Coating is a covering that is applied on a surface to improve its functional or aesthetic properties. Paints is a major type of coatings. Paints are used in a wide variety of applications in automotive, industrial, building & construction, marine, medical, electrical & electronics, utility, and oil & gas sectors. Coatings are applied on all kinds of substrates including polymers, glasses, metals, and ceramics. The use of coatings is increasing all over the world as companies are adopting a prevention-based approach in order to decrease the costs incurred by rusting of equipment. A wide range of techniques to apply coatings on a substrate, which use different equipment, are available. A good coating equipment device ensures that there is even distribution of the coating material over the substrate, proper mixing of different components of the material being coated, optimum drying, and presence of an efficient exhaust system to remove the residual solvent vapors. Rising consumption of coatings across the world is likely to, in turn, raise the demand for coating equipment in the next few years.
Coating Equipment Market: Drivers and Restraints
Increasing demand from key end-user sectors such as automotive, industrial, medical, and building & construction is likely to be a key driver for the coating equipment market during the forecast period. The use of coatings to provide protection to different products as well as impart functional properties to the product surfaces is increasing in these sectors. Several companies in unorganized sectors in emerging economies, which were using non-standard methods for applying coatings earlier, are shifting toward the use of standard coating equipment. This shift is taking place due to increasing availability of capital for purchasing the equipment led by economic growth as well as more stringent governmental regulations. The use of solvent-based coatings has been restricted in several countries. This would have a negative effect on equipment for solvent-based coatings in the near future. However, the use of water-based coatings is increasing at a rapid pace, which would increase the demand for related coating equipment in the next few years. Increasing costs of raw materials such as plastics, metal parts, electric components and electronic circuits is expected to be a restraint for growth of the coating equipment market during the forecast period.
Coating Equipment Market: Segmentation
Based on type, the coating equipment market can be segmented into:
- Liquid coating equipment
- Powder coating equipment
- Specialty coating equipment
Based on application, the coating equipment market can be divided into:
- Building & Construction
- Electrical & Electronics
The medical segment of the coating equipment market is anticipated to expand at a rapid pace in the next decade, due to growing use of these equipment in drug delivery applications. Rising urbanization and industrialization in several regions of the world is likely to boost the demand for coating equipment in these regions in the near future.
Based on material characteristics and method of application, the coating equipment market can be segmented into liquid coating equipment, powder coating equipment, and specialty coating equipment.
Coating Equipment Market: Region-wise Outlook
Based on geography, the global coating equipment market can be segregated into North America, Asia Pacific, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to be a highly attractive market for coating equipment during the forecast period. Industrial growth and rapid urbanization in countries such as China, India, and Indonesia is likely to boost the demand for coating equipment in these countries in the next decade. The coating equipment markets in mature economies in Western Europe and North America are likely to witness sluggish growth in the next decade. Demand for coating equipment in several developing countries such as Mexico, South Africa, and Russia is likely to remain high in the next few years.
Coating Equipment Market: Key Players
Key players operating in the global coating equipment market include:
- Nordson Corporation
- Anest Iwata
- Graco Inc.
- C. Oerlikon
- IHI Ionbond AG
- SATA GmbH & Co. KG
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.