Does CFM of a compressor increase if pressure is reduced?

If it is for the compressor then no, the CFM is based on the delivery of the compressor .

If however there is a storage tank then changing the outlet pressure to lower than the storage pressure will make a difference to the CFM.

Absolutely Yes, this is simple physics the air is not requiring as high of pressure the throughout increases. Most air compressors rate there pump rates around 50 psi, 90 psi and the max psi. Even my cheap little pancake oil less has a dual rating of 3/6 scfm I don’t know for sure the exact number but was able to find the formula on line. Just Google the ideal gas laws and there are many examples of this formula. PxV = nRT ; where P = pressure , V = Volume, T = Temperature, n is the amount of gas present and R is a constant depending on the units used for the other variables.

There is a practical limit my 5000 psi compressor is only rated at 6scfm the volume increases as I reduce the pressure but because of the volume of the pistons and motor speed it will not jump as high as my little pancake compressor.

Your answers are "No" and "Maybe".

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Does CFM of a compressor increase if pressure is reduced?

No. If pressure is reduced, CFM is reduced. CFM is just a measure of pressure over time.

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Would above mentioned compressor be able to provide required air flow?

Maybe.

• Yes; If the compressor has a chart showing the throughput at a range of pressures, and if the compressor is capable of providing 200 LPM at a higher pressure, then yes the compressor may be adequate - you would next need to calculate whether the storage capacity would allow for delivery of that volume for a practically useful duration. You will have to decide what a "useful duration" would be - do you need 30 seconds of continuous spray or 300 seconds? Additionally, the higher the pressure on an air-powered sprayer and the greater the cycle frequency, the greater the volume of moisture. That is to say, even if you can eke out the required performance from a given air compressor, the moisture content in the air might be incompatible with the product you're trying to deliver.
• Yes, possibly; If the performance specs are achievable, but the regulator is limiting, there are ways to modify a compressor's components to achieve greater throughput, but that would be a whole other post and line of questions. Not all compressors can be safely modified even if the technical specs are there.
• No; if the 185 LPM is the max output and/or it isn't feasible to modify the equipment to increase the max output.

Good luck @ishaan karnik