A method and apparatus for forming and dispensing a coating material formulation containing a liquid coating composition and a supercritical fluid as a diluent comprises a closed vessel having a hollow interior; a system for supplying fluid diluent into the vessel interior and for transforming the fluid diluent into supercritical fluid within the vessel; and, a system for introducing liquid coating composition into the vessel interior in such a way that it is sufficiently exposed to the supercritical fluid to form a fluid diluent rich phase and a liquid coating composition or resin rich phase which is saturated with supercritical fluid up to or near its saturation point for the temperature and pressure conditions within the vessel. The resin rich phase has a higher density than the fluid diluent rich phase and therefore collects on the bottom of the vessel from where it is withdrawn and supplied to coating dispensers for deposition on a substrate. The coating material formulation which is not discharged from the dispensers is preferably recirculated back into the closed vessel in such a way that it is permitted to absorb sufficient supercritical fluid to return to the saturation point.