United States, Rockville, MD, April 18, 2022 (GLOBE NEWSWIRE) -- The surge in manufacturing of paints, automotive, aerospace, medical, and packaging is set to boost the demand for thermal spray coatings. Features such as anti-corrosion coupled with enhanced coating consistency are working in favor of thermal spray coatings. The global thermal spray coatings market will grow at an impressive 6.5% CAGR during the forecast period (2019-2029). Increasing penetration of coating applications in niche end-use industries such as gas turbines, locomotives, and modern helicopters will continue to bolster demand for thermal spray coatings. Rampant space exploration by companies such as SpaceX is encouraging the application of thermal spray carbide coating in advanced landing gears.
Browse in-depth TOC on "Sales of Thermal Spray Coatings"
74 Tables and
256 Figures
170 Pages
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Key Takeaways of Thermal Spray Market Study
- Applications in water plasma, gas plasma, electric arc, and flame position ceramics will pave way for high growth in the foreseeable future.
- Plasma spray accounts for over the total market value with a healthy CAGR through 2029. Enhanced adaptability with a wide range of materials over small and large components is driving the demand for this technology.
- Flame spray technology accounts for over ¼ of the total market revenue amid technology benefits such as lower dust and fume levels and increased portability.
- Aerospace applications maintain a stronghold in the total demand for thermal spray coatings with more than 33% share. Increasing investments in upgrading airforce and defense fleets around the world are set to act as a central factor for the growth of this segment.
- Industrial gas turbines hold the second largest market share with over ¼ of the total market value with an impressive 6% CAGR during the projection period.
- North America accounts for a majority share of more than 30% of the total market revenues. This can be attributed to the demand for high-performance coatings for enhanced product performance.
- South Asia & Oceania offer financially rewarding growth opportunities on the back of a stupendous 9.6% CAGR through 2029. Investments in developing advanced aerospace & defense capacities will trickle down to an upsurge in demand for thermal spray coatings.
Industrial Gas Turbines to Grow 4.2X through Forecast Period
Uptake in aerospace projects in developing regions is driving demand for thermal spray coatings from the application segment. Aerospace is poised to hold a majority share of over of the total market value.
The segment exhibits a healthy growth trajectory through 2029. Industrial gas turbines account for the second largest market share with ¼ of the total market value.
Manufacturing trends such as higher firing temperatures and increased levels of oxidation and corrosion resistance in hard environments are favorable developments for thermal spray coatings.
Industrial gas turbine segment exhibits highest growth among various applications such as automotive, medical, steel, pulp, and paper.
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Global Thermal Spray Coatings Market: In-Depth Assessment on Key Segments
The global thermal spray coatings market is segmented on the basis of product, technology, application and region.
Product
- Ceramics
- Intermetallic
- Polymers
- Carbides
- Abradables
- Others
Technology
- Plasma spray
- Flame spray
- HVOF
- Electric arc spray
- Cold Spray
- Others
Application
- Aerospace
- Industrial Gas Turbine
- Automotive
- Medical
- Printing
- Oil & gas
- Steel
- Pulp & Paper
- Others
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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Country-specific assessment on demand for thermal spray coatings has been provided for each regional market, along with the market size valuation and forecast price point assessment, price index and impact analysis of key regional and country-wise dynamics, which were obtained through quotes from numerous thermal spray coatings manufacturers, experts, and suppliers.
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The Prominent manufacturers covered:
Praxair Surface Technologies, Inc., Höganäs AB, H.C. Starck Inc., Castolin Eutectic, Wall Colmonoy Corporation, Powder Alloy Corporation, Saint-Gobain S.A., Carpenter Technology Corporation
South Asia & Oceania to Remain Key Revenue Pockets
North America and Europe collectively account for a lion’s share of more than 61% of the total market value. The US, Canada, and the UK are catapulting the demand for advanced coating of equipment used in aerospace, industrial gas turbines, and oil & gas applications.
South Asia & Oceania offers high-growth opportunities on the back of stupendous 9.5% CAGR during the forecast period.
Countries in the region such as Indonesia are investing in development of modern aircrafts and aerospace inventories which employ thermal spray coating.
Increasing penetration of thermal spray coatings in medical, steel, pulp, and paper also stimulates the demand for the product in developing countries.
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