LONDON--(BUSINESS WIRE)--The global industrial coating equipment market is expected to post a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the reducing demand for solvent-based coatings. Solvent-based coatings comprise of high level of organic compounds and are less prone to damage from exposure to temperature and humidity. In the liquid coatings segment, solvent-based varnishes were the preferred choice for coating applications and still dominates. However, in the last decade, the demand for solvent-based coatings has declined owing to the increasing emergence of environmental regulations. This is because solvent-based coatings emit VOCs that pollute the environment.
This market research report on the global industrial coating equipment market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the rising adoption of automated coating systems as one of the key emerging trends in the global industrial coating equipment market:
Global industrial coating equipment market: Rising adoption of automated coating systems
Automation has been registering significant growth in industries due to the rising awareness of its benefits and declining cost of automation solutions. The global industrial coating equipment market has been moving towards automating its production line. As a process, coating is highly repetitive, hazardous, and requires high accuracy. The use of automation in the coating process can remove irregularities that may occur while manually carrying out the process.
“Most of the industrial coating equipment manufacturers in the market are now offering automation solution for coating applications. Spray application is one of the key areas wherein automated systems are being used in the coating process. The use of automated spray systems helps in simplifying the process. The significant aim of an effective spray system is to evenly spray coat the target area with the least amount of irregularities,” says a senior analyst at Technavio for research on paints, coatings, and pigments.
Global industrial coating equipment market: Segmentation analysis
This market research report segments the global industrial coating equipment market by end-user (discrete industry and process industry) and geographical regions (the Americas, APAC, and EMEA).
The discrete industry segment held the largest market share in 2018, accounting for over 56% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of nearly 50%. This region is expected to dominate the market through 2023.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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