HOME › Research Insight › The Strategy of New Product Launches was the key Strategy Adopted by Major Players to Achieve Growth in the Coating Equipment Market

The coating equipment market was valued at USD 13.79 Billion in 2015 and is projected to reach USD 19.33 Billion by 2021, at a CAGR of 5.8% from 2016 to 2021. Coating equipment serves various end-use industries, such as automotive & transportation, aerospace, industrial, and building & infrastructure. Growing demand for coating equipment from the industrial segment in the Asia-Pacific region and increasing acceptance of new technologies in the field of coatings, especially in emerging economies are the factors expected to boost the growth of the coating equipment market during the forecast period.

The strategy of new product launches was the key strategy adopted by major players to achieve growth in the coating equipment market between 2013 and 2016. This strategy accounted for the largest share of all development strategies adopted by market players between 2013 and 2016. Some of the major market players operating in the coating equipment market are Nordson Corporation (U.S.), Anest Iwata (Japan), Graco Inc. (U.S.), O.C. Oerlikon (Switzerland), IHI Ionbond AG (Switzerland), and SATA GmbH & Co. KG.(Germany), among others.

Besides new product launches/developments, expansions, and mergers & acquisitions were other key strategies adopted by market players to enhance their market shares in the coating equipment market and expand their geographical reach.

Nordson Corporation focuses on expansions and development of new and innovative products and services to cater to the growing needs of its customers for efficient and sustainable solutions. It continues to work on optimizing manufacturing processes of coating equipment, offer customized products, and develop new, energy-efficient, and cost-effective solutions for coating materials. For instance, in November 2015, Nordson Corporation launched Encore HD Mobile Spray System (powder coating), which features its fourth generation dense phase spray technology. This system helps in achieving optimum utilization of powder materials and provides increased speed of operation. Development and launch of this system has helped the company to cope up with growing demand for powder coating equipment from various end-use industries.

In March 2014, Nordson Corporation signed an agreement with Esman Elektronik for distribution of its products in Turkey. This enabled company to expand its distribution channel in Turkey to reach its customers and strengthen its presence in the country.

Graco Inc. is one of the major players in the coating equipment market. The company has a broad product portfolio and offers various fluid and powder coating materials. It is also involved in the manufacturing of coating equipment. Graco also offers adhesives and sealants. Graco Inc. focuses on the development of new products. It has launched electric and gas airless sprayers, which make spraying easy, fast, and increasingly productive.

Related Reports:

Coating Equipment Market by Type (Liquid Coating Equipment, Powder Coating Equipment, and Specialty Coating Equipment), End User Industry (Automotive & Transportation, Aerospace, Industrial, and Building & Infrastructure) - Global Forecast to 2021

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