The global coating equipment market was valued at USD 16.62 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 5.3% from 2022 to 2030. The market's growth is primarily driven by increasing demand in various applications, including aerospace, automotive, and construction. These industries rely heavily on coating solutions for protection and aesthetic purposes, which has contributed to the rising demand for coating equipment. However, the coatings industry faced a significant downturn due to the widespread shutdowns imposed during the COVID-19 pandemic. With many industries forced to halt operations, the demand for coatings plummeted in numerous regions, and a revival was unlikely until governments eased strict stay-at-home orders, allowing economic activities to resume and stabilize.
The global coating equipment market was one of the key sectors affected by supply chain disruptions and industrial shutdowns caused by COVID-19 regulations. The closure of manufacturing facilities in critical locations led to significant delays in global supply chains, affecting production timelines, delivery schedules, and sales of coated products. These interruptions presented challenges for the industry as it struggled to adapt to the uncertain economic environment created by the pandemic.
Despite these setbacks, one of the primary factors driving the future growth of the coating equipment market is the increasing global demand for electric vehicles (EVs). Coatings play a vital role in protecting electric vehicles from rust and other surface damage, while also enhancing their appearance and overall quality. As the popularity of electric vehicles continues to rise, so does the need for high-quality coatings that ensure durability and aesthetic appeal. Consequently, the growing demand for coated components in electric vehicles is expected to significantly boost the market for coating equipment in the coming years.
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Product Insights:
The powder coating equipment segment is projected to grow at a compound annual growth rate (CAGR) of 5.0% from 2022 to 2030, driven by its ability to effectively coat products with protective properties such as de-icing, abrasion resistance, corrosion resistance, and heat resistance. These characteristics make powder coating an attractive solution across various industries. Moreover, the reduced material wastage associated with powder coating further boosts its demand, as it offers both economic and environmental benefits.
On the other hand, liquid coating is anticipated to grow due to its relatively lower cost compared to other coating products. This cost advantage is expected to drive increased adoption, particularly in the construction sector, where liquid coatings are widely used in painting applications. The affordability and high utilization of liquid coatings in construction will likely contribute to the market's growth over the forecast period.
The specialty coating equipment product segment is expected to witness a higher CAGR of 5.6% from 2022 to 2030. This growth can be attributed to the increasing use of advanced coating technologies such as physical vapor deposition (PVD) and chemical vapor deposition (CVD) across various industries. These technologies enhance the quality and durability of coatings, making specialty equipment an essential component in the market. The ability of specialty coating equipment to coat a wide range of materials, including wood, metal, and flooring, is also expected to propel market growth.
Furthermore, specialty coating equipment is anticipated to gradually replace powder coating equipment, particularly in applications involving metals. This shift is due to the versatility and operational advantages that specialty coating equipment offers, making it an attractive alternative for industries that require high-performance coatings.
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