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Thermal Spray Coatings Market to surpass US$ 14,073.8 Mn globally by end of 2027, Says CMI

/EIN News/ -- SEATTLE, May 13, 2020 (GLOBE NEWSWIRE) -- Thermal spray coatings are advanced coating technology that provides superior resistance to wear & corrosion, cavitation, abrasion, and also improved release properties. Also, they provide low friction and high heat stability while improving the shelf-life of components and value by reducing machinery downtime. It is widely adopted across the various end-user industry for repair and re-engineers damaged components application. Aerospace, industrial gas turbines, automotive, defense, power generation, and healthcare are major end-user industries of thermal spray coatings.

The global thermal spray coatings market accounts for US$ 9,425.8 Mn in terms of value by the end of 2019.

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Market Drivers:
Growing demand for thermal spray coatings over hard chrome coatings across various sector is predominantly fueling market growth. Expanding product application due to its various advantages such as wear and corrosion resistance, emit low toxic gas, and electrical resistance is augmenting the market growth of thermal spray coatings. Growing demand for gas turbines from marine and motorcycles is further expected to accelerate the market growth over the forecast period. 

The growing use of thermal sprayed carbide coatings in landing gear for aerospace due to its excellent corrosion and wear resistance is projected to fuel the market growth of the thermal spray coatings. Technological advancement in coating technology coupled with the growing demand for eco-friendly coatings is again expected to propel the market growth of the thermal spray coatings.

Market Opportunities
Growing demand for high-performance ceramic coatings which is used in almost all types of thermal spray coatings is expected to provide potential growth opportunities. It is widely used across healthcare, fiber-optic communications, industrial goods, energy, and aerospace &defense. Moreover, ceramic coatings help in extending the shelf-life of the component and also reduce the operational cost of the operational cost.

The rapid expansion of the civil aviation sector due to the increasing disposable income of the consumer which is expected to drive the market growth. Strong demand for gas turbine coupled with the growing need for improving the durability of components in order to avoid high replacement cost is also expected to augment the market growth of the thermal spray coatings over the forecast period.

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Key Takeaways:
North America region in global thermal spray coatings market was valued at a value of US$ 2,682 Million in 2019 and is projected to grow at CAGR of 4.6% between 2020 and 2027. The growth of this region can be attributed to factors such as technological advancements, modernization, urbanization and increasing personal disposable income of consumers. For instance, according to a report by the Bureau of Economic Analysis (BEA), disposable personal income in the U.S. increased by US$ 39.8 billion (0.3%) in April 2018 when compared to 2017. This increase in disposable income of consumers is directly leading to growth of end-use industries such as aerospace, automotive and others, thereby driving the growth of thermal spray coatings market.

On the basis of materials, Ceramics segment dominated the global thermal spray coatings market in 2019, accounting for 26.5% share in terms of value, followed by metals and Intermetallic, respectively. Ceramics are being used as thermal coatings due to its properties such as corrosion resistance and thermal resistance, along with cost effectiveness. Ceramics are used in various types of coatings such as water & gas plasma, High Velocity Oxy Fuel (HVOF), powder flame sprayings, and flame, which are used across industrial gas turbine applications, automotive applications and others. The ceramic coating are also used in manufacturing of numerous tools as it is helpful in extending the shelf life of the tool and reducing the overall metal casting operation costs.

On the basis of application, Aerospace segment dominated the global thermal spray coatings market in 2019, accounting for 36.8% share in terms of value, followed by industrial grade and Automotive, respectively. According to China Association of Automobile Manufacturers (CAAM) and Society of Indian Automobile Manufacturers (SIAM), sales of cars in China stood at 28.03 million in 2016 and 3 million in India. This increase in production and sale of automotive is contributing to the growth of thermal spray coatings market.

Competitive Section:
Players active in the market are Sulzer Ltd, Praxair, Inc., Oerlikon Group, Curtis-Wright Corporation, Bodycote plc. Thermal Spray Technologies Inc., ASB Industries, Inc., Abakan Inc., and Metallisation Ltd.

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Market Segmentation:
By Materials

  • Metals 
  • Alloys 
  • Carbides
  • Ceramics
  • Intermetallics 
  • Others 

By Process

  • Conventional Flame Spray 
  • Plasma Spray 
  • HVOF (High-Velocity Oxy-fuel)
  • Cold Spray 

By Application

  • Aerospace 
  • Industrial Gas Turbines
  • Automotive 
  • Medical
  • Others 

By Region

  • North America
  • Latin America 
  • Europe
  • Asia Pacific 
  • Middle East and Africa

Mr. Shah
Coherent Market Insights
1001 4th Ave. 
Seattle, WA 98154
Tel: +1-206-701-6702

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