“Regional analysis reveals that the market for powder coating equipment in Asia Pacific will continue to strive forward throughout the forecast period; the region is reportedly set to witness the fastest growth over 2024. Increasing preference for powder coating over spray coating is expected to bolster the sales of powder coating equipment in the near future.” — Persistence Market Research (PMR)
According to a PMR report, the global market for powder coating equipment is foreseen to grow to US$ 3,275.2 Million by 2024-end in terms of value.
Highlights: Key Market Drivers
- Demand for powder coating equipment is likely to grow by 1.6X over the assessment period owing to robust adoption by end-use industries.
- While the arrival of alternative treatment technologies continues to give fierce competition to the market, stringent favorable regulations are expected to healthily support the market growth over the next couple of years.
- Power coating technique is highly efficient in operational and functional fronts and is more feasible as compared to other conventional treatment methods. This, in turn, is expected to drive the demand for powder coating equipment during the forecast period.
- Consumption of power coating equipment will be notably high by automotive and general manufacturing sector and is identified as an important factor propelling the sales.
Key Market Trends & Opportunities
- Escalating consumption of powder coating is batch manufacturing in identified as a growing trend
- Growing application base, especially architectural and furniture businesses is to drive sales further.
- The introduction of color-handling solution to cover various commercial application is anticipated to benefit the market.
- The arrival of vertical reciprocator units is likely to embrace a positive influence on the overall market development.
- Adoption of MDF material in industrial applications, especially in the emerging countries of Asia Pacific and the Middle East and Africa (MEA) is projected to create a slew of market opportunities over 2024.
Based on components, booths and system will continue to remain as the predominant segment of the market, accounting for more than 38% revenue share by 2024. The segment is expected to expand at the fastest CAGR during the forecast period. Gun and oven are the two other component segments set to witness a robust growth.
On the basis of application, consumption of powder coating equipment will be highest by general metal industry, which is expected to command for over 33% revenue share by the end of the assessment period, gaining 460 BPS during the same time. Whereas, automotive will continue to hold the second position with more than 15% value share of the market over 2024.
Key Regional Analysis
Based on region, Asia Pacific (APAC) is expected to gain more than 250 MPS between 2016 and 2024, the region will continue to lead the pack throughout the forecast period. APAC will account for around 38% revenue share of the market by 2024. In addition, India, China, and the ASEAN countries will continue to account for major market shares. North America will also denote for a sizable share of the market, followed by Europe.
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