Industry/ Innovation/ Related News:
29th January, 2018– National Aeronautics and Space Administration (NASA) has expressed its interest in a new Indian produced thermal spray coating technology which is especially designed for gas turbine engine in space craft. The new coating technology is expected to reduce thermal spray cost to around 50%. The adoption of this technology by NASA is anticipated to further surge the market growth in the Asia Pacific region.
9th October 2015– Thermal Spray Technologies Inc. has made a capacity addition in its existing facility at Sun Prairie. The company has made an investment of US$ 11.5 million and is projected to generate at least 200 new job prospects. This expansion is stated to substantially increase their production capacity thereby adding to their market hold.
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Thermal Spray Market- Competitive Landscape
The Global Thermal Spray Market is a highly lucrative market and is anticipated to show an expanding CAGR during the forecast period. A & A Thermal Spray Coatings (U.S.), Flame Spray Coating Company (U.S.), General Magnaplate Corporation (U.S.), Praxair Surface Technologies, Inc. (U.S.), Oerlikon Metco (Switzerland) among others are some of the major players operating in this market. Most of these market participants are adopting the expansion, product launch, and merger and acquisition tactics to strengthen their production capacities and market position. Taking account of these trends the Global Thermal Spray Market is projected to witness considerable competition over the forecast period of 2017-2023.
Asia pacific is expected to be the fastest growing region during the forecast years. The increasing Globalization and urbanization in the emerging economies of the region has augmented the medical and automobile industry which is anticipated to be a dominant factor for the demand for Thermal Spray in the region. Moreover, increasing population in India and China has fuelled the demand for energy thereby increasing the oil & gas in turn adding to the market growth.
Thermal Spray Market – Market Overview
Thermal Spraying is an industrial process helps in formation of substrates in molten and semi molten state. Thermal Spray are extensively used as decorative and protective coatings in many substrates including ceramics, polymers, metals, carbides and others. These sprays possesses various properties such as enhanced shelf life and engineering performances which makes them ideal for many end use industries including automobile, aerospace, steel, medical & printing, and oil & gas among others. The growing applications in the aforementioned industries is the major factor driving the Global Thermal Spray Market. However, growing adoption of substitutes is anticipated to be a major driving the Thermal Spray Market.
The global market of Thermal Spray is segmented on the basis of product Type, Technology, Application and Region. On the basis of Product Type, ceramics is anticipated to be the leading segment in 2016 and is expected to show the same trend during the assessed years. The growing demand for ceramic coatings from the defense, oil & gas and healthcare industries is are the key factor attributing to the growth of the segment. Moreover, the metal product segment is anticipated to be the second largest segment with a market share of over 20 % in 2016. Among the various technologies, plasma spray is the fastest growing segment and is anticipated to exhibit an expanding CAGR of over 5% in the given period. The Aerospace application sector is expected to account for a market share of 30% in 2016 and is expected to follow the same trend during the assessed years.
According to the analysis of MRFR, the major market forces and trends driving growth of the Global Thermal Spray Market includes growth of oil & gas sector and the burgeoning growth in the automobile industry.
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