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.
