Coating Equipment Market worth $27.7 billion by 2023 | Key Players include Nordson Corp, IHI Corp, OC Oerlikon , SATA, Graco and others.

According to recent market research "Coating Equipment Market by Type (Liquid Coating, Powder Coating, and Specialty Coating), End-use Industry (Automotive & Transportation, Aerospace, Industrial, Building & Infrastructure), and Region - Global Forecast to 2023", The coating equipment market size is estimated to be USD 20.4 billion in 2018 and is projected to reach more than USD 27.7 billion by 2023, at a CAGR of 6.3% between 2018 and 2023. Increasing demand from growing end-use industries and the need for replacement of existing coating systems are the key drivers for the growth of the coating equipment market.

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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.

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The global market size for coating equipment is projected to grow from USD 20.4 billion in 2018 to USD 27.7 billion by 2023, at a CAGR of 6.3%. Increasing demand from growing end-use industries and the need for replacement of existing coating systems are the driving factor for the coating equipment market, globally.

The leading players in the coating equipment market are Nordson Corp (US), IHI Corp (Japan), OC Oerlikon (Switzerland), SATA (Germany), Graco (US), ANEST IWATA (JAPAN), ASAHI Sunac Corp (Japan), J. Wagner (Germany), Carlisle Companies (US), and WIWA Wilhelm Wagner (Germany). These players adopted key growth strategies such as expansion, agreement, merger & acquisition, and new product development from 2014 to 2018 to increase their share in the market.

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OC Oerlikon (Switzerland) has also been actively participating in market developments. With the acquisition of Metco (Switzerland) in 2014, Oerlikon merged Oerlikon Balzers with Metco to form the Surface Solutions Segment. This has made Oerlikon one of the leading players in the specialty coating market, particularly thermal sprays. The company has also expanded its manufacturing facilities to cater to the growing demand for coating equipment. In September 2018, it opened its second production center in Ve