Coating Equipment Market Size, Share, Growth Analysis, By Type(Liquid Coating Equipment and Powder Coating Equipment), By Application(Automotive, Aerospace, and Construction), By Region - Industry Forecast 2024-2031

Coating Equipment Market size was valued at USD 17.15 billion in 2022 and is poised to grow from USD 18.08 billion in 2023 to USD 27.53 billion by 2031, growing at a CAGR of 5.4% in the forecast period (2024-2031).

The global market for coating equipment is anticipated to witness growth, driven by increasing product demand across various sectors including aerospace, automotive, and construction. The industry experienced a significant decline due to the impact of COVID-19 restrictions, leading to a sharp decrease in coatings demand. The revival of the market was contingent upon the relaxation of stringent stay-at-home regulations by governments, allowing economies to regain stability. A key factor propelling market growth is the substantial rise in global demand for electric vehicles. Coatings play a vital role in protecting the surfaces of electric cars from rust damage while enhancing their appearance and quality. Consequently, the growing demand for coated electronic devices in electric vehicles is expected to bolster market expansion. Governments worldwide are implementing several initiatives aligned with technological advancements to promote electric-powered vehicles. These initiatives include subsidies such as incentives for installing charging stations and budget allocations for improving electrical battery generation to address climate change concerns. However, the adoption of high-end coating equipment is not economically viable due to their limited capacity and specific applications. The cost of equipment emerges as a critical factor influencing the selection of coating methods and materials. Consequently, the availability of low-cost alternatives like brushes and rollers restricts market growth in certain applications and is projected to hinder market expansion throughout the forecast period.

US Coating Equipment Market is poised to grow at a sustainable CAGR for the next forecast year.