LONDON–(BUSINESS WIRE)–#Chemicals–The industrial coating equipment market size is poised to grow at a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
With the rising need for durable and eco-friendly coatings, the demand for powder coatings has been growing. Powder coatings offer high durability owing to their high resistance to abrasion and corrosion. They also have a high operating life and can last for a longer period with the same level of luster which does not fade In addition, powder coatings are environmentally-friendly as they emit minimal toxic compounds. This is because powder coatings have fewer solvents and emits less VOCs. Thus, the high durability of powder coatings along with their high resistance to UV radiations has increased the demand for powder coatings. This will drive the growth of the industrial coating equipment market during the forecast period.
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As per Technavio, the rising adoption of automated coating systems will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Industrial Coating Equipment Market: Rising Adoption of Automated Coating Systems
Automation has been registering significant growth in industries due to the rising awareness of its benefits and declining cost of automation solutions. The global industrial coating equipment market has been moving towards automating its production line. As coating is highly repetitive, and requires high accuracy, the use of automation in the coating process can remove irregularities that may occur while manually carrying out the process. One of the key areas wherein automated systems are being used in the coating process is in spray applications. The use of automated spray systems helps in simplifying the process. They can be tuned to control temperature, rotation speed, spray time, fan and atomization pressure, and spray gun positioning, offering better control over the process. Thus, the use of an automated system is expected to be more prominent during the forecast period, thereby fueling the growth of the industrial coating market.
“Other factors such as the growing demand for wind power, and the recovery of oil and gas industry will have a positive impact on the growth of the industrial coating equipment market during the forecast period,” says a senior analyst at Technavio.
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Industrial Coating Equipment Market: Segmentation Analysis
This market research report segments the industrial coating equipment market by end-user (discrete industry and process industry) and geographical regions (Americas, APAC, and EMEA).
The APAC region held the largest share of the market in 2018, followed by the EMEA and Americas respectively. During the forecast period, the APAC region is expected to maintain its dominance and register the highest incremental growth due to the strong growth of industries such as automotive, and aerospace and defense industry in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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