The global fluid dispensing equipment market is expected to reach USD 10.29 billion by 2024, according to a new report by Grand View Research, Inc. Growing demand for accurate and efficient systems for dispensing fluids as an alternative to manpower engagement in these processes to be a key driving factor for the industry growth.
The industry is characterized by the advent of automation technologies in various stage of production processes. The technology’s greater scope across automotive, electrical & electronics, and medical devices manufacturing has enabled higher sales of fluid dispensing equipment in these industries.
However, with evolving construction practices and increased usage of automated machinery for masonry, prefabrication and precast processes is expected to provide growth opportunities for industry participants. The global market value in construction application was over USD 640 million in 2015.
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Further key findings from the study suggest:
- Adhesives & sealants are widely used across manufacturing stages to provide bonding between two materials, i.e., components, parts or overlays. Adhesives demand precision, accuracy, and consistency while being applied to surfaces
- Adhesive dispensing equipment revenue is expected to reach USD 3.40 billion by 2024, primarily to be driven by high demand for their formulations across electronics, automotive, construction, medical devices production
- Asia Pacific is projected to dominate the global industry at an estimated CAGR of over 6.5% from 2016 to 2024. The region, particularly Korea and Taiwan, is a hub for semiconductors and other electronic component manufacturing and has the presence of leading companies such as Samsung, ZTE, and Foxconn
- Favorable capital spending by these end-users for procuring equipment and related systems will be a huge contributor towards Asia Pacific growth. Another significant force favoring the region’s growth is increasing automotive production and investments from western OEMs in the region
- The U.S. is a relatively mature region compared to those in Asia and is characterized by the presence of leading equipment suppliers and technological know-how. The U.S. is expected to account for nearly 17% of the global market value by 2024
- Nordson was the leading fluid dispensing equipment manufacturer with approximately 22% of the market share in 2015. Other companies with a global operational presence include Protec, Henkel (Loctite), Speedline Technologies, ITW Dynatec, Dymax, Sulzer, IVEK Corp., and Henline Adhesive Equipment Corp.