According to a report by Grand View Research, Inc., global thermal spray coatings market is anticipated to value USD 14.99 billion by 2025. Growing requirement for coating that can offer effective properties such as wear and corrosion protection, low toxic gas emissions, and electrical resistance is anticipated to propel demand for thermal spray coatings.
Rising consumer preference towards thermal spray coatings over conventional hard chrome coatings can influence growth of market. Growing application scope in electronics, semiconductors, food processing, and biomedical can augment market growth. Stringent government regulations towards use of conventional coatings methods attributed to rising environmental concerns can fuel market growth during the forecast period (2014 to 2025).
Full Research Report On Thermal Spray Coatings Market Analysis:
The thermal spray coatings market can be segregated on the basis of product, application, technology, and region. Based on product, the market can be categorized into ceramics, polymers, carbides, metals, abradables, intermetallics, and others. Ceramics segment is expected to witness significant growth at CAGR of 6.9% from 2017 to 2025. Growing preference for high performance ceramic coatings in sectors such as energy, fiber-optic communications, aerospace & defense can drive market growth during the forecast period.
On the contrary, metals segment accounted for 22.3% market share in 2016. Speed of coating deposition, wide range of microstructures, and feedstock flexibility can make products useful option for use on metals. In addition, stringent regulations towards use of thermal spray coatings in automobile sector to enhance environmental protection and consumer safety can fuel market growth during the forecast period.
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Based on application, the market can be classified into medical, printing, oil & gas, steel, aerospace, pulp & paper, automotive, and others. In 2016, aerospace segment dominated the market and accounted for 34.2% of market share. Growing need for wear resistant coatings on numerous aeronautic components to withstand temperature up to 850 degree Celsius can fuel growth. In addition, expansion of aerospace sector owing to increase in disposable income can stimulate market growth during the forecast period.
Similarly, industrial gas turbine segment accounted for second largest market share in 2016. Increasing use of thermal spray coatings on gas turbine components to protect them against corrosion, wear, and friction can influence growth of segment. Growing application scope of gas turbines in tanks, helicopters, ships, locomotives can fuel market growth. High demand for turbines mainly in China and India to promote fuel diversification and to reduce dependence on coal plants can spur growth of market during the forecast period.
Based on technology, the market can be segmented into plasma spray, flame spray, HVOF, Electric arc spray, others. Plasma is estimated to be largest growing segment and can grow at CAGR of 7.3% from 2017 to 2025. Infrastructure development owing to rapid industrialization can drive growth of segment during the forecast period.
On the contrary, flame spray technology can be used in industries such as agriculture and exploration to offer impact and wear resistance to various components. Other industries using this technology are infrastructure, aerospace, and machine repair. Increasing number of applications can fuel demand for flame spray technology over the forecast period.
Regional segmentation includes Europe, North America, Asia Pacific, Central & South America, and Middle East & Africa. In 2016, North America dominated the market and accounted for largest share. It is likely to grow at CAGR of 6% from 2017 to 2025. Rising aerospace sector in United States (U.S.) coupled with emergence of major aerospace companies in Mexico can influence market growth.
Similarly, Europe was second largest market segment in 2016 in terms of revenue and is estimated to grow at CAGR of 6.1% during the forecast period. Increasing investments on R&D on pharmaceutical sector can fuel product demand in the forthcoming years. In addition, high potential of natural gas and crude oil in Russia coupled with growing deployment of enhanced oil recovery by manufacturers can augment growth of market in this region.
Some of the leading companies offering thermal spray coatings are Metallisation Limited, Flame Spray Coating Co., Praxair Surface Technologies, Air Products & Chemicals Surface Technology, and Air Products & Chemicals Surface Technology. Most companies are likely to adopt strategies such as mergers & acquisitions and development of new and innovative products to maintain competitive edge over other companies.
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