New York, NY -- (SBWIRE) -- 09/20/2017 -- By component, booths and system segment will remain dominant, accounting for over 38% share of the total revenues in 2024, followed by gun and oven segments. Booths and system segment will reportedly witness a relatively higher CAGR over 2016-2024. Within this segment, automatic sub-segment is likely to remain dominant but manual sub-segment will witness higher growth through 2024.

Based on application, general metal will continue to lead in terms of consumption, capturing a revenue share of more than 33% in 2024, witnessing a gain by 460 BPS over the forecast period. Automotive will continue to represent the second largest segment with over 15% market value share in 2024. Others, appliances, and agriculture and construction will be the next key application segments; however, the fastest growth will be seen in the general metal segment.

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On the basis of regional analysis, with a gain of over 250 BPS during the assessment period, APAC will retain the top regional market position. This region will account for nearly 38% share of the total revenues in 2024. China, India, and ASEAN countries will remain the prominent markets within APAC. North America will also be a key market, followed by Europe.

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Among the leading companies profiled in Persistence Market Research's global powder coating equipment market report, tier 1 companies will continue to capture around half of the market revenue share.

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Some of the key players partaking in the market are Nordson Corporation, Gema Switzerland GmbH, Sames Technologies, J. Wagner GmbH, Nihon Parkerizing Co. Ltd., and MS Oberflächentechnik AG. A few other notable companies include Asahi Sunac Corporation, Koryo Coating Machine Industrial Co. Ltd., Mitsuba Systems (India) Pvt. Ltd., and Hangzhou Color Powder Coating Equipment Co., Ltd.

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