The global industrial coating equipment market to grow at a CAGR of 4.10% during the period 2019-2023.
Global Industrial Coating Equipment Market 2019-2023, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. To calculate the market size, the report considers the revenue generated from the use of industrial coating equipment in different end- uses.
The latest trend gaining momentum in the market is the rising adoption of automated coating systems. The use of an automated system is expected to be more prominent among large-scale end-users compared with small-and-medium-sized enterprises.
According to the report, one of the major drivers for this market is the recovery of oil and gas industry. Coating are highly essential in the oil and gas industry. Equipment used in all stages of the oil gas value chain such as exploration, production, transportation, storage, and refining require to be coated.
Further, the report states that one of the major factors hindering the growth of this market is the reducing demand for solvent- based coatings. Solvent- based coatings will remain significant in industrial applications, the increasing environment- related regulations and improvements in water- based coating will increase the latter's use in industries. Such factors will pose challenge to the market.
Key questions answered in this report
What will the market size be in 2023 and what will the growth rate be?