The coating equipment market size is estimated to be USD 18.9 Billion in 2021 and is projected to reach USD 24.7 Billion by 2026, at a CAGR of 5.6%. Coating equipment is defined as the equipment used for the application of coating on a substrate. Based on the type of coating, coating can be classified as liquid, powder, and specialty coating. These coatings are applied so as to protect them from rusting, degradation and corrosion which increases their effective life without any maintenance and replacement costs. Some of the important end-use industry are automotive & transportation, aerospace, industrial and building & construction. Similarly, the equipment used for applying the different type of coatings is broadly categorized as liquid coating equipment, powder coating equipment, and specialty coating equipment.
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The demand for coating equipment is mainly catered to by global players manufacturing these coatings for various end-use industries Leading players operating in the coating equipment market IHI Corporation (Japan), Nordson Corporation (U.S.), OC Oerlikon Management AG (Switzerland), SATA GmbH & Co. KG (Germany), Graco Inc. (U.S.), ANEST IWATA Corporation (Japan), ASAHI Sunac Corporation (Japan), WIWA Wilhelm Wagner GmbH (Germany), Wagner GMBH (Germany), Tritech Industries Inc. (U.S.), Larius (Italy), Titan Tool (U.S.), Ningbo Dino-Power Machinery (China), W.I.T.S.R.L (China) and others. The coating equipment market has been witnessing key growth strategies, such as expansion, partnerships, and acquisitions.
Owing to the COVID-19 pandemic, there has been a mixed impact on the coating equipment market across the globe. Various industries such as automotive & transportation and building & infrastructure, have witnessed a significant slump.
Most European and North American countries, especially Italy, Spain, the UK, France, the US, and Germany, are severely impacted by the COVID-19 pandemic. The suspension of manufacturing operations in several industrial sectors has resulted in a slump in overall specialty coating equipment market. Moreover, owing to the COVID-19 pandemic, the demand from the manufacturing sector had slumped sharply in the H-1 2020. This impact was further intensified by increasing the supply-demand gap in the supply chain and led to a sharp spike in raw material prices. However, during the pandemic period, the growing demand from the electric vehicle supports to offset the marginal decline in demand caused due to the slowdown in the manufacturing sector across the globe.
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OC Oerlikon (Switzerland) has also been actively participating in market developments. The company has also expanded its manufacturing facilities to cater to the growing demand for coating equipment. In September 2018, it opened its second production center in Ve¾ká Ida, Slovakia. The new plant made Ve¾ká Ida, the most important site for coating and heat treating of automotive components. In April 2018, it opened its largest coating center for tools in Germany. This expansion strengthens its business in the German market. The company has more than 100 coating centers in the world.
Nordson Corporation has also adopted various strategies to enhance its business. The company carries out its coating equipment business with manufacturing and assembly facilities, primarily, in the US, Europe, Japan and APAC. In March 2019, the company has launched new modular powder coating gun controller which has strengthen the product portfolio in surface coating segment. The company manufactures handguns, automatic guns, mixing, and powder finishing. The company has also adopted organic and inorganic growth strategies to strengthen its market share in the coating equipment market.
Companies have initiated the following developments:
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