The report”Coating Equipment Marketby Type (Liquid Coating Equipment, Powder Coating Equipment, and Specialty Coating Equipment), End User Industry (Automotive & Transportation, Aerospace, Industrial, and Building & Infrastructure) – Global Forecast to 2021″, published by MarketsandMarkets, The market was valued at USD 13.79 Billion in 2015 and is projected to reach USD 19.33 Billion by 2021, at a CAGR of 5.8% from 2016 to 2021.
Growth of the market is driven by increased demand for coating equipment from various end-use industries, such as automotive & transportation, aerospace, industrial, and building & infrastructure. Growing demand for new vehicles and aircraft, rapid industrialization in emerging economies, and increasing acceptance of coating equipment in the building & infrastructure industry are the factors expected to fuel the growth of the coating equipment market during the forecast period.
Among end-use industries, the industrial segment is projected to lead the coating equipment market during the forecast period.
Heavy machinery and equipment employed in varied end-use industries to carry out numerous processes need to be protected from corrosion, abrasion, and other types of wearing. For this, industrial coatings are used. Increasing use of industrial coatings in heavy machinery as well as in the manufacturing industry is expected to fuel the demand for the coating equipment in the industrial segment. Thus, high demand for industrial coatings from various industries is the reason for the largest share of the industrial segment in the coating equipment market.
Among types, the powder coating equipment segment is projected to grow at the highest CAGR during the forecast period.