Coating Equipment Market Size, Industry Share Forecast

The Coating Equipment Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Coating Equipment Global Market Report 2024, The coating equipment market size has grown strongly in recent years. It will grow from $21.9 billion in 2023 to $23.66 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to construction industry growth, increased paints and coatings demand, industrial manufacturing, increased regulatory compliance, and increased environmental concerns.

The coating equipment market size is expected to see strong growth in the next few years. It will grow to $32.58 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to increased semiconductor industry, infrastructure development, automotive industry, rapid urbanization, and emerging market growth. Major trends in the forecast period include industry 4.0 integration, high-performance coatings, powder coating technology, adaptive coating technologies, and introduction of customizable coating solutions.

The growth in demand for electric vehicles will drive the growth of the coating equipment market going forward. Electric vehicles are those that are powered entirely or partially by electricity. Electric vehicles have minimal operating expenses since they have fewer moving parts to maintain, and they are also very eco-friendly because they consume little or no fossil fuels (petrol or diesel). Coatings are essential in keeping the substrates of electric vehicles and their components free of rust and other damage. It also has a big impact on the aesthetics of electric vehicles. For instance, in July 2023, according to the International Energy Agency, a France-based autonomous intergovernmental organization, electric car markets were seeing exponential growth as sales exceeded 10 million in 2022. The share of electric cars in total sales has more than tripled in three years, from around 4% in 2020 to 14% in 2022. Moreover, it is expected to see 14 million electric vehicle sales by the end of 2023. Therefore, the increase in demand for electric vehicles propels the coating equipment market growth.

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The coating equipment market covered in this report is segmented –

1) By Coating Type: Powder Coating Equipment, Liquid Coating Equipment, Specialty Coating Equipment

2) By Material Type: Polyester, Polyurethane, Acrylic, PVC, Epoxy, Silicon

3) By Application: Brushed, Dipped Or Sprayed, Diffusion, Laser Processing, Plating, Thermal Spray, Vapor Deposition

4) By End Use Industry: Automotive, Medical, Aerospace, Industial, Building And Construction, Marine, Electricals And Electronics, Other End Users

The strategic agreements between coating equipment manufacturers and end-use industry players have emerged as a major trend impacting the market. Major companies operating in the coating equipment sector are focused on strategic agreements to strengthen their position. For instance, in October 2021, Nordson Michelman, Inc., a US-based developer and manufacturer of materials for industrial manufacturing, coatings, printing, and packaging, partnered with CMS Industrial Technologies, LLC, a US-based manufacturer of industrial and converting equipment. With the partnership, the companies intended to develop Michelman’s coating machinery, including slide-angle testers, blade coaters, spray coaters, and rod and press rod coaters. Moreover, in October 2021, Michelman, a US-based chemical company, formed a partnership with CMS Industrial Technologies LLC, a US-based equipment supplier, to manufacture coating equipment such as rod coaters, press rod coaters, blade coaters, spray coaters, and slide-angle testers. CMS will also provide engineering, replacement parts, and support.

The coating equipment market report table of contents includes: