The powder coating equipment segment is projected to grow at the fastest rate during the forecast period. Powder coating is generally applied to metal surfaces. In powder coating, the excess material can be reclaimed, which decreases the amount of waste material that goes into the waste stream. Although the use of powder coating equipment requires a large initial investment, the cost of applying powder coating is less than a liquid system in the long-term. Powder coating is replacing liquid coating, wherever possible, due to its low-VOC content. The growing powder coating market is driving the demand for coating equipment.
The coating equipment market in the aerospace industry is projected to witness the highest growth during the forecast period. Coatings in the aerospace industry are used for enhancing the performance and protect the substrates of aircraft components. The aerospace industry includes commercial, military, and general aviation segments. Strong growth of the aerospace industry coupled with the development of new aerospace coatings is expected to drive the demand for coating equipment in this segment.
APAC is projected to be the fastest-growing coating equipment market. High population growth, industrial development, increase in demand for automobiles and growing demand for coatings with better efficiency in the region are driving the coating equipment market. The market in the region is witnessing significant growth due to growing economies such as India, China, and ASEAN countries such as Thailand and Indonesia.