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Paint Process automation Market
Paint Process Automation market Expected to Reach $9.22 Billion by 2030
Cost-effective painting processes, and ability to meet industry-specific needs. These factors are estimated to propel the Paint Process Automation Market growth.” - Allied Market ResearchWILMINGTON, DE, UNITED STATES, November 5, 2024 /EINPresswire / -- The global paint process automation market share is expected to witness substantial growth, owing to several benefits offered by it including increased production, cost savings, increased safety, and reduced waste. Moreover, the emergence of Industry 4.0 further accelerates the market growth rapidly. Allied Market Research, titled,“Paint Process Automation Market by Offering, Purpose, Vertical, and Type: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the paint process automation industry size was valued at $3.34 billion in 2020, and is projected to reach at $9.22 billion by 2030, growing at a CAGR of 11.7% during the forecast period.
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Paint process automation is an advanced method of painting or coating products and equipment. It generally uses robots to achieve accurate and consistent paint finish quality. These robots are programmed to operate with minimal human interference. Paint process automation outweighs the drawbacks of manual painting methods. Hence, there is an increasing popularity for the paint process trend
Some of the prime drivers of the paint process automation industry are consistent painting results, cost-effective painting processes, and the ability to meet industry-specific needs. These factors are estimated to propel the market growth rapidly during the forecast period. However, high installation cost acts as a major barrier to the paint process automation market growth . Contradictory, integration of advanced technologies with paint processes and its ability to meet sustainable goals create lucrative opportunities for market growth during the forecast period.
The hardware segment was the highest contributor to the market in 2020, owing to the high cost of production. The interior segment had a prominent share in the market in 2020, owing to its ability for precise and high-quality results for intricate parts. In vertical, the automotive segment attributed maximum market share in 2020, owing to a higher rate of adoption of automation in manufacturing facilities. In addition, wall-mounted painting robots had a significant market share in 2020, owing to the limitation of space available at facilities.
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Competitive Analysis:
The Paint Process Automation industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Some of the major key players in the global Paint Process Automation Market include,
ABB
CMA Robotics
DURR AG
Epistolio robot
FANUC AMERICA CORPORATION
Graco Inc.
KAWASAKI HEAVY INDUSTRIES LTD
KUKA Aktiengesellschaft
Staubli International AG
YASKAWA ELECTRIC PTE LTD.
The COVID-19 outbreak has significantly impacted the paint process automation market sales across the globe. Delays caused in production due to a lack of skilled workforce and raw material availability due to partial and complete lockdowns have hindered growth of the global market in various regions. However, the emergence of the COVID-19 pandemic has raised awareness of factory automation, which, in turn, creates potential opportunities for the growth of the paint process automation market post-pandemic.
Region-wise, Asia-Pacific holds a significant share in the global paint process automation market. China holds a major market share, owing to its huge manufacturing hub and higher rate of adoption of automation. Therefore, demand and revenue generated from Asia-Pacific dominate on the global level.
Key Findings Of The Study
- In 2020, the hardware segment accounted for maximum revenue and is projected to grow at a notable CAGR of 11.1% during the forecast period.
- The interior segment accounted for more than 45% of the paint process automation market share in 2020.
- The automotive segment of the paint process automation market is projected to grow at a CAGR of 9.4% during the forecast period.
- Asia-Pacific contributed a major share in the paint process automation market, accounting for more than 12.6% share in 2020.
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About Us:
Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports consider significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on analyzing high-tech and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
David Correa
Allied Market Research
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.