Tungsten Carbide (WC) Based Thermal Spray Coating Market to Hit US$ 1,436.8 Mn by 2031 at 7.3% CAGR – Astute Analytica
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Thermal spraying involves spraying finely separated molten or semi-molten droplets over a consumable. Tungsten Carbide Coating instantly bonds with the surface it is applied on, producing a surface with a high bond strength and great wear resistance. Consequently, they find widespread application in several end-use industries, such as oil & gas, chemicals & petrochemicals, electronics, automotive, aircraft & aviation, power generation, healthcare & medical devices, and others.
Impact of Regulation
As stated by The Federal Facilities Restoration and Reuse Office (FFRRO) of the United States Environmental Protection Agency (EPA) provides a summary of tungsten, including its physical and chemical properties, effects on the environment and human health, current federal and state regulations, detection and treatment techniques, and additional sources of information. Additionally, they give site managers and other field staff who might deal with tungsten pollution at cleanup sites fundamental knowledge of tungsten. The metal tungsten used to be stable in soil and difficult to dissolve in water. However, the EPA and the U.S. are now becoming increasingly concerned about tungsten-contaminated environmental media. As per the new study by the Department of Defense (DoD), tungsten may not be as stable as once thought.
Market Dynamics
Due to the widespread use of tungsten carbide (WC) based thermal spray coating in numerous end-use applications, the market for this material is expected to grow over the forecast period. Increasing demand for high-velocity oxy-fuel tungsten carbide spraying across several sectors, the use of tungsten carbide-based coatings as substitutes for electrodeposited liard chromium, and rising demand for tungsten carbide (WC)-based thermal spray coating in the oil & gas and mining industries drive the global market growth in the near future.
Additionally, the development of technology, such as HVAF spraying and its advantages over HVOF, offers a lucrative growth prospect for the market throughout the anticipated time frame.
On the other hand, the increased expense of HVOF tungsten carbide coating-based thermal spray coating may hinder the overall market growth.
Impact Analysis of COVID-19
The COVID-19 pandemic had an adverse effect on the global tungsten carbide (WC) based thermal spray coating industry. Due to the lockdown and the controls imposed by governments, many project timetables had to alter or delayed. These interruptions also hampered industrial operations and plant construction projects in various industries. Additionally, the worldwide HVOF tungsten carbide coating market will have restricted growth in the short term due to decreasing demand and supply chain disruptions.
Segmentation Summary
In 2021, on the basis of component type, the WC-CrCNi segment dominated the global tungsten carbide (WC) based thermal spray coating industry. On the other hand, the WC-Ni segment will project the highest annual rate over the analysis period since it is utilized for high-temperature wear and in corrosion-resistant coating.
In 2021, in terms of end users, the aerospace & aviation segment maintained a substantial share in the global tungsten carbide (WC) based thermal spray coating industry, and the segment will exhibit the highest growth rate over the prediction course. In order to provide excellent thermal resistance and lifespan are utilized to protect engine actuation systems and turbine blades.
Regional Summary
In 2021, in terms of region, Europe held a dominant position in the tungsten carbide (WC) based thermal spray coating industry. The region is growing due to growing urbanization & industrialization, rising disposable personal income, and increasing demand from numerous end-use sectors like aerospace. On the other hand, South Asia Pacific will record the highest annual growth rate of 8.7% throughout the prediction course.
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Companies Profile
The prominent competitors in the global tungsten carbide (WC) based thermal spray coating market are:
A & A Thermal Spray Coatings
Hoganas AB
ASB Industries Inc.
Buffalo Tungsten Inc.
Inframat Advanced Materials
Praxiar Surface Technologies
Castolin Eutectic
Polymet Corp.
Oerlikon Metco.
Fujimi Incorporated
Kennametal Corp.
Other Prominent Players
Key Developments by these Players
In Jan 2022, Oerlikon Metco Coating Services (MCS), the company's new laser cladding service center in Huntersville, NC is now fully operational and capable of providing O.D. and I.D. Coatings, laser hardening, pre- and post-machining, and inspection services are all examples of coatings.
In Aug 2022, Hannecard – ASB Industries is modernizing its high-performance HVOF equipment with the installation of a K2 HVOF System from GTV through Spraywerx Technologies. Third-generation kerosene fuel systems like the K2 HVOF System are very popular in Europe. With proprietary kerosene atomization technology and combustion chamber design, the K2 system differs from existing kerosene-fuelled HVOF systems by offering consistent high-quality coatings.
In Jan 2019, in order to develop and qualify process parameters for its materials, California-based Velo3D, a provider of metal additive manufacturing technology, teamed up with Praxair Surface Technologies, Inc. (PST), a manufacturer of specialty alloy-based powders, in Connecticut.
Segmentation Outline
The global Tungsten Carbide (WC) based thermal spray coating market segmentation focuses on Composition Type, End-Use, and Region.
By Composition Type Segment
WC-Co
WC-COCr
WC-NiCr
WC-Ni
WC-CrCNi
By End Use Segment
Aerospace & Aviation
Automotive
Power Generation
Chemical & Petrochemical
Electronics
Metals & Metallurgy
Oil &Gas
Healthcare & Medical devices
Others
By Region Segment
North America
The U.S.
Canada
Europe
The UK
Germany
France
Italy
Spain
Russia
Rest of Europe
South Asia Pacific
India
ASEAN
Australia & New Zealand
Rest of South Asia
Middle East & Africa (MEA)
GCC Countries
Turkey
South Africa
North Africa
Rest of MEA
Latin America
Brazil
Mexico
Rest of LATAM
East Asia
China
Japan
South Korea
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About Astute Analytica
Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
Aamir Beg
Astute Analytica
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