Market Outlook
The Thermal spray market size can inflate in size over the forecast period owing to characteristics of increased shelf life, enhanced performance, and low production cost. Massive demand from end-user industries of printing, medical, automobiles, aerospace, steel, and oil & gas can fuel the market demand till the end of 2023. Preference over hard chrome coatings and massive production rate of industrial turbines can augment the market size.
Thermal spraying is a form of coating which involves materials in molten and semi-molten states. It can provide thick coatings up to 20mm over a large area when compared to other coatings. They are used as a decorative or protective coating on polymers, ceramics, metals, carbides, intermetallic, and others. Market Research Future (MRFR) has asserted in its Thermal spray Market report predictions for the period between 2017 and 2023 (forecast period).
However, presence of alternatives and low adoption rate can pose challenges to the market growth.
Segmentation Analysis
The Thermal spray market is segmented into product, application, and technology.
On the basis of the product type, the market is segregated into metals, ceramics, intermetallic, polymers, carbides, abradable, and others. Ceramics is expected to the leading segment of the market and will display a stupendous CAGR during the forecast period. Efficiency of ceramic coatings in aerospace, oil & gas, defense, and healthcare sectors can fuel the segment growth. Furthermore, metal sprays have accounted for over 20% market share. Application of metals in various industrial sectors can provide the segment the much-needed boost over the forecast period.
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The market by technology is further categorized into cold spray, flame spray, plasma spray, HVOF, electric arc spray, and others. Plasma spray is the fastest growing technology with a CAGR of 5% during the forecast period. Flame spray is expected to be the dominant segment due to the extra protection of impact resistance and enhanced wear for applications in machinery, aerospace components, and infrastructure.
On the basis of application, the market is segregated into aerospace, industrial gas turbine, automotive, medical, printing, oil & gas, steel, pulp & paper and others. The aerospace application accounted for 30% market share in 2016. Development of the aerospace sector due to demand for lighter metals and the advent of space tourism can drive the segment growth within the global thermal spray market.
Competitive Outlook
H.C. Starck GmbH, A & A Thermal Spray Coatings, General Magnaplate Corporation, ASB Industries, Inc., Praxair Surface Technologies, Inc., Surface Technology Inc, Flame Spray Coating Company, Plasma-Tec, Inc., Oerlikon Metco, and others are reputed companies currently operating in the global thermal spray market.
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Regional Analysis
Latin America, The Middle East & Africa (MEA), North America, Europe, and Asia Pacific (APAC) are major regions in the global thermal spray market.
The APAC region is expected to exhibit an encouraging CAGR during the assessment period due to the disposable income levels of customers in developing nations and the large population. Large industries of aerospace and automotive in China and India due to the incentives and subsidies afforded to them can drive the demand for thermal spray coatings. In addition, the massive demand of energy driven by the increase in oil & gas activities can bode well for the global thermal spray market. This is evident by its application on hydraulic plungers, pump shafts, and bearings.
Europe is expected to showcase progress for the global thermal spray market at a CAGR of over 5.5% during the forecast period. The well-oiled shale gas and natural gas exploration activities as well as the expanding automobile and aerospace industrial sectors can fuel the market growth. The medical sector is proposed to be a proponent of thermal spray coatings and can positively impact the market.
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