SAN FRANCISCO – The global powder coating equipment market is expected to reach $2.14 billion by 2024, according to a new report by Grand View Research Inc. The market is expected to witness significant gains over the forecast period on account of increasing usage of powder coatings in automotive, consumer goods, architectural, furniture, general industries and defense applications.
Rising demand for furniture and other architectural products such as windows and aluminum extrusions are expected to increase the industry size over the next eight years. Manufacturers are offering coatings booths made of 18-gauge galvanized metal for improved durability and reduced costs associated with installation.
Powder coating guns are expected to witness significant growth at a CAGR of 7.5% owing to benefits that include their lightweight properties and easy color change. Furthermore, consumption of guns for spraying of powder coatings on metals, ceramics, glass and plastic surfaces is likely to augment demand over the upcoming years.
According to the report, automotive applications accounted for 20.8% of the overall industry share in 2015 and is likely to witness the fastest growth over the forecast period. This trend is expected to continue on account of rising use of powder coatings for a broad range of applications including bodywork, trim, aluminum wheels and in-mold lightweight components. The presence of various automotive players including Ford, General Motors, Chevrolet, Mercedes-Benz and Dodge is expected to fuel the product demand over the upcoming years.
The study reports that MEA accounted for 5% of the global share in 2015 and is projected to witness gains due to growth in the construction sector, especially in Qatar and UAE. Furthermore, this scenario is likely to be supported due to certain factors such as advanced real estate regulatory framework, economic recovery and increasing infrastructure projects in the region.
According to the study, the market is fragmented in nature, with a large number of players in the United States, Switzerland and India. Key players include Nordson Corp., Gema Switzerland GmbH, WAGNER, Parker Ionics, Red Line Industries Limited, Reliant Finishing Systems, Carlisle, Hangzhou Color and Oven Empire Manufacturing.
For more information about this report, Powder Coatings Equipment Market Size and Segment Forecast by Product (Ovens & Booths, Powder Coat Guns), by Application (Consumer Goods, Architectural, Automotive, General Industries, Furniture), by Region And Trend Analysis from 2013 to 2024, visit http://www.grandviewresearch.com/research-insights/powder-coatings-equipment-market-size-trends.