Global Thermal Spray Coatings Market: Key Highlights
Global Thermal Spray Coatings Market: Key Market Dynamics
Global Thermal Spray Coatings Market: Regional Overview
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.
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 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 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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