Coating is a covering that is applied on a surface to improve its functional or aesthetic properties. Paints is a major type of coatings. Paints are used in a wide variety of applications in automotive, industrial, building & construction, marine, medical, electrical & electronics, utility, and oil & gas sectors. Coatings are applied on all kinds of substrates including polymers, glasses, metals, and ceramics. The use of coatings is increasing all over the world as companies are adopting a prevention-based approach in order to decrease the costs incurred by rusting of equipment. A wide range of techniques to apply coatings on a substrate, which use different equipment, are available. A good coating equipment device ensures that there is even distribution of the coating material over the substrate, proper mixing of different components of the material being coated, optimum drying, and presence of an efficient exhaust system to remove the residual solvent vapors. Rising consumption of coatings across the world is likely to, in turn, raise the demand for coating equipment in the next few years.
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Coating Equipment Market: Drivers and Restraints
Increasing demand from key end-user sectors such as automotive, industrial, medical, and building & construction is likely to be a key driver for the coating equipment market during the forecast period. The use of coatings to provide protection to different products as well as impart functional properties to the product surfaces is increasing in these sectors. Several companies in unorganized sectors in emerging economies, which were using non-standard methods for applying coatings earlier, are shifting toward the use of standard coating equipment. This shift is taking place due to increasing availability of capital for purchasing the equipment led by economic growth as well as more stringent governmental regulations. The use of solvent-based coatings has been restricted in several countries. This would have a negative effect on equipment for solvent-based coatings in the near future. However, the use of water-based coatings is increasing at a rapid pace, which would increase the demand for related coating equipment in the next few years. Increasing costs of raw materials such as plastics, metal parts, electric components and electronic circuits is expected to be a restraint for growth of the coating equipment market during the forecast period.
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Coating Equipment Market: Segmentation
Based on type, the coating equipment market can be segmented into:
- Liquid coating equipment
- Powder coating equipment
- Specialty coating equipment
- Others
Based on application, the coating equipment market can be divided into:
- Automotive
- Medical
- Aerospace
- Industrial
- Building & Construction
- Marine
- Electrical & Electronics
- Others
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The medical segment of the coating equipment market is anticipated to expand at a rapid pace in the next decade, due to growing use of these equipment in drug delivery applications. Rising urbanization and industrialization in several regions of the world is likely to boost the demand for coating equipment in these regions in the near future.
Based on material characteristics and method of application, the coating equipment market can be segmented into liquid coating equipment, powder coating equipment, and specialty coating equipment.
Coating Equipment Market: Region-wise Outlook
Based on geography, the global coating equipment market can be segregated into North America, Asia Pacific, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to be a highly attractive market for coating equipment during the forecast period. Industrial growth and rapid urbanization in countries such as China, India, and Indonesia is likely to boost the demand for coating equipment in these countries in the next decade. The coating equipment markets in mature economies in Western Europe and North America are likely to witness sluggish growth in the next decade. Demand for coating equipment in several developing countries such as Mexico, South Africa, and Russia is likely to remain high in the next few years.
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