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Powder Coating Equipment Market Segmented By Corona, Tribo as Guns and Electric, Fuel Fired as Ovens and Automatic, Manual Spray as Powder Coating Booths and Systems, Sieving Systems Components
The global powder coating equipment market was valued at more than US$ 2,000 Mn in 2015 and is projected to reach a market value of nearly US$ 3,500 Mn by 2024 registering a CAGR of 5.5% during the forecast period. The market is expected to sustain the value growth till 2022, after which the market is expected to expand at a relatively slow rate.
The global powder coating equipment market is anticipated to create lucrative opportunities for equipment manufacturers and service providers during the forecast period, recording an incremental opportunity of nearly US$ 1,500 Mn from 2016 - 2024.
The market is expected to witness extremely high competition from other surface treatment technologies; however with stringent regulations and escalating end-use industry adoption, sales of powder coating equipment are expected to witness sustainable growth.
General Metal segment to gain high market share during the forecast period
General Metal segment is expected to gain a high market share of 460 BPS to account for a dominant share of 33.5% by 2024 end. The Automotive segment is expected to account for a market share of 15.2% by 2024 end. The thriving market for automotive components is expected to boost sales of powder coating equipment during the forecast period with Asia Pacific spearheading the demand for guns and booths in the next eight years.
Agricultural and Construction machinery, Architectural, and Furniture segments are expected to witness similar Y-o-Y growth during the forecast period. However, the Furniture segment is expected to witness significant growth post 2020 owing to increasing adoption of MDF for mainstream application.
Agricultural and Construction segment is expected to witness moderate growth throughout the forecast period; however with a recuperating global economy and sector growth, the increase in machinery production is expected to boost the value and volume sales.
General Metal and Automotive segments are expected to be relatively lucrative and sustainable markets for suppliers and manufacturers
General Metal, Automotive, and Others segments represent an attractiveness index of 2.7, 1.2, and 1.0 respectively, indicating strong revenue opportunities and high value growth. However, the General Metal segment is anticipated to expand at a higher growth rate than the other segments. Also, with the proliferating demand for automotive components, the Automotive segment is projected to witness high value growth opportunity during the forecast period.
The Appliance segment is expected to record a moderate growth rate with key revenue contribution from Asian economies such as China, Japan, India, and ASEAN. For Furniture, Architectural, Agricultural, and Construction segments, the increasing presence of emission regulations in markets such as North America and Europe have aided the shift towards powder coating. Also, with increasing significance of emission laws in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa, the market is expected to gain traction during 2020 and 2024.
With an early adoption of powder coating for numerous applications such as furniture, general metal and automotive sectors, demand for powder coating equipment is anticipated to expand significantly. As powder coating is emerging as a safer alternative to liquid spray, which emits harmful emission and VOC, this makes it an even more attractive market.
With the market embracing the paradigm shift to nature-friendly powder technologies, the global powder coating equipment market is likely to grow consistently during the forecast period.
The market expansion of the global powder coating equipment market is somewhat restrained by high prices. Powder coating equipment is highly priced with most of the manufacturers based across Europe and North America. The market growth is comparatively slow in the MEA and Latin America markets.
By End Use Industry