Coating Equipment Market by Type, End User Industry - Global Forecast to 2021

COATING EQUIPMENT MARKET- GLOBAL FORECAST TO 2021

The coating equipment market was valued at USD 13.79 billion in 2015 and is projected to reach USD 19.33 billion by 2021, at a CAGR of 5.8% from 2016 to 2021. Coating equipment serves various end-use industries, such as automotive & transportation, aerospace, industrial, and building & infrastructure. Growing demand for coating equipment from the industrial segment in the Asia-Pacific region and increasing acceptance of new technologies in the field of coatings, especially in emerging economies are the factors expected to boost the growth of the coating equipment market during the forecast period.

The strategy of new product launches was the key strategy adopted by major players to achieve growth in the coating equipment market between 2013 and 2016. This strategy accounted for the largest share of all development strategies adopted by market players between 2013 and 2016. Some of the major market players operating in the coating equipment market are Nordson Corporation (U.S.), Anest Iwata (Japan), Graco Inc. (U.S.), O.C. Oerlikon (Switzerland), IHI Ionbond AG (Switzerland), and SATA GmbH & Co. KG.(Germany), among others.

Besides new product launches/developments, expansions, and mergers & acquisitions were other key strategies adopted by market players to enhance their market shares in the coating equipment market and expand their geographical reach.

Nordson Corporation focuses on expansions and development of new and innovative products and services to cater to the growing needs of its customers for efficient and sustainable solutions. It continues to work on optimizing manufacturing processes of coating equipment, offer customized products, and develop new, energy-efficient, and cost-effective solutions for coating materials. For instance, in November 2015, Nordson Corporation launched Encore HD Mobile Spray System (powder coating), which features its fourth generation dense phase spray technology. This system helps in achieving optimum utilization of powder materials and provides increased speed of operation. Development and launch of this system has helped the company to cope up with growing demand for powder coating equipment from various end-use industries.

In March 2014, Nordson Corporation signed an agreement with Esman Elektronik for distribution of its products in Turkey. This enabled company to expand its distribution channel in Turkey to reach its customers and strengthen its presence in the country.

Graco Inc. is one of the major players in the coating equipment market. The company has a broad product portfolio and offers various fluid and powder coating materials. It is also involved in the manufacturing of coating equipment. Graco also offers adhesives and sealants. Graco Inc. focuses on the development of new products. It has launched electric and gas airless sprayers, which make spraying easy, fast, and increasingly productive.

The coating equipment market was valued at USD 13.79 billion in 2015 and is projected to reach USD 19.33 billion by 2021, at a CAGR of 5.8% from 2016 to 2021.

Selection of coating equipment for use in varied end-use industries depends on various factors, which include type of coating material, shape of the object to be coated, and degree of surface finish required. Surface finish is an important factor in all end-use industries, such as automotive & transportation, aerospace, industrial, and building & infrastructure. To get proper finish of the coated surface, various types of coating equipment are used.

On the basis of type, the coating equipment market has been segmented into liquid coating equipment, powder coating equipment, and specialty coating equipment. These types include various coating tools, such as conventional spray guns, electrostatic spray guns, and thermal spray guns, among others.

Among end-use industries, the industrial segment of the coating equipment market is projected to grow at the highest CAGR during the forecast period. It is expected to be followed by the automotive & transportation segment of the coating equipment market. Emerging countries are undergoing rapid industrialization to ensure their economic growth. Growth of various end-use industries across the globe is fueling the demand for different types of industrial products. Moreover, growing concerns about protection of expensive machines and equipment from corrosion is resulting in increased requirement for anti-corrosion coatings. This, in turn, is expected to fuel the growth of the industrial segment of the coating equipment market during the forecast period.

Among types, the powder coating equipment segment of the coating equipment market is projected to grow at the highest CAGR during the forecast period. Powder coatings are being increasingly used across varied end-use industries as they do not contain any volatile organic component. Powder coatings are applied with electrostatic guns. Curing is an important step in the coating processes, wherein powder coatings are used. The size of the object to be coated can impact the selection of the coating processes. Growing demand for coating equipment across the globe can be attributed to the technological advancements taking place in the coating equipment, along with development of various new products for the coating equipment industry.

The Asia-Pacific region is the largest market for coating equipment, followed by the North American region. The growth of the Asia-Pacific coating equipment market can be attributed to increased demand for industrial products in the region, owing to growth of varied end-use industries in the Asia-Pacific region during the last few years. Growing population, rising consumption of industrial products and energy, and increasing investments being made by governments of various countries for their economic growth are the factors leading towards the growth of the Asia-Pacific coating equipment market. A number of leading players are considering growth of the coating equipment market in the Asia-Pacific region as an opportunity to expand their presence in the region. Growing automotive industry in the Asia-Pacific region offers great opportunities for the manufacturers of coating equipment as automotive industry is one of the largest end-use industries that employ coating equipment. Growing demand for coating equipment from the industrial segment of the Asia-Pacific region and increasing acceptance of new technologies in the field of coatings, especially, in the emerging economies are likely to boost the growth of the coating equipment market during the forecast period.

Leading players in the coating equipment market are employing both, organic as well inorganic growth strategies, such as regional expansions, agreements, and new product developments/launches to expand their overall business, worldwide. The key companies operating in this market focus on providing innovative products and enhancing their presence in the emerging markets. They also focus on strengthening their research & development facilities to provide cost-effective products, which, in turn, is expected to lead towards sustainable growth of the coating equipment market in the future.

The key companies profiled in coating equipment market report are Nordson Corporation (U.S.), Anest Iwata (Japan), Graco Inc. (U.S.), O.C. Oerlikon (Switzerland), IHI Ionbond AG (Switzerland), and SATA GmbH & Co. KG. (Germany), among others.