Coating Equipment Market Size, Share & Trends Analysis Report By Product (Specialty Coating equipment, Powder Coating Equipment, Liquid Coating Equipment), By Application, By Region, And Segment Forecasts, 2018 - 2025

Report Overview

The global coating equipment market size to be valued at USD 22.23 billion by 2025, expanding at a compound annual growth rate (CAGR) of 5.7% during the forecast period. Growing demand for the product from various applications such as automotive, aerospace, and construction is anticipated to provide a positive scope for market growth over the forecast period. The growing construction sector due to increasing population and urbanization is expected to drive the demand over the next eight years. Rapid industrialization across the Asia Pacific region is further expected to propel growth.

Low fuel costs & comparatively cheap airfares are attracting new fliers and increasing flying frequency which in turn is driving the aerospace industry. The aviation industry relies on new aircraft in order to meet consumer demand, thus driving demand for the product.

The major raw materials utilized in the manufacturing of coatings are dyes & pigments which are derivatives of crude oil. The prices of raw materials lead to volatility in the coating prices, thereby affecting the equipment demand. The dependence of the market on material prices is anticipated to restrain the demand over the forecast period.

The high initial cost of the product is further expected to restrain the industry over the forecast period. However, various companies such as OC Oerlikon, and Anesta Iwata are involved in offering operation-specific parts to the consumers. Parts such as spray guns, feeders, and control valves are priced lower as compared to the whole system.

Liquid coating equipment is expected to witness a low growth rate as compared to other products. The VOC emission during the layering process is around 3.5 to 5.5 pounds per gallon, which is significantly high. The environmental concerns related to the operation are anticipated to restrain the market growth over the forecast period.

Coating Equipment Market Trends

The rapid rise in the demand for electric vehicles globally is one of the key factors driving the market. Coating plays a vital role in preventing rust damage to the surface of electric vehicles, and their products and also contributes to their look and quality. Thus, the increasing consumption of coated electronic devices in electric vehicles is expected to drive industry growth.

Numerous initiatives are being taken by governments to sell electric-powered vehicles through various subsidies such as incentives for putting in charging stations, and budget allotment for the improvement of electrical battery generation regarding weather extrude concerns. Furthermore, the technological improvement for the electric-powered car is allowing sizable fee reduction. This in turn is increasing the electrical motors enterprise and, subsequently, boosting the coating device market.

The application of advanced coating equipment is not affordable for all uses. The use of high-end coating equipment is not an economical option due to low capacity and less specific applications. The cost of the equipment is a vital factor in choosing both the coating method and coating material. Therefore, the availability of low-cost alternatives such as brushes, and rollers limits the market in some applications and is expected to hamper the market growth during the forecast period.

Technological advancements in coating equipment and faster coating processes are driving the market in different applications. There is a need for customized equipment in end-use industries such as aerospace, automotive and transportation, and others. Various manufacturers are investing in R&D to develop advanced equipment. Such factors are expected to present opportunities for the industry to grow in the forecast period.

Application Insights

Automotive applications accounted for a share of 27.2% of the global market in 2016. Penetration of equipment in the automotive application is expected to be high over the forecast period due to the increasing utilization of specialty & powder coatings across the industry.

Increasing demand for coated electronic devices and focus on the protection of car exteriors is expected to drive the product demand over the next eight years. Automated equipment is considered to lower the amount of wastage during automotive production which is likely to provide a positive scope for market growth.

Growing purchasing power, high living standards, and rapid urbanization are expected to drive the construction sector worldwide. This is likely to develop new opportunities for the coating equipment industry over the coming years. Powder coatings are being increasingly used in aluminum extrusions of windows, door frames, building facades, kitchen, bathroom, and electrical fixtures, thereby fueling the demand.

Other applications including agriculture and oil & gas industries are expected to witness considerable growth of 3.8% from 2017 to 2025 due to increasing consumption of food and energy. The oil & gas industry utilizes the product to coat the drilling equipment which is anticipated to provide a positive scope for market growth.

Product Insights

Specialty coating equipment is expected to witness the fastest CAGR of 6.5% from 2017 to 2025. Increasing utilization of technologies such as physical vapor deposition and chemical vapor deposition across various industries is likely to augment the growth.

The ability of specialty equipment to coat various products including wood, metal, and flooring is expected to propel the market growth. In addition, the product is expected to substitute powder coating equipment on account of its capability to operate on metals.

Powder coating is expected to grow at a CAGR of 5.5% from 2017 to 2025. Its ability to effectively coat products with properties such as de-icing, abrasion, corrosion, and heat resistance is anticipated to provide positive scope for the industry over the next eight years. 

The cost of liquid coating is less compared to other products which is anticipated to provide a positive scope for the market growth over the forecast period. It is anticipated to witness demand from the construction sector due to its high utilization in the painting application.

Regional Insights

The Asia Pacific dominated the market in 2016, accounting for a share of 40.1%. The growing construction sector across the Asia Pacific region coupled with an improved budget for infrastructure in 2017 is anticipated to be the key factors for product demand over the forecast period. Efficiency improvements in existing buildings and growing renovation activities have the highest potential to stimulate the product demand in developed economies. Initiation of numerous PPP projects for the construction of roads, hospitals, schools, and airports is expected to boost the product demand across Europe. In addition, technological advancements due to extensive research and development in the field of coatings are further anticipated to propel the demand.

Increasing demand from the automotive sector for long-lasting, anti-corrosion and anti-moisture coatings due to changing consumer trends is anticipated to provide positive scope for market growth across Canada. Demand from the agriculture industry for liquid and powder-based products is further anticipated to provide positive scope for industry growth over the forecast period.

The U.S. dominated the North America coating equipment market accounting for a share of 75.0% in 2016. Increased industrial budget by the U.S. government to create more jobs is expected to drive the manufacturing sector across the region thereby providing positive scope for market growth over the forecast period.

Key Companies & Market Share Insights

The key players across the industry are involved with manufacturing a completely automated system as well as components such as hand sprays and trolleys to meet consumer demand. Mergers and acquisitions supported the companies to improve their technical expertise and enabled them to offer enhanced products to the consumers.

In July 2016, Nordson Asymtec signed a partnership with Parker Chomerics which helped the company to increase its high-volume spraying product portfolio. In April 2017, J Wagner GmbH launched a new product Topfinish GM 1010G CAT-X, which features manual application in any position. 

Recent Developments

• In May 2022, Graco Inc., introduced the new Contractor King air-powered protective coatings sprayer and the Silver Plus HP spray gun. The Contractor King air-powered sprayer delivers better performance on a more compact footprint thus, making it an ideal fit for contractors looking to maximize portability and productivity.

• In 2022, SATA  GmbH introduced a new SATAjet K 1800 spray mix which is a new product in the field of ultra-high pressure coating. This lightweight spray gun with a well-balanced gun body combines an optimized ergonomic design with a finely-tuned nozzle range.

• In May 2022, Ionbond joined the Asociacion Mexicana de Manufactura de Moldes y Troqueles (AMMMT), the national organization that promotes high-quality manufacturing in the forming, molding, and tooling industry. The organizationaims to focus on improving the performance, quality, and lifetime of a wide range of objects with a portfolio of high quality coatings. To complete the joining process, Ionbond held an initial webinar about state-of-the-art coating services in Monterrey and Silao plants.

Some of the prominent players operating in the global coating equipment market include:

• Anest Iwata

• Graco Inc.

• C. Oerlikon

• IHI Ionbond AG

• SATA GmbH & Co. KG

Coating Equipment Market Report Scope

Global Coating Equipment Market Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the coating equipment market on the basis of product, application, and region:

• Product Outlook (Revenue, USD Million, 2014 - 2025)

  • Specialty coating equipment

  • Powder coating equipment

  • Liquid coating equipment

• Application Outlook (Revenue, USD Million, 2014 - 2025)

  • Automotive

  • Aerospace

  • Construction

  • Industrial

  • Others

• Regional Outlook (Revenue, USD Million, 2014 - 2025)

  • North America

    • The U.S.

    • Canada

  • Europe

    • Germany

    • The U.K.

  • Asia Pacific

    • China

    • Japan

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa