The global thermal spray coatings market size is anticipated to reach USD 14.99 billion by 2025, according to a new report by Grand View Research, Inc. The market is projected to register a CAGR of 6.8% during the forecast period. Increasing product demand from the aerospace, industrial gas turbines, and a few other application industries is expected to propel market growth.Moreover, growing demand for corrosion-resistant coatings from these sectors is expected to be a key driver for the market. Thermal spraying is used to improve or restore the surface of a solid material.
It can also be used to apply coatings to a wide range of components and materials for better provide resistance against cavitation, wear, abrasion erosion, heat, and corrosion. In addition, it is used to provide insulation or electrical conductivity, chemical resistance, lubricity, sacrificial wear, high or low friction, and several other desirable properties to the coated surface. These coatings have high-potential market opportunity on account of their properties, such as biocompatibility, cavitation resistance, and aesthetic appeal. Increasing oil & gas exploration activities, particularly in Asia Pacific, coupled with upcoming shale gas explorations across the globe are expected to fuel the demand further. There are several regulations governing the global market.
These regulatory standards define thermal-spray processes for machinery element repair of ferrous and non-ferrous substrates. Medical is expected to be the fastest-growing application segment on account of increasing application scope of thermal spray coatings in the biomedical sector. These coatings help extend the shelf life and improve performance of dental and orthopedic implants. Advantages of using such coatings in the biomedical sector include superior wear and corrosion resistance and bone bond enhancement. Asia Pacific is expected to be the fastest-growing regional market on account of increasing vehicle production along with rapid economic growth in China, India, Japan, Indonesia, South Korea, and Thailand.
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Further key findings from the study suggest:
Aerospace application segment led the thermal spray coatings market accounting for share of 32.29% in 2018 and is projected to maintain its dominance even during the forecast years
The market in U.S. is anticipated to exceed USD 3.04 billion by 2025 owing to the presence of key manufacturers and suppliers in the country
The global market is highly competitive with the presence of a number of global medium- and small-scale companies
Prominent companies include Praxair Surface Technologies; H.C. Starck, Inc.; Wall Colmonoy; Powder Alloy Corp.; Carpenter Technology Corp.; Montreal Carbide Co. Ltd.; and Kennametal Stellite
These companies have undertaken several strategies, such as merger & acquisition and product development, to expand their market reach and product portfolio
Grand View Research has segmented the global thermal spray coatings market on the basis of type, technology, application, and region:
Thermal Spray Coatings Type Outlook (Revenue, USD Million, 2014 - 2025)
Thermal Spray Coatings Technology Outlook (Revenue, USD Million, 2014 - 2025)
High Velocity Oxy Fuel (HVOF)
Thermal Spray Coatings Application Outlook (Revenue, USD Million, 2014 - 2025)
Industrial Gas Turbine
Oil & gas
Pulp & Paper
Thermal Spray Coatings Regional Outlook (Revenue, USD Million, 2014 - 2025)
Central & South America
Middle East & Africa
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