TAGS: Aerospace Coatings Industrial Coatings
The global thermal spray coatings market is expected to reach USD 17.21 billion by 2027, at a CAGR of 6.9% from 2020 to 2027, according to a report published by Grand View Research, Inc. Increasing demand from the aerospace, industrial gas turbines, and a few other application industries is expected to propel the growth. Moreover, growing demand for corrosion-resistant coatings from these sectors is expected to be a key driver for the market.
Thermal Spray Coatings Improve the Surface of a Solid Material
Thermal spraying is used to improve or restore the surface of a solid material. It can also be used for applying coatings to a wide range of components and materials for better resistance against cavitation, wear, abrasion erosion, and heat. In addition, it is used for providing insulation or electrical conductivity, chemical resistance, lubricity, sacrificial wear, high or low friction, and several other properties to coated surfaces.
These coatings have high-potential market opportunity on account of their properties, such as biocompatibility, cavitation resistance, and aesthetic appeal. Increasing oil and 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 thermal spray coating 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 thermal spray coatings market on account of increasing vehicle production along with rapid economic growth in China, India, Japan, Indonesia, South Korea, and Thailand.
Further key findings from the report suggest:
- Aerospace application segment led the thermal spray coatings market accounting with revenue share of 32.30% in 2019 and is projected to maintain its dominance during the forecast period
- U.S. is anticipated to exceed USD 4.1 billion by 2027 owing to the presence of key manufacturers and suppliers in the country.
- The global market is highly competitive in nature with the presence of a number of global medium- and small-scale companies
Source: Grand View Research