Irrespective of the hues of automotive, the powdered coating equipment has been much in demand as compared to other conventional paints. Powdered coating equipment offer various hues, however have much more to offer than colors for coating purposes. In addition, the powder coating further find application in agriculture, automotive and construction.
Trends Fuelling Growth of the Global Market
Customers today increasingly prefer automotive that are painted with powdered coating equipment as compared to the conventional coatings. Moreover, the powdered coating equipment is further likely to witness surge in demand among manufacturers operating in the automotive industry in the coming years. Furthermore, surge in production in the automotive industry has revved up demand for the powder coating equipment due to increasing preference for coating that are resistant to scratching, wearing, fading and chipping as compared to other finishes. Moreover, various market players operating in the automotive industry mainly witness a demand for automotive that are coated with paints that restrict any scratch or chip in the near future.
While the powder coating equipment market witness an upsurge in demand, there are a few restraints that are likely to inhibit growth of the market in the coming years. Application of paints developed from powder leads to thick films as compared to the wet paints. However, various manufacturers operating in the powder coating equipment market is likely to witness increase in demand over the coming years. Furthermore, change of color is more rapid in the liquid paints as compared to powdered paints. Increasing application of equipment for powder coating further witnesses increasing demand attributed to relatively less time consumed with more efficiency.
General metal among other segments will account for US$ 1,200 Mn in the span of next ten years. In addition, general metal will witness a growth of 6.6% CAGR over the coming years. Agricultural and construction segment will hold around US$ 400 Mn by the end of 2024. Additionally, agriculture and construction will witness a growth of 4.3% CAGR in the coming years. Appliances among other segments is likely to account for US$ 450 Mn over the coming years. Moreover, appliances will witness a growth of 5.0% CAGR between 2016 and 2024. Automotive among other segments will account for around US$ 500 Mn in the span of next seven years. Additionally, automotive among other segments will witness 6.2% CAGR over the coming years.
Attributed to emission regulations in Europe and North America among other regions, the powder coating equipment market will contribute towards growth of the global coating equipment market in the coming years. In addition, with the growing significance of emission laws in Latin America, Middle East & Africa, and Asia Pacific, the global powder coating equipment market will gain traction between 2020 and 2024. Appliance among other segments will account for reasonable growth rate with significant contribution in terms of revenue from various economies in Asia such as Japan, India, China and ASEAN in the coming years. Moreover, the powder coating equipment market in Latin America and MEA will witness sluggish growth over the coming years.
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Powder coating today has emerged as an alternative to liquid spray, which is relatively more harmful. Moreover, due to harmful emission and VOC in liquid spray paints, powder coating equipment will represent an attractive market among other alternatives available in the market. Surge in demand for powder coat attributed to scar and chip resistant, the automotive industry, agriculture and construction industry are likely to witness a surge in demand in the coming years. Moreover, due to imposition of emission regulations in regions such as North America, the powder coating equipment market is likely to witness an increase in growth over the coming years.