Growth Of Key End-Use Industries To Drive The Demand For Thermal Spray Coatings Market

Thermal Spray Coatings Market Size, Share, Trends, Growth, Analysis, Research

Global Thermal Spray Coatings Market: Key Highlights

  • According to the new market research report Thermal Spray Coatings Market by Material Type Aluminum, Steel, Copper), by Process (Plasma Spray, High Electric Arc Spray), by End-User (Aerospace, Automotive, Oil & Gas, Medical), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) – Global Forecast (2020 to 2027)”, the global thermal spray coatings market is expected to be valued at USD 16.8 billion at a CAGR of 6.5% during the review period.
  • Growth of major end-use industries worldwide is expected to drive the demand for thermal coatings
  • Advantages of thermal spray coatings include resistance against abrasion, corrosion, chemical, cavitation, heat, erosion, and wear
  • Aerospace industry is the largest end-user segment for the thermal spray coatings market. It is widely used in aerospace components such as jet engine components, turbine blades, and landing gears, among others.
  • Players in the global thermal spray coatings market have an aggressive approach towards strategic growth initiatives.
  • Ceramics are the most widely used materials for thermal spray coatings owing to properties such as cost-effectiveness, thermal resistance, and corrosion resistance
  • Upcoming energy and oil & gas projects in the Middle East & African region is likely to bring in significant opportunities

Global Thermal Spray Coatings Market: Key Market Dynamics

  • Widespread use of thermal spray coatings in major end-use industries such as aerospace, automotive, and healthcare, among others is a key driver of the global market
  • Another major factor is the cost-effectiveness of these coatings and their use as a replacement of hard chrome coatings
  • In line with the stringent regulations against the emission of VOC contents, the demand for thermal spray coatings is expected to increase
  • Production of UV rays by thermal spray coatings, which can have harmful effects on the human body is a restraining factor

Global Thermal Spray Coatings Market: Regional Overview

  • Asia-Pacific

Asia-Pacific is expected to be the fastest-growing market on account of the expanding end-use industries. This is attributed to the rapid urbanization in emerging economies such as India, Indonesia, Malaysia, etc. High geriatric population in Japan coupled with affordability towards expenditure medical treatment is likely to drive the market growth. According to the Organisation for Economic Co-operation and Development, the elderly population in Japan was 25.06% of the total population in 2014.

  • North America           

The market in North America is expected to witness a high demand for thermal spray coatings during the review period. This is because of the extensive demand from the aerospace industry. The US aerospace industry is the largest across the globe and contributed to around USD 374 billion of the country’s GDP in 2018. According to the Aerospace Industries Association, the aerospace & defense R&D budget for the Department of Defense and NASA stood at USD 92.3 and 13.6 billion in 2018.

Global Thermal Spray Coatings Market: Key Players Overview

  • Praxair S.T. Technology, Inc.:

Praxair Surface Technologies, Inc. manufactures and supplies surface-enhancing materials. The company provides solutions to abrasion, corrosion, erosion, galling, oxidation, and wear. It serves the automotive, chemical, aviation, glass, and oil industries worldwide. In December 2017, Praxair, Inc. and GE Aviation opened a new facility for their joint venture business PG Technologies, LLC, which specializes in advanced coatings for jet engines to withstand higher temperatures and stresses.

  • Bodycote:

Bodycote is a leading provider for heat treatment and specialist thermal processing services worldwide. The company operates 180 locations in more than 23 countries. In December 2019, the company acquired Ellison Surface Technologies, thus becoming one of the largest providers of thermal spray and engineered coating surface technology to the aerospace industry.

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Rep Id : CM 058

Published : 2020-01-31

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