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.
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.
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https://www.fortunebusinessinsights.com/thermal-spray-coatings-market-102388
