Increasing demand from several end-use industries such as aerospace, automotive, industrial gas turbine and healthcare among many others is prominently driving the growth of the Global Thermal Spray Coatings Market
The Global Thermal Spray Coatings Market was estimated at USD 9.60 billion in the year 2020, and is expected to reach USD 13.90 billion by 2027. The market is growing with a CAGR of 5.4%, in the forecast period (2017-2027).
The major factor attributing to the growth in thermal spray coatings market is the rising application of thermal spray coatings in aerospace industry. Aircraft’s components function in harsh environments, thus, exposed to high heat, abrasive chemicals and pressure. Thermal spray coatings help in protecting the engine parts, by improving its performance and extending the component life. The aerospace sector mainly uses thermal spray coats to provide protective coatings to protect aircraft components. Thermal spray coatings offer several advantages for aircraft gas turbines, such as resistance from contaminants, improved corrosion resistance, better thermal efficiency, reduced nitrogen oxide (NOX) emissions and increased component life. In addition, growing air trafficking rate is expected to have a favorable impact on the growth of aerospace industry, thereby, driving the thermal spray coatings market. The data released by The International Air Transport Association (IATA) in April 2018, shows that, air transport passenger is expected to double and reach 8.2 billion in 2037. Therefore, increasing application of thermal spray coatings in aerospace industry, along with growing air trafficking are expected to drive the thermal spray coatings market during the forecast period.
Moreover, the growing demand of thermal spray coatings from Oil & Gas industry is also responsible for blooming thermal spray coatings market. Several oil industry components such as pumps, shafts, vessels face issues relating to corrosion and erosion. The advancement in technology in thermal spraying coatings has the ability to cater specific coatings that provides high protection to the components. Therefore, these coatings are prominently used in several oil industry components such as swivel joints, turbine runners, compressor pistons, compressor rotors, vessels, pump impellers, heat exchangers, tanks and chrome replacement among many others. In addition, thermal spray coatings are cost effective solutions and helps in increasing the life of oil gas components. All these aforementioned factors are driving the demand for thermal spray coatings.
Furthermore, increasing demand from industrial gas turbines sector is also driving the demand for thermal spray coatings industry. Thermal spray coatings technology is an indispensable process in the production of industrial gas turbines. Thermal spray coatings offer several functions in gas turbines such as thermal insulation of critical components, clearance control and surface sealing, corrosion control and protection, abrasion, high temperature oxidation, fretting, and erosion wear resistance. Due to this, it is widely used in gas turbines components to enhance its performance. Additionally, the favorable government investments by major economies in gas power stations is expected to drive the industrial gas turbine sector. For instance, in May 2021, Morrison government in U.K. announced to investment $600 million in constructing a 660MW open cycle gas turbine at Kurri Kurri. Therefore, owing to such wide application of thermal spray coatings and increasing investments by governments is projected to immensely drive the growth of thermal spray coatings market.
Global Thermal Spray Coatings Market by Region Outlook (Revenue, USD Billion, 2017-2027)
Based on region, North America held the largest share in the global thermal spray coatings market. This growth is mainly attributed to U.S. as it is the second-largest automotive producer in the world. Thermal spray coatings have a high application automotive component such as cylinder rings, crankshafts, piston rings, brake discs, shifters, oxygen sensors and in many other crucial automotive components. Therefore, growth in the automotive sector is increasing the need of thermal spray coatings industry in this region. In addition, strong exports of aerospace components to several major economies, such as China, Germany and France are also influencing the growth of thermal spray coatings industry. Moreover, lucrative growth in the aerospace industry in Canada is also driving the demand for thermal spray coatings in this region. According to Aerospace Industrial Association of Canada, in 2018, the aerospace industry in Canada accounted to approximately USD 25.5 billion in the country’s GDP. All these factors are driving the thermal spray coatings market in this region.
The Global Thermal Spray Coatings Industry Segmentation:
Key Findings:
Company Profiles and Competitive Intelligence
The key players operating in the Thermal Spray Coatings Market are:
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