Powder Coating Equipment Market to Cross US$ 3,500M by 2024

(Newswire.net — June 26, 2017) New York City, New York — Growing preference for operationally and functionally effective technology will fuel demand for powder coating equipment in the upcoming years. In addition, imposition of stringent regulations will impact growth of the global powder coating equipment market positively. According to a recent report compiled by Persistence Market Insights, the global powder coating equipment market is expected to witness a growth of 5.5% CAGR, and will account for around US$ 3,500 million over the forecast period, 2016 – 2024.

Factors Fuelling Growth of the Global Market

Increasing demand for automated powder coating systems for batch manufacturing is witnessed to be a growing trend in the global powder coating equipment market. Surge in demand by furniture and architectural businesses will propel the sales of powder coating equipment globally. Additionally, introduction of color-handling solutions, which includes various commercial applications will impact growth of the global powder coating equipment market positively. The global powder coating equipment market will witness significant growth due to adoption of vertical recirpocator units. Moreover, growing need for MDF materials in the furniture industry in emerging countries such as Middle Eastern and Africa, and Asia will create growth opportunities in 2024.

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General Metal to Remain Dominant

Booth and system will account for a revenue share of over 38% in 2024, and will continue to dominate the global powder coating equipment market among other components. Automatic sub-segment will represent a manual, but dominant sub-segment among booth and system components. The booth and system segment will register a relatively high CAGR growth during the predicted years.

In terms of consumption, general metal will remain a dominant segment, and will account for a revenue share of over 33% in 2024. This segment will register the fastest growth, and witness a gain by 460 BPS in 2024 over 2016. In addition, automotive industry will represent the second largest segment in terms of application, and will represent a revenue share of over 15% throughout 2024. Agriculture and construction, appliances, and others segment will represent the other key applications.

APAC to Represent a Leading Market

APAC will account for a revenue share of around 38% in 2024, and will represent a leading market among other regions during the predicted years. India, China and other ASEAN countries will represent a prominent market in this region. North America will represent a major market, followed by Europe market. Imposition of emission regulations in Europe and North America markets for construction, architectural, furniture and agricultural segments will fuel demand for powder coating. Moreover, imposition of emission laws in developing countries such as Middle East, Latin America, and Asia Pacific, the powder coating equipment market is likely to gain traction between 2020 and 2024.

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Market Players

Among the major companies operating in the global powder coating equipment market, the tier 1 companies will continue to account for nearly half of the revenue share in the global market. Leading players operating in the global powder coating equipment market include Gema Switzerland GmbH, Nordson Corporation, J. Wagner GmbH, Sames Technologies, MS Oberflächentechnik AG, and Nihon Parkerizing Co. Ltd. Other key companies operating in the global market include Koryo Coating Machine Industrial Co. Ltd., Asahi Sunac Corporation, Hangzhou Color Powder Coating Equipment Co., Ltd., and Mitsuba Systems (India) Pvt. Ltd.