Market Overview
- The global thermal spray coatings market is expected to grow at a CAGR of 6.75% during the forecast period (2020-2027).
- Thermal spray coating is a process in which molten materials are sprayed onto a surface. The coating precursor is heated by electrical arc or by plasma. It can provide thick coatings approximately thickness range of 20 microns to several mm. The advantages are enhancing its adoption in several industries particularly in the aerospace and automotive industries.
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Market Dynamics
- Growth in power and energy sector boosts the market growth due to an increase in its users to enhance the life span of gas turbines and power generators owing to its superior properties such as heat resistance, and high corrosion resistance. Also, it is environmentally friendly compared to other coatings. Additionally, recent technical innovations and advancements in the thermal spray coating process are also driving the market.
- Growth of various industries such as paints and coatings, automotive, aerospace, medical, and packaging are boosting the market due to its increasing scope of applications in these sectors as it provides thermal insulation to critical components. For instance, according to the US Census Bureau, the revenue of paint and coating manufacturers in the U.S. has increased by approximately 38% from 2010 to 2016. It also offers benefits such as surface sealing and clearance control, protection from atmospheric corrosion, high-temperature oxidation and corrosion control, abrasion, fretting, and erosion wears resistance.
- Despite the advantages of thermal spray coating, there are also a few limitations that are hindering the market. In this process, it is difficult to achieve thicker, and the coating formation process is uncertain, and also there is no standard method for evaluating the degree of coating adhered to the substrate. Besides, a thermal spray coating setup is very expensive.
Segment Analysis
- Based on substrate the global thermal spray coatings market is broadly segmented as ceramics, metal, carbides, polymers, and others. Among all these ceramics occupied the dominant market share. In the forecast period, it is expected to grow at a higher CAGR, owing to its cost efficiency and easy availability. Also, it offers properties such as thermal resistance and corrosion resistance.
- Based on the process the global thermal spray coatings market is segmented into plasma spraying, HVOF spraying, flame spraying, arc spraying, and others. Among all these flame sprayings accounted for significant market share. It is a thermal spray coating process that uses heat to produce high-quality surface coatings, which can adhere to the substrate. Also, it is a cost-effective process that offers wear resistance. Flame spraying finds applications in industries such as aerospace, infrastructure, oil exploration, and agriculture.
- Based on the applications the global thermal spray coatings market is segmented into aerospace, automotive, paints & coatings, and others. Among all these, the aerospace segment is projected to grow at the highest CAGR in the forecast period owing to advantages such as low toxic gas emissions, wear and corrosion resistance, and electrical resistance. Also, growth in the aerospace industry can propel the market. Significant aircraft manufacturers such as Boeing & Airbus focuses on increasing their production capacities to cater to the demand for commercial and defense aircraft. For instance, Boeing and Airbus were delivered 763 and 718 aircraft in 2017 respectively.
Geographical Analysis
- The global thermal spray coating market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America occupies the dominant share in the global thermal spray coatings market, and it is expected to grow at a CAGR of YY% in the forecast period owing to continuous growth in the aerospace industry in the United States along with the emergence of major aerospace companies in Mexico. Also, the growing automobile industry fueled the growth of the market in this region. For instance, according to OICA, approximately 17.5 million passenger cars and commercial trucks were produced throughout North America in 2017.
Competitive Analysis
- The global thermal spray coatings market is highly fragmented with the presence of a large number of vendors across the globe. The market is characterized by the presence of well-diversified international, regional, and local vendors. In this market, several local and regional vendors provide different products and services with a high level of customization at a lower price than those of international vendors. Though new vendors are emerging in this market, they find it difficult to compete with international players in terms of quality, features, functionalities, and service. Significant players in the global thermal spray market are Praxair Surface Technologies, Inc., Bodycote, Plasma-Tec, Inc., Oerlikon Metco, Surface Technology, H.C. Starck GmbH, Metallization Limited, F.W. Gartner Thermal Spraying, ASB Industries, AMETEK Inc., Flame Spray SpA, BryCoat Inc., and others.
Key Takeaways
- In June 2018, H.C. Starck launched molybdenum thermal spray powders, which are used to coat large areas to small metal components that are prone to corrosion, erosion, and wear.
- In December 2017, Praxair Surface Technologies, Inc. joined with GE Aviation to open a new advanced jet engine coatings facility in Ellisville, Mississippi.
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Global Thermal Spray Coatings Market was valued at US$ 8.70 Bn in 2017 and is expected to reach US$ 15.10 Bn by 2026, at a CAGR of 7.2 % during a forecast period.Global Thermal Spray Coatings Market, by RegionThe objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology.
The report also helps in understanding thermal spray coatings market dynamics, structure by identifying and analyzing the market segments by Technology, Materials, Application, and Region and, project the global market size.
Further, report also focus on competitive analysis of key players by Materials, price, financial position, Materials portfolio, growth strategies and regional presence.
The report also provide PEST analysis, PORTER’s analysis, SWOT analysis to address question of shareholders to prioritizing the efforts and investment in near future to particular market segment.
Materials are melted into a rod, wire, or powder form.
Thermal spray are used in a wide range of application sector owing to the growing need for efficient and durable coatings in wide range of industries.
Adroit Market Research published a study titled, “Global Thermal Spray Coatings Market Size 2017 By Product (Metals, Ceramics, Intermetallics, Polymers, and Others), by Application (Aerospace, Industrial Gas Turbine, Automotive, and Others), By Region and Forecast 2018 to 2025”.
The report provides a comprehensive evaluation of global thermal spray coatings market based on drivers, restraints and future opportunities that are expected to influence the market revenue during the forecast period.
Additional tools such as Porter’s five forces analysis, PESTEL analysis, and value chain analysis are included to give a holistic market view.
The report also includes the prevailing trends impacting the global thermal spray coatings market size.
Furthermore, the report provides an overview of the thermal spray coating equipment market.Click to Continue Reading on https://www.adroitmarketresearch.com/industry-reports/thermal-spray-coatings-marketThe global thermal spray coatings market size is projected to be worth USD 15.01 billion by 2025.
Expansion of these industries is projected to offer favorable growth opportunities for the global thermal spray coatings industry over the next few years.Based on product, ceramics is projected to contribute to more than 30% of the revenues in the global thermal spray coatings market by 2025.
“Thermal spray coating is a technology applied to improve or restore the surface of a solid material.
The process can be used to apply coatings to a wide variety of materials and components for erosion, cavitation, wear, corrosion, heat, and abrasion resistance.
Insulation or electrical conductivity, high or low friction, lubricity, chemical resistance, sacrificial wear, and many other desirable surface properties are also used for thermal spraying.”Adroit Market Research study titled, “Global Thermal Spray Coatings Market Size 2017 By Product (Metals, Ceramics, Intermetallics, Polymers, and Others), by Application (Aerospace, Industrial Gas Turbine, Automotive, and Others), By Region and Forecast 2018 to 2025”.
The report provides a comprehensive evaluation of global thermal spray coatings market based on drivers, restraints and future opportunities that are expected to influence the market revenue during the forecast period.Request Sample Copy of This Research Report: https://adroitmarketresearch.com/contacts/request-sample/672Thermal Spray Coatings Market: Key Players are Praxair Surface Technologies, TWI Ltd., TST Engineered Coating Solutions, Metallisation Ltd., Air Products & Chemicals, Flame Spray Coating Co., Oerlikon Metco, A Coatings, Curtis-Wright Corporation, Plasma-Tec, Inc. and White Engineering Surfaces Corporation among others.The market size is projected to be worth USD 15.01 billion by 2025.
Expansion of these industries is projected to offer favorable growth opportunities for the Global Thermal Spray Coatings Market over the next few years.
Corrosion and wear protection are the key advantages offered by ceramics coatings that contribute to its extensive use in various industries.The growing aerospace and automotive manufacturing sector are expected to fuel the demand for thermal spray coatings in the region.
