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[ 176 + Pages Research Report ]Thermal Spray Coatings Market to surpass USD 14.73 billion by 2030 from USD 7.95 billion in 2020 at a CAGR of 7.1% in the coming years, i.e., 2021-30.
Product Overview
Thermal spray coating is a coating procedure that coats a surface with the powder coating material. The powder coating material is melted into droplets and sprayed at high speeds onto a surface. Spray welding, plasma spray, High-Velocity Oxygen Fuel (HVOF), and flame spray are all terms used to describe the technique of applying thermal spray coating on metal surfaces. Thermal spray coating technology is utilized on a wide range of rotating and moving parts of equipment such as automotive engines, aerospace turbines, and machine tools that work in harsh conditions where component life is reduced by erosion, wear, corrosion, or heat.
Market Highlights
Global Thermal spray coatings market is expected to project a notable CAGR of 7.1% in 2030.
Global Thermal spray coatings to surpass USD 14.73 billion by 2030 from USD 7.95 billion in 2020 at a CAGR of 7.1% in the coming years, i.e., 2021-30. The expanding product application breadth, as well as benefits such as wear and corrosion protection, low poisonous gas emissions, thickness capabilities, and electrical resistance, is expected to boost the global market. Furthermore, rising product demand from industrial gas turbine applications, as well as a growing preference for thermal spray coatings over hard chrome coatings, are likely to drive market expansion. Furthermore, technical advancements aimed at the creation of cost-effective goods are likely to boost the market growth.
Global Thermal spray coatings: Segments
Ceramics segment to grow with the highest CAGR during 2020-30
Global Thermal spray coatings market is segmented by materials into Ceramics, Metals & Alloys, and Others. The ceramic material segment held the largest market share in the year 2020 owing to its low cost and ease of accessibility. The aerospace, healthcare, automotive and other end-use industries are also driving expansion. After ceramics, metals and alloys are the most popular materials. During the projected period, metal and alloys would be the second most used material in the thermal spray coatings market.
Aerospace segment to grow with the highest CAGR during 2020-30
Global Thermal spray coatings market is divided by end-user into Aerospace, Automotive, Healthcare, Agricultural Machinery, Energy & Power, Electronics and Others. Over the forecast period, the aerospace segment is projected to expand at the fastest pace. The aerospace industry's boom and demand backlog are mostly to blame for this expansion. Thermal spray coatings are also used extensively in the automotive industry. Furthermore, to meet the demand for commercial and defense aircraft, major aircraft manufacturers will enhance their production capacity.
Market Dynamics
Drivers
Rising demand for automobiles and improved standard of living
The demand for automobiles rises as customers' disposable income and spending power rises, as well as the standard of living improves in developing countries like China and India. To improve fuel efficiency, high-performance ceramic coatings are applied to vehicle engine components. It has physical qualities that protect the components against oxidation, such as high-temperature resistance. The need for thermal spray coatings is expected to rise as a result of this factor.
High usage in automotive applications and durability
The use of thermal spray coating technology has increased as the automotive, aerospace, and heavy industrial sectors, as well as military and civil aero planes, have grown. In automotive applications, thermal spray coating is used to coat piston and synchronizer rings. Thermal spray coating is also used in aircraft to coat engine turbine blades and protect them from severe temperatures while also ensuring greater durability over long periods of time. To increase performance, these coatings are replacing hard chromium plating as the preferred coating process. This element is expected to propel the market forward.
Restraint
High cost associated with it and limited employment
It's generally difficult to know how thoroughly a thermal spray coating has been absorbed without a visual inspection after it's been sprayed. Furthermore, thermal spray coatings necessitate very expensive equipment, resulting in a high initial set-up cost. Thermal spray coating's employment is likely to be limited as a result of these issues, particularly in the medical field.
Global Thermal spray coatings: Key Players
Wall Colmonoy Corp.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Powder Alloy Corp.
Saint-Gobain S.A.
Carpenter Technology Corp.
Durum Verschleiss-Schutz GmbH
Montreal Carbide Co. Ltd.
Progressive Surface, Inc.
American Roller Company, LLC
Lincotek Surface Solutions
Other Prominent Players
Global Thermal spray coatings: Regions
Global Thermal spray coatings market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. The market for thermal spray coatings is dominated by North America. Increased urbanization and industrialization, rising consumer disposable income, and rising demand from various end-use industries, such as aerospace, are all contributing to this increase. The thermal spray coating market is also predicted to increase due to the cheap availability of raw materials in the region.
Global Thermal spray coatings is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - Mexico, Argentina, Brazil and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
The Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - North Africa, Israel, GCC, South Africa, and Rest of MENA
Global Thermal spray coatings report also contains analysis on:
Thermal spray coatings Segments:
By Materials
Ceramics
Metals & Alloys
Others
By End User
Aerospace
Automotive
Healthcare
Agricultural Machinery
Energy & Power
Electronics
Others
Thermal spray coatings Dynamics
Thermal spray coatings Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Thermal spray coatings Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2020 USD 7.95 billion
Revenue forecast in 2030 USD 14.73 billion
Growth Rate CAGR of 7.1% from 2021 to 2030
Base year for estimation 2020
Quantitative units
Revenue in USD million and CAGR from 2021 to 2030
Report coverage
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Material, end user and Region
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled Wall Colmonoy Corp, Powder Alloy Corp., Saint-Gobain S.A., Carpenter Technology Corp., Durum Verschleiss-Schutz GmbH, Montreal Carbide Co. Ltd., Progressive Surface, Inc., American Roller Company, LLC, Lincotek Surface Solutions. and Other Prominent Players