The global coating equipment market size was USD 1.20 Billion in 2021 and is expected to register a revenue CAGR of 3.1% over the forecast period, according to the latest report by Reports and Data. Market revenue growth is primarily driven by growing use of powder coatings in diverse applications including automobiles, construction, home appliances, and furniture. Powder coating equipment assures highest quality of powder coatings to guarantee superior finishes and extended durability. The automotive industry uses powder coating ovens for treating mechanical components and partially-fabricated vehicles. This equipment enables manufacturers to increase service life of mechanical parts and maintain uniformity of exterior bodywork. In addition, growing number of companies are using these vehicles to replace conventional spray-painting methods on automobile exteriors, reducing surface irregularities caused by liquid paints flowing from panels.
Powder coating ovens and booths are widely used in architecture and construction owing to their various benefits. Powder coating ovens are also used to finish guardrails, buildings, idols, bridges, lighting poles, posts, monuments, signs, and fencing in highway projects. There is an increase in use of powder coating equipment in home appliances such as refrigerators, washer tops, range housings, vacuum cleaners, water heaters, and air conditioner cabinets for providing a protective coating that is durable, attractive, and durable. These factors are expected to drive market revenue growth.
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Powder Coating Equipment Market: Drive factors
The coating equipment market is influenced by several drive factors that impact its growth and development. These factors include:
- Growing Demand for Sustainable Coating Solutions: One of the primary drivers for the powder coating equipment market is the increasing demand for eco-friendly and sustainable coating solutions. Powder coatings are considered environmentally friendly because they emit negligible volatile organic compounds (VOCs) compared to liquid coatings. As environmental regulations become more stringent, industries are shifting towards powder coating, driving the demand for powder coating equipment.
- Expanding End-Use Industries: Powder coating is widely used in various industries, including automotive, aerospace, construction, appliances, and furniture. The growth and expansion of these end-use industries contribute to the increased demand for powder coating equipment. The automotive sector, in particular, has seen substantial adoption of powder coating due to its durability and aesthetic appeal.
- Cost-Efficiency: Powder coating is cost-effective in the long run due to its efficiency in material utilization and reduced waste generation. The equipment required for powder coating, although initially expensive, offers a better return on investment (ROI) over time, which is driving its adoption.
- Improved Coating Technology: Advancements in powder coating technology, such as the development of new powder formulations and application techniques, have made powder coating more versatile and appealing to a broader range of applications. These innovations are driving the demand for updated and efficient powder coating equipment.
- Rising Awareness of Health and Safety: Powder coating is considered a safer option compared to liquid coating, as it reduces the risk of fire hazards and exposure to harmful chemicals. The increasing emphasis on worker safety and health is leading industries to adopt powder coating and the necessary equipment.
- Market Penetration in Emerging Economies: Emerging economies are witnessing rapid industrialization and urbanization. As these economies grow, there is a surge in the demand for industrial equipment, including powder coating equipment. This is driving the expansion of the market in regions like Asia and Latin America.
- Customization and Aesthetics: Powder coatings can be customized to achieve various textures, colors, and finishes, making them an attractive option for industries where aesthetics are crucial. The demand for specialized coatings and finishes drives the demand for advanced powder coating equipment.
- Longevity and Durability: Powder coatings are known for their durability and resistance to corrosion, UV exposure, and chemicals. This longevity is a significant factor in the adoption of powder coating equipment, particularly in industries where products need to withstand harsh conditions.
- Ease of Application: Powder coating equipment has become more user-friendly, making it accessible to a broader range of manufacturers. The ease of application and reduced skill requirements contribute to its adoption.
- Regulatory Support: Government regulations and incentives that promote eco-friendly coatings and equipment, such as tax incentives and emission control policies, also play a role in driving the powder coating equipment market.
These factors collectively contribute to the growth of the powder coating equipment market. As industries continue to seek cost-effective, environmentally friendly, and durable coating solutions, the demand for powder coating equipment is expected to remain strong.
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