Thermal Spray Coatings Market size is expected to showcase an exponential growth by reaching USD 17.63 billion by 2027. This is attributable to the growing aerospace industry and the increasing demand for weight reduction in aircraft to improve performance and fuel efficiency that propels the demand for innovative thermal spray coatings across the globe.
Fortune Business Insights, in its latest report, titled, “Thermal Spray Coatings Market Size, Share & COVID-19 Impact Analysis, By Material (Ceramic, Metal & Alloy, Polymer, Intermetallic, and Others), By Technology (Flame Spray, High-Velocity Oxygen Fuel (HVOF) Spray, Electric Arc Spray, Plasma Spray, Cold Spray, and Others), By Application (Aerospace, Industrial Gas Turbine, Automotive, Medical, Paper & Printing, Oil & Gas, Steel, and Others), and Regional Forecast, 2020-2027.”, observes that the market stood at USD 10.23 billion in 2019 and is projected to exhibit a CAGR of 7.8% between 2020 and 2027.
Limited Supply of Raw Materials Affecting Vertical End-user amid COVID-19
The global pandemic has to lead to a complete halt in industrial activities across the globe. This is resulting in the shortage of raw materials supply experienced by the vertical end-users that is expected to create a shortfall in the demand to some extent. However, the growing demand for thermal spray technology by the healthcare industry is expected to brighten the market prospects and mitigate economic loss suffered by the market in the forthcoming years.
List of the Leading Companies Profiled in the Global Thermal Spray Coatings Market are:
- Praxair S.T. Technology, Inc. (U.S.)
- Bodycote (UK)
- Oerlikon Metco (Switzerland)
- Surface Technology UK (UK)
- H.C. Starck GmbH (Germany)
- F.W. Gartner Thermal Spraying (U.S.)
- Höganäs AB (Swedan)
- Metallisation Limited (UK)
- Flame Spray SpA (Italy)
- BryCoat Inc. (U.S.)
- Carpenter Technology Corporation (U.S.)
- A&A Thermal Spray Coatings (U.S.)
- ASB Industries, Inc. (U.S.)
- Polymet Corporation (U.S.)
- TST Coatings Inc. (U.S.)
- Other Key Players
These spray coatings are generally adopted to either restore or improve the surface of wide range of materials. These coatings prevent the surface from erosion, abrasion, corrosion, wear and tear, and heat, among other external factors. Owing to their several benefits, they are widely adopted across several industrial applications such as automotive, aerospace, and oil & gas.
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect market growth. In addition to this, the report provides insights into the regional analysis. It includes the competitive landscape that involves leading companies and novel products as well as major collaborations. The research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Increasing Adoption of Thermal Spray Coatings in Aerospace to Favor Growth
The growing demand to improve fuel efficiency and performance of aircraft is driving the demand for innovative spray coatings of thermal type across the aerospace industry. These coatings protect turbine blades of engines from extreme temperatures while ensuring high reliability of the components for longer duration. In addition to this, the increasing refurbishment activities to replace old components of the aircraft are expected to propel the demand for these coatings across the globe. Therefore, the growing aerospace sector backed by rising travel globally is expected to drive the global market in the forthcoming years.
Ceramic Segment Held a Major Market Share in 2019
The ceramic segment, based on material, held a major market share in 2019 and is expected to experience exponential growth owing to the increasing adoption of ceramic coatings by the biomedicine industry across the globe.
North America to Remain Dominant; Growing Aviation Sector in North America to Surge Demand
Among all the regions, North America is expected to remain at the forefront and hold the highest position in the global market in the forthcoming years. This domination is attributable to the growing aviation sector that is driving the demand for advanced thermal spray coating to improve aircraft efficiency and prevent the components from corrosion. The region stood at USD 3,217.6 million in 2019.
The market in Europe is anticipated to experience a significant growth backed by the increasing adoption of these spray coatings over hard chrome coatings owing to stringent government regulations in the region between 2020 and 2027.
Major Companies Focus on Investments in R&D Activities to Brighten Market Prospects
The global thermal spray coatings market is fragmented by the presence of the small, medium, and large companies that are focusing on investing in developing advanced thermal spray coatings to leverage the rising demand from the aerospace and automotive sector. The adoption of strategies such as merger and acquisition, collaboration, and partnership by key players is further expected to boost the prospects of the market in terms of revenue during the forecast period.
Browse Detailed Summary of Research Report with TOC:
Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Emerging Trends – For Major Countries
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Material Launches, and Mergers & Acquisitions
Qualitative Insights – Impact of COVID-19 on Global Thermal Spray Coatings Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
Global Thermal Spray Coatings Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
Market Size Estimates and Forecast
By Material (Value)
- Metal & Alloy
By Technology (Value)
- Flame Spray
- High-Velocity Oxygen Fuel (HVOF) Spray
- Electric Arc Spray
- Plasma Spray
- Cold Spray
By Application (Value)
- Industrial Gas Turbine
- Paper & Printing
- Oil & Gas
By Region (Value)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Key Industry Development:
June 2020 – Flame Spray Spa, an Italian thermal spray coatings specialist, announced its investment in QIH 122 M URC Hot Isostatic Press (HIP) by Quintus Technologies. According to the company, the purchase is meant to cater to the growing demand for heat treatment and the densification of aerospace parts and other components.
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