Powder coating equipment continues to chalk a forward-looking path optimally laden with multiple dominant forces impacting its contours. The estimated valuation of the global market attained USD 1.662 billion in late 2021 at a CAGR of 5.3%, which is expected to be consistent till 2030.
Driving Factors
Diverse Applications and Properties
Powder coating equipment is now headed toward coating objects with fundamental properties. This equipment is bringing about coats with de-icing capabilities, abrasion resistance, corrosion resistance, and heat resistance.
These characteristics form the backbone for the upswing in demand for powder coating equipment. This versatility locates powder coating equipment at the heart of vital solutions in diverse industries.
Electric Vehicle Boom
The increased carving for electric cars is a great driving force towards expanding the powder coating equipment. The surface of the electric vehicles must be braced to protect them against rusting through the application of powder coatings. This aspect of improved aesthetic value is increasing demand for services to this segment within the expanding market of electric vehicles.
Government Initiatives
The electric vehicle agenda is gaining increasing endorsements worldwide by governments through subsidies and benefits, providing an environment conducive to the government that would facilitate the powder coating equipment market.
The inclination towards electric vehicles in the motor vehicle industry adds to the growth of demand for effective and protective solutions for coatings.
Powder Coating Equipment Market Challenges and Limitations
Challenges are emerging in the powder coating market. The threats revolve around the existence of low-cost alternatives such as brushes and rollers. In some circumstances where a low capacity is needed, high-end coating equipment may be cost-inviable compared to the end requirement, thus restraining the market growth in such areas.
Product Segmentation
The powder coating equipment segment is expected to have a 5% CAGR between 2023 and 2030. Lower wastage is a crucial factor that drives the demand for powder coating equipment over other forms of coatings. Liquid coating equipment, which is cheaper compared to, will also grow with prospects of painting applications in the construction sector.
The specialty coating equipment segment is forecasted to expand at a CAGR of 5.6%. The growth can be attributed to the increasing implementation of such advanced technologies as physical vapor deposition (PVD) and chemical vapor deposition (CVD) across multiple industries.
Application Insights
Over the projection period, the automotive sector expects an impressive growth rate of 6.5%. In this context, veneering techniques like vacuum deposition coatings and Physical Vapor Deposition are becoming more popular among manufacturers who want thin film coatings on their products.
In construction, powder coating equipment is essential, especially in aluminum extrusions used for windows, bathrooms, and electric fittings. The coating equipment industry can take advantage of the expansion of global construction due to improved living standards and urbanization.
Regional Dynamics
In 2021, Asia Pacific led the market with a share of 45.3%. This region’s demand for powder coating equipment is growing due to rising building constructions, industrial developments, and fast population growth.
On the other hand, Europe will drive coatings consumption through renovations of existing buildings aimed at achieving efficiency and various public–private partnership projects within road construction, hospitals, schools, and airports.
Conclusion
The powder coating equipment market is witnessing a global rise thanks to an upsurge in electric vehicle sales, numerous government incentives, and the broad applicability of the powder coat. The challenges remain, but with more advanced technologies, stakeholders should embrace new trends leading to sustainable growth.