Thermal Spray Coatings Market Size, Growth, Price Analysis, Share to 2026 | Global Research Report by Fortune Business Insights™
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.
DRIVING FACTORS
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.
SEGMENTATION
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.
REGIONAL INSIGHTS
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.
COMPETITIVE LANDSCAPE
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:
https://www.fortunebusinessinsights.com/thermal-spray-coatings-market-102388
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- 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)
- Ceramic
- Metal & Alloy
- Polymer
- Intermetallic
- Others
- By Technology (Value)
- Flame Spray
- High-Velocity Oxygen Fuel (HVOF) Spray
- Electric Arc Spray
- Plasma Spray
- Cold Spray
- Others
- By Application (Value)
- Aerospace
- Industrial Gas Turbine
- Automotive
- Medical
- Paper & Printing
- Oil & Gas
- Steel
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued…!
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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Read Press Release:
https://www.fortunebusinessinsights.com/press-release/global-thermal-spray-coatings-market-10234
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