Thermal Spray Coatings Market High-growth Segments and their Share Forecast – 2021 to 2027 |
The global thermal spray coatings market size is expected to showcase exponential growth by reaching USD 17,631.2 million by 2027. This is attributable to the growing aerospace industry and the increasing demand for weight reduction in aircraft to improve performance and fuel efficiency that propels the demand for innovative thermal spray coatings across the globe. Fortune Business Insights, in its latest report, observes that the market stood at USD 10,235.2 million in 2019 and is projected to exhibit a CAGR of 7.8% between 2020 and 2027.
Limited Supply of Raw Materials Affecting Vertical End-user amid COVID-19
The global pandemic has lead to a complete halt in industrial activities across the globe. This is resulting in the shortage of raw materials supply experienced by the vertical end-users that is expected to create a shortfall in the demand to some extent. However, the growing demand for thermal spray technology by the healthcare industry is expected to brighten the market prospects and mitigate economic loss suffered by the market in the forthcoming years.
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Thermal spray coatings are generally adopted to either restore or improve the surface of wide range of materials. These coatings prevent the surface from erosion, abrasion, corrosion, wear and tear, and heat, among other external factors. Owing to their several benefits, they are widely adopted across several industrial applications such as automotive, aerospace, and oil & gas.
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect market growth. In addition to this, the report provides insights into the regional analysis. It includes the competitive landscape that involves leading companies and novel products as well as major collaborations. The research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Increasing Adoption of Thermal Spray Coatings inn Aerospace to Favor Growth
The growing demand to improve fuel efficiency and performance of aircraft is driving the demand for innovative thermal spray coatings across the aerospace industry. These coating protect turbine blades of engines from extreme temperatures, while ensuring high reliability of the components for longer duration. In addition to this, the increasing refurbishment activities to replace old components of the aircraft are expected to propel the demand for these coatings across the globe. Therefore, the growing aerospace sector backed by rising travel globally is expected to drive the global thermal spray coatings market in the forthcoming years.
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Ceramic Segment Held a Major Market Share in 2019
The ceramic segment, based on material, held a major market share in 2019 and is expected to experience an exponential growth owing to the increasing adoption of ceramic coatings by biomedicine industry across the globe.
North America to Remain Dominant; Growing Aviation Sector in North America to Surge Demand
Among all the regions, North America is expected to remain at the forefront and hold the highest position in the global thermal spray coating s market in the forthcoming years. This domination is attributable to the growing aviation sector that is driving the demand for advanced thermal spray coating to improve aircraft efficiency and prevent the components from corrosion. The region stood at USD 3,217.6 million in 2019.
The market in Europe is anticipated to experience a significant growth backed by the increasing adoption of thermal spray coatings over hard chrome coatings owing to stringent government regulations in the region between 2020 and 2027.
Major Companies Focus on Investments in R&D Activities to Brighten Market Prospects
The global thermal spray coatings market is fragmented by the presence of the small, medium, and large companies that are focusing on investing in developing advanced thermal spray coatings to leverage the rising demand from the aerospace and automotive sector. The adoption of strategies such as merger and acquisition, collaboration, and partnership by key players is further expected to boost the prospects of the market in terms of revenue during the forecast period.
- June 2020 – Flame Spray Spa, an Italian thermal spray coatings specialist, announced its investment in QIH 122 M URC Hot Isostatic Press (HIP) by Quintus Technologies. According to the company, the purchase in meant to cater to the growing demand for heat treatment and densification of aerospace parts and other components.
List of the Companies Profiled in the Global Market for Thermal Spray Coatings:
- Praxair S.T. Technology, Inc. (U.S.)
- Bodycote (UK)
- Oerlikon Metco (Switzerland)
- Surface Technology UK (UK)
- C. Starck GmbH (Germany)
- W. Gartner Thermal Spraying (U.S.)
- Höganäs AB (Swedan)
- Metallisation Limited (UK)
- Flame Spray SpA (Italy)
- BryCoat Inc. (U.S.)
- Carpenter Technology Corporation (U.S.)
- A&A Thermal Spray Coatings (U.S.)
- ASB Industries, Inc. (U.S.)
- Polymet Corporation (U.S.)
- TST Coatings Inc. (U.S.)
- Other Key Players
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