The global Thermal Spray Coatings Market is anticipated to exhibit a healthy CAGR during the forecast period, according to a report available on Million Insights. Thermal spray coating refers to an industrial process that involves coating material in wire or powder form and a heat source. The heat source is used to melt the material into tiny droplets, which are sprayed onto substrates at high velocity. This technique is able to improve the performance characteristics of the substrates by imparting erosion, wear, corrosion, heat, cavitation, and abrasion. Other advantages include a high deposition rate, thick coatings, and low toxic gas emissions.
The growing need to enhance the durability of machines among industries to reduce maintenance costs is anticipated to propel thermal spray coatings industry growth. Changing consumer preference for thermal spray coatings over chrome plating owing to superior properties is expected to impel market growth. Stringent regulations introduced by governments across various nations to reduce the use of material containing volatile organic compounds (VOCs) will drive the thermal spray coatings market over the forecast period.
To cater to the rising demand for advanced coating techniques, manufacturing companies and researchers are investing in R&D to develop innovative methods. For instance, in January 2018, an Indian scientist has contacted another scientist from the National Aeronautics and Space Administration (NASA) to know more about the former’s thermal spray coating method. The doctor had developed a control segmented Yttria Stabilized Zirconia (YSZ) while working at MEC. The technology is believed to reduce the operational cost of spray coatings by fifty percent.
Product Insights:
Based on product, the thermal spray coating market can be categorized into ceramics, metals, carbides, polymers, abradable, and others. The ceramics segment is anticipated to exhibit the highest CAGR over the forecast period owing to superior properties such as high-temperature resistance and adhesive bonding. Rising demand for ceramic material in turbine blades, aerospace engine systems, and flame tubes attributed to better heat resistance will drive the segment’s growth in the coming years.
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Technology Insights:
On the basis of technology, the thermal spray coatings market can be classified into plasma, flame, cold, high-velocity oxygen fuel (HVOF), electric arc, and others. The plasma spray technology segment is predicted to hold the largest market share over the forecast period. The technology can be used for a wide range of materials including ceramics and metals on small and large components. Some industrial benefits such as temperature management, wear resistance, electrical conductivity, and heat and oxidation resistance are driving demand for plasma technology.
Application Insights:
In terms of application, the thermal spray coating industry can be segmented into automotive, industrial, aerospace, medical, steel, oil and gas, pulp and paper, printing, and others. The aerospace segment is anticipated to hold the largest market share over the forecast period owing to the increasing use of thermal spray coatings on defense aircraft. These coatings are able to protect aircraft from corrosion and regular wear and tear. The major application includes jet engine components such as piston rings, crankshafts, valves, and cylinders. In addition, landing gears are also coated to withstand forces during take-off and landing.
Regional Insights:
Regional segmentation includes North America, Asia Pacific, Central and South America, and the Middle East and Africa. North America is expected to dominate and hold the largest market share over the forecast period owing to the growth of the aerospace industry in the region. The presence of industry leaders including Airbus and Boeing is also contributing well to regional growth. These companies are exporting aircraft components to countries like China, France, and Germany.
The Asia Pacific, on the other hand, is expected to exhibit the highest CAGR in coming years owing to the growing state of the automotive and aerospace industry. The rising demand for commercial aircraft among airlines to accommodate the rising number of travelers per day is driving the market. In addition, increasing sales of passenger and commercial vehicles owing to a rise in deposable income will drive regional market growth over the forecast period.
Some of the key players in the thermal spray coatings market are AMT AG, Chromalloy Gas Turbine LLC, OC Oerlikon Management AG, Plasma-Tec, and Surface Technology. Key players are adopting business strategies including mergers and acquisitions to expand their product portfolio.
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