LONDON, April 18, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the finishing lines market forecasts the global finishing lines market size to grow from $6.9 billion in 2022 to $7.3 billion in 2023 at a compound annual growth rate (CAGR) of more than 6%. The global finishing lines market share is then expected to reach $9 billion in 2027 at a CAGR of more than 5%.
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The expansion of the automotive sector is projected to drive the finishing lines market growth in the future. The automotive industry manufactures and sells vehicles, including both conventional and electric vehicles. As refinishing agents, automotive body shops and repair facilities use coatings with polyurethane, acrylic, or alkyd bases. Finishing lines are used in the automobile industry to finish car parts such as bumpers, dashboards, and other components. According to the International Energy Agency (IEA), a France-based autonomous intergovernmental organisation, electric car sales hit 6.6 million in 2021, based on 2020 data. Furthermore, EV sales hit 2 million in the first quarter of 2022, a 75% increase over the first three months of 2021. As a result, the growth of the automotive sector will drive the growth of the finishing lines market in the future.
Major finishing lines market companies are Graco Inc., J. Wagner GmbH, Nordson Corporation, Spray Equipment & Service, Wewin Finishing Equipments Private Limited, Reliant Finishing Systems, Blasdel Enterprises Inc., Crescent, Finish Line Industries.
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Technological progress has emerged as a significant trend gaining traction in the finishing line industry. To obtain a competitive advantage, major companies in the finishing lines sector are focusing on developing innovative technology. For example, PRATI, an Italian finishing solutions provider, will unveil the DIGIFASTONE, a digital finishing line based on the "FUTURA by Prati" DIGIFASTone technology, in May 2022. This technology distinguishes itself with its totally modular architecture, availability in S-D or D-S configurations, and ability to install digital finishing and laser die-cutting equipment as needed. They are production lines based on the "FUTURA by Prati" technology, which sets the standard for the next generation of finishing options in accordance with industry 4.0 criteria.
Asia-Pacific was the largest region in the finishing lines market in 2022. The regions covered in the global finishing lines market research are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global finishing lines market is segmented by component into pre-treatment plants, ovens, paint booths, conveyor systems, control systems, other components; by application into automotive parts, engine and motors, electronics and control panels, furniture, machinery, household appliances, other applications.
Finishing Lines Global Market Report 2023 by The Business Research Company provides insights on the finishing lines market size, finishing lines market segments, finishing lines market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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