SAN FRANCISCO, November 29, 2016 /PRNewswire/ --
The global powder coatings equipment market is expected to reach USD 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 booth made up of 18-gauge galvanized metal, for improving durability as well as reduce costs associated with installation.
Powder coat guns are expected to witness significant growth at a CAGR of 7.5% owing to its benefits including lightweight 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.
Browse full research report with TOC on "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" at: http://www.grandviewresearch.com/industry-analysis/powder-coatings-equipment-market
Further key findings from the report suggest:
- Automotive 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 requirements of powder coatings for a broad range of applications including bodywork, trim, aluminum wheels, and in-mold light weight 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.
- MEA accounted for 5% of the global share in 2015 and is projected to witness gains in light of the growth of 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 project in the region.
- The market is fragmented in nature with a large number of players present in the U.S., Switzerland, and India. Key players include Nordson Corporation, Gema Switzerland GmbH, WAGNER, Parker Ionics, Red Line Industries Limited, Reliant Finishing Systems, Carlisle, Hangzhou Color and Oven Empire Manufacturing.
- Companies are focusing on product innovation to increase their presence in the global market. For instance, in October 2016, Gema Switzerland GmbH launched MultiColor Super-fast color change solution that maximizes the flexibility and productivity of the coatings line and avoids idle times.
- In November 2013, Nordson Corporation launched Encore HD Automatic Powder Spray Gun which is "softer" and offers even charged powder cloud for optimum transfer efficiency.
- Development of new glass booth coupled with ongoing product innovation to increase durability and reduce associated cost will propel equipment growth. Furthermore, growing DIY equipment will create immense market potential over the forecast period.
Browse related reports by Grand View Research:
- Acrylic Surface Coating Market - http://www.grandviewresearch.com/industry-analysis/acrylic-surface-coating-market
- Bio-based and Low VOC Paints Market - http://www.grandviewresearch.com/industry-analysis/bio-based-low-voc-paints-market
- Defoamers Market - http://www.grandviewresearch.com/industry-analysis/defoamers-market
- Anthracene Market - http://www.grandviewresearch.com/industry-analysis/anthracene-market
Grand View Research has segmented the global powder coatings equipment market on the basis of product, application and region:
- Powder Coatings Equipment Product Outlook (Revenue, USD Million, 2013 - 2024)
- Ovens & booths
- Powder coat guns
- Powder Coatings Equipment Application Outlook (Revenue, USD Million, 2013 - 2024)
- Consumer goods
- General industries
- Powder Coatings Equipment Regional Outlook (Revenue, USD Million, 2013 - 2024)
- North America
- Asia Pacific
- Latin America
- North America
Access research insight: http://www.grandviewresearch.com/research-insights/powder-coatings-equipment-market-size-trends
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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SOURCE Grand View Research, Inc.