The global powder coating equipment market is expected to grow to a $2.14 billion industry by 2024, according to a report from Grand View Researcher.
“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,” said the Grand View report.
Powder coat guns are poised to witness a 7.5 percent compound annual growth rate in the next seven years due to its lightweight nature and ease of color change. The consumption of guns for spraying powder coatings on metals, ceramics, glass, and plastic surfaces is expected to augment demand in the coming years, Grand View said.
“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,” said the report. “Manufacturers are offering coatings … made up of 18-gauge galvanized metal for improving durability as well as [reducing] costs associated with installation.”
The automotive industry accounted for 20.8 percent of the industry share in 2015 and is expected to witness the fastest growth between now and 2024, said Grand View.
Powder coatings seems to be a fragmented industry with players represented in the United States, Switzerland, and India. Key companies involved include Nordson Corp., Gema Switzerland GmbH, WAGNER, Parker Ionics, Red Line Industries Ltd., Reliant Finishing Systems, Carlisle, Hangzhou Color, and Oven Empire Manufacturing.