Rising demand for quality products in the above-described sectors is majorly driving the global coating equipment market. This is mainly due to the fact that applying coatings helps improve the ability of products or commodities depict better shelf life and usability. Several industries are shifting from non-standard coating to standard coating equipment, which also is propelling the associated market on a global scale. This shift is mainly taking place due to increasing availability of capital for purchasing the equipment led by economic growth as well as increase in the number stringent governmental regulations.
Coatings and paints are utilized in a plethora of applications for various purposes such as decoration, protection, screening, etc. Automotive, industrial, building & construction, marine, medical, electrical & electronics, utility, and oil & gas are some of the sectors, where the coating materials are utilized. Coatings are applied on all kinds of substrates including polymers, glasses, metals, and ceramics. From an overall perspective coatings are applied on a surface improve its functional and aesthetic properties. To make the coatings, a high demand for use of coating equipment exists, thereby constituting a distinct market from a global perspective.
However, increasing costs of raw materials such as metal parts, electric components and electronic circuits is expected to be a restraint for growth in the coating equipment market in the next few years. Nevertheless, several companies are coming up with cost regulated raw material manufacturing equipment, of which coating machinery comprises a huge portion. This could offset most restraint affecting the global coating equipment market up to a certain extent.
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This market depicts the presence of a highly fragmented and competitive vendor landscape owing to the existence of innumerable players. Nordson Corporation, Anest Iwata, Graco Inc., C. Oerlikon, IHI Ionbond AG, and SATA GmbH & Co. KG, are key players operating in the global coating equipment market.