The surge in manufacturing of paints, automotive, aerospace, medical, and packaging is set to boost the demand for thermal spray coatings. Features such as anti-corrosion coupled with enhanced coating consistency are working in favor of thermal spray coatings. The global thermal spray coatings market will grow at an impressive 6.5 percent CAGR during the forecast period (2019-2029). Increasing penetration of coating applications in niche end-use industries such as gas-turbines, locomotives, and modern helicopters will continue to bolster demand for thermal spray coatings. Rampant space exploration by companies such as SpaceX is encouraging the application of thermal spray carbide coating in advanced landing gears.
Key Takeaways of Thermal Spray Market Study
- Applications in water plasma, gas plasma, electric arc, and flame position ceramics will pave way for high growth in the foreseeable future.
- Plasma spray accounts for over of the total market value with a healthy CAGR through 2029. Enhanced adaptability with a wide range of materials over small and large components is driving the demand for this technology.
- Flame spray technology accounts for over ¼ of the total market revenue amid technology benefits such as lower dust and fume levels and increased portability.
- Aerospace applications maintain a stronghold in the total demand of thermal spray coatings with more than 33 percent share. Increasing investments in upgrading airforce and defense fleets around the world are set to act as a central factor for growth of this segment.
- Industrial gas turbines hold the second largest market share with over ¼ of the total market value with an impressive 6 percent CAGR during the projection period.
- North America accounts for a majority share of more than 30 percent of the total market revenues. This can be attributed to the demand for high-performance coatings for enhanced product performance.
- South Asia & Oceania offer financially rewarding growth opportunities on the back of a stupendous 9.6 percent CAGR through 2029. Investments in developing advanced aerospace & defense capacities will trickle down to an upsurge in demand for thermal spray coatings.
Technological Innovation and Capacity Expansion- Key Imperatives
Advancements in material science and thermal spray technologies will propel the demand for the product during the forecast period. Increasing demand for enhanced resistance against cavitation, wear, abrasion erosion, and chemical resistance furthers the demand for thermal spray coatings. Market players are investing in expanding production capacity and global footprint to tap remunerative opportunities in developing countries. Increasing industrial production across various end-use verticals presents growth opportunities for market players.
These insights are based on a report on Thermal Spray Coatings Market by Fact.MR.
