market Definition/ Overview:

Coating equipment is used to protect industrial parts, metals, components, products, or materials against corrosion caused by fluorides/chlorides, organic acids (formic or acetic acid), severe temperatures, UV radiation, chemicals, abrasion, or water.

These coating systems are primarily used to prevent corrosion in steel and metal structures and buildings that are susceptible to corrosion, such as bridges, underground pipelines, buildings, machines and mechanical devices (such as motion control systems, stationary or mobile robots), and offshore platforms. Fire-resistant coatings are also applied using industrial coating equipment.

In a manufacturing plant, automated spray equipment, manual spray equipment, and curing equipment are some of the types of industrial coating equipment used for liquid coatings, decreasing costs, increasing productivity, and improving product quality.

Powder and liquid coating equipment are two types of industrial coating equipment. Spray guns (corona and tribo guns) and others are also included in the powder equipment category. Some of the materials utilised in industrial coatings are polyurethane, PVC, epoxy, and acrylic.

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Coating Equipment Market Dynamics

Coating Equipment Market Drivers

• Growing EV Market – Coating equipment are majorly used in automobile market and with the growing EV market the new and advanced coating equipment’s demand are going to go high and hence, drive the growth of Coating Equipment Market.
• Rapid Urbanization and Industrialization – With the increase in urbanization and industrialization in most parts of the world, the demand for Coating Equipment is also increasing as these products are heavily used in the greatest number of sectors that are vital for any economy’s development like Automotive, Aviation, Construction, Aerospace, etc. This also drives the growth of Coating Equipment Market.
• Advanced technology in the Market - The application of sophisticated coating technology is projected to drive Coating Equipment Market expansion. The utilisation of nanotechnology, IoT, AI, and other cutting-edge technologies in paint coating equipment is transforming the industry. Newer, more efficient technologies assure proper application, decrease waste, and provide greater reliability. Furthermore, the constant requirement to replace an old coating system with a new one keeps the market need going.
• Steps to make eco-friendly Paint Industry - Governments all across the globe are trying and taking steps to make the Paint Industry eco-friendly and more chemical-free. This has led to research and development in Coating Equipment Market and hence is expected to drive the market.

Coating Equipment Market Restraints

• Fluctuation in Crude Oil prices – Major raw material used for making Coating Equipment is crude oil and the prices of crude oil are very unstable and mostly rising that makes it very hard for manufacturers to predict the future prices and also the cost goes very high. This might be one of the worst hinderance in growth of Coating Equipment Market.
• Lack of skilled labour – Lack of skilled labour to operate advanced Coating Equipment through nanotech, AI, ML is also one of the restraining factors for the Coating Equipment Market.

Coating Equipment Market Opportunities

• Development of new technology – Continuous developments in coating processes and coating equipment are driving the Coating Equipment Market in different applications. There is need for customized coating equipment in an end use industry such as automotive and transportation aerospace and other sectors. This might be one of the best opportunities for Coating Equipment manufacturers and they should research more and grow their business.

Coating Equipment Market Segment Analysis

By type, the Coating Equipment Market is segmented as Liquid coating, Powder coating and Speciality coating. With the market share of 40% the market is dominated by both, Powder coating and speciality coating in the year of 2023. The ability of speciality equipment to quote virus products including wood, metal and flooring, makes it the market leader and very high demanded product. Powder Coating has the ability to coat products with properties such as de-icing, abrasion, corrosion, and heat resistance and that’s why it has such big market share and is expected to grow in future. Remaining market share of 20% is with Liquid Coating in 2023 as the market is less as it is mainly used in just construction sector but its demand will rise with the rise in urbanization and more construction. Speciality Coating is expected to gain highest market growth in the forecast period and lead the market by 2030.

By Application, the Coating equipment market is segmented as industrial sector, automotive sector, construction sector and aerospace sector. Industrial sector leads the market with the market share of 43% in the year of 2023. Industrial sector leads the market as it has the most application of the coating equipment for the machinery, manufacturing and for the mass production.  Automotive sector has the market share of 28% in the year of 2023 and comes second in the market as the use of Coating Equipment in this sector is high and majorly specialty coating is used for high temperatures. 17% of the market share is enjoyed by construction sector in 2023 as high usage of liquid coating is there in this sector but it might grow at a high pace due to rapid urbanization in the world. Rest 12% is with Aerospace sector and it is at the last this sector is in hands of very less countries and the people using these services are also very less, and the frequency of the use is lesser than any other sector.

Coating Equipment Market Regional Analysis

Asia Pacific dominates the market with a market share of 40.1% in 2023 due to large and the greatest number of countries and also contribution to almost 45% of the world population, the construction and automotive sectors are huge. Strong population explosion, industrial development, escalating call for automobiles and better-efficiency coatings in the region are driving the Coating Equipment Market in Asia Pacific. North America is second in the world in Coating Equipment Market with the market share of 27.7% because of high use of Coating Equipment in aerospace and defence sector and technological advancements in coating equipment are expected to boost the market growth rate. Europe has the market share of 15% in 2023 because of development in automotive sector especially in the EV market. Middle East and Africa has the market share of 10% due to less infrastructure in African regions but rapidly growing urbanization and infrastructure development in these regions are expected to drive the Coating Equipment Market. South America has the least market share of 7.2% in 2021 due to less GDP and hence lack of infrastructure, automotive and aerospace sector the demand of Coating Equipment is also less.

Out of all 5 regions, Asia Pacific is expected to the highest growing region as the result of Strong population explosion, industrial development, escalating call for automobiles and better-efficiency coatings in the region.

In the report, Porter’s Five Forces model is used which gives us help to design the business strategies in the market. It tells us about our competition and the buyers which are the 2 most influencing factors for our company. It tells that how buyers are will or will not gain more bargaining powers than the suppliers and also the difficulty level for another company to enter the industry or for a company to exit it. 

The report also has PESTEL analysis, which gives an overview of the whole business and its strategies. Political angles help in analysing the role of govt. in the shaving industry and economics obviously influence it to the core. Social and Environmental analysis helps in understanding the future of the company and hance helps in making decisions for the future.

Coating Equipment Market Scope

Coating Equipment Market Key Players

• Nordson Corporation (US)
• Anest Iwata (Japan)
• Graco Inc. (US)
• C. Oerlikon (Switzerland)
• IHI Ionbond AG (Switzerland)
• SATA GmbH & Co. KG. (Germany)
• ASAHI SUNAC CORPORATION (Japan)
• Wagner GmbH (Germany)
• Carlisle Companies (US)
• OC Oerlikon Management AG (Switzerland)
• Gema USA Inc. (US)
• Axalta Coating Systems (US)
• Cardinal (US)
• Praxair ST Technology Inc. (US)