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The Coatings & Application Technologies for Robotics Market size is forecast to reach US$2.7 billion by 2027, after growing at a CAGR of 6.1% during 2022-2027. Various coatings and application technologies provide a range of solutions in the field of robotics. Due to their versatile usage in a wide range of industry verticals, robotic applications need to have high resistance to environmental stresses and pressure, and high endurance, which are brought about by coatings. Coatings used in robotics are commonly acrylic coatings, polyurethanes, and epoxy coatings among others. As solvent borne coatings contain a high degree of volatile organic compounds (VOCs), water borne coatings are gaining a higher preference. Some common application processes on robotics are thermal spray coatings, electroplating, dip coating, and so on. In this market report, we will take an in-depth look at the coatings & application technologies for robotics industry outlook and analyse the market share of the coatings & application technologies for robotics top 10 companies.
Coatings & Application Technologies for Robotics Market Analysis – By Resin Type
The acrylics segment held the largest share in the coatings & application technologies for robotics market in 2021 with a share of 28.4%. Acrylic coatings provide low moisture absorption, short drying time, clear protective coating, and good electrical & physical properties. The main benefits of using acrylic coating are the ease of use, physical properties, and low cost. It can be easily applied by brushing, dipping, or spraying. In comparison, other coatings such as polyurethane and epoxy coatings are more expensive and have a longer application time. As such, acrylic coatings are the most common type of coatings used in robotics.
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Coatings & Application Technologies for Robotics Market Analysis – By End-Use Industry
The manufacturing sector held the largest share in the coatings & application technologies market in 2021 and is expected to grow at a CAGR of 6.5% during 2022-2027. Robotics plays an essential role in the manufacturing sector as they are used to fill numerous roles that require high-volume repetitive processes like assembly & disassembly of parts, fabrication, finishing, packaging, and so on. The United Nations Industry Development Organisation (UNIDO) states that there was a 3.5% growth in global manufacturing production year-on-year in September 2021, which is estimated to grow even further during the forecast period of 2022-2027. This also proves to be a great driver for the coatings & application technologies for robotics market.
Coatings & Application Technologies for Robotics Market Analysis – By Geography
Asia-Pacific region dominated the coatings & application technologies for robotics market with a share of 45% in the year 2021. Increasing demand for the automotive sector coupled with increased production of electronics has led to a growing demand for assembly and fabrication robotics in the production lines of these sectors in the region. According to the Organisation Internationale des Constructeurs d’Automobiles (OICA), the Asia-Pacific region had the largest production of motor vehicles in the year 2020, with a total production value of 44.3 million vehicles. China is the leading producer of motor vehicles in the world, with a total production of 25.3 million in 2020. China alone accounted for 32.5% of the total motor vehicle production in the world. Other than the aforementioned countries, other Asia-Pacific nations are also greatly investing in their automotive industry. For example, Hyundai, a South Korean multinational automotive manufacturer, has entered into a memorandum of understanding (MOU) with the Indonesian Government to set up their first-ever automotive manufacturing facility in the country for an investment of $1.55 billion. The project is estimated to go into the second phase in 2022. Due to these factors, the demand for robotics and the coatings and application technologies for robotics has seen a significant rise.
Coatings & Application Technologies for Robotics Market Drivers
The integration and growing demand for robotics in the health care sector:
One of the key drivers for the coating & application technologies for robotics market is the growing demand of robotics in the health care sector. In recent years, the implementation of robotics in the health care sector has seen a dramatic increase due to their versatility and ease of operation. Medical robots assist in minimally invasive surgeries, monitoring for patients with chronic diseases, intelligent therapeutics and more. They also help increase the operational efficiencies of nurses and operators by streamlining routine tasks. According to the International Federation of Robotics (IFR), medical robotics are estimated to be USD $ 9.1 billion by 2022 due to a rapid increase in demand specifically after the COVID-19 Pandemic. As the demand for robotics grows, the demand for coatings and application technologies market is also estimated to grow within the forecast period of 2022-2027.
The increasing demand for the automotive industry, particularly electric vehicles:
The demand for passenger vehicles has seen a significant increase in recent years, especially as economies are recovering post the COVID-19 pandemic. According to the Organisation Internationale des Cosntructeurs d’Automobiles (OICA), the total production of vehicles increased to 57.3 million in 2021 which was an 8.9% increase from the production values of 2020. One of the primary factors that are pushing the automotive market is the demand for electric vehicles. For instance, according to the International Energy Agency (IEA), the 2020 global electric car stock crossed the 10 million mark, which is a 43% increase over 2019. Electric cars have also risen to hold a 4.6% share in the global automotive industry in 2020. The Europe Electric Vehicle (EV) Market also overtook China in terms of production in 2020 with Germany registering about 395,000 new electric vehicles followed by France at 176,000. With an increasing demand for the automotive sector, there has also been a steady increase in demand for robotics in their production line. As such, this proves to be a great driving factor for the coatings & application technologies for robotics market within the forecast period of 2022-2027.
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Coatings & Application Technologies for Robotics Market Challenges
The presence of high VOC content in solvent borne coatings and regulations against it will hamper the market growth
Solvent borne coatings have a high degree of volatile organic compounds (VOCs) which can prove to be harmful to the human body and the environment. They can cause irritation, headaches, discomfort, and allergic reactions as normal side effects while also being fatal in some cases. VOCs are also notorious for causing smog formations and can adversely affect the ozone layer. As such, many governments and regulatory bodies put various regulations in place to limit the production of solvent borne coatings to reduce and prevent the emission of VOCs. For instance, the U.S. EPA regulates VOCs at the Federal Level in 40 CFR 59, also known as the National Volatile Organic Compound Emission Standards for Consumer and Commercial Products. Under this regulation, enterprises must maintain the VOC content threshold in products and follow legal requirements such as labeling, reporting, and record keeping. Due to this, the production of coatings & application technologies for robotics can be restricted and, as such, it proves to be a challenge for the market.
Coatings & Application Technologies for Robotics Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the market. Coatings & Application Technologies for Robotics top 10 companies include:
Recent Developments
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Key Takeaways
Relevant Reports
A. Industrial Robotics Market
https://www.industryarc.com/Report/10629/industrial-robotics-market.html
B. Robotic Process Automation Market
https://www.industryarc.com/Report/18907/robotic-process-automation-market
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