TAGS: Aerospace Coatings Industrial Coatings
The global thermal spray coatings market size is expected to reach USD 13.6 billion by 2027, expanding at a CAGR of 3.9 percent, according to a new report by Grand View Research, Inc. 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 resistance against cavitation, wear, abrasion erosion, and heat.
In addition, it is used to provide insulation or electrical conductivity, chemical resistance, lubricity, sacrificial wear, high or low friction, and several other properties to the coated surfaces.
Growing Demand from Aero. Industry to Boost Thermal Spray Coatings Market
Increasing demand from the aerospace, industrial gas turbines, and a few other application industries is expected to propel market growth. Moreover, the growing demand for corrosion-resistant coatings from these sectors is expected to be a key driver for the market.
These coatings have the high-potential market opportunities on account of their properties, such as biocompatibility, cavitation resistance, and aesthetic appeal. Increasing oil and gas exploration activities, particularly in the Asia Pacific, coupled with upcoming shale gas explorations across the globe are expected to fuel the demand further. There are several regulations governing the 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.
Thermal spray coatings help extend the shelf life and improve the performance of dental implants and orthopedic implants. The 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.
Thermal Spray Coatings Market Report Highlights
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Aerospace application segment led the market accounting for a revenue share of 32.3% in 2019 and is projected to maintain its dominance during the forecast period
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In the U.S., the market is anticipated to reach USD 3.8 billion by 2027 owing to the presence of key manufacturers and suppliers in the country
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The market is highly competitive in nature with the presence of a number of global medium- and small-scale companies
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Key companies engage in strategies, such as mergers and acquisitions and product development, to expand their market reach and product portfolio
Source: Grand View Research