Contributor: Global Market Insights, Inc
Global Thermal Spray Coating Market is set to grow from its current market value of more than $8 billion to over $13 billion by 2024; according to a new research report by Global Market Insights, Inc.
Off late, the various leading contenders in thermal spray coating market globally have been continually endeavoring to alter the business vertical with an intent of introducing an advanced range of innovative spraying systems. Additionally, the companies have been keen on building up sustainable spraying solutions considering the contrasting effects of the traditional coating’s material on the earth. A paradigm shift towards the HVOF process over hard chromium plating owing to less processing time and comparatively low environmental impact would impel the industry growth.
The thermal spray coating technologies are facing increased demands from the masses globally, attributing to offer the benefits of less energy consumption, lesser downtime, enhanced productivity, extended product self-life, and others whilst augmenting the global market dynamics. Moreover, the surging demands for next generation and high-quality components by the manufacturing industries are slated to produce lucrative prospects for the industry giants in global thermal spray coating market over the forecast period.
Meanwhile, the transforming manufacturer focus on the components’ self-life has relatively enhanced the product demand. Also, the cumulative R&D investments for improving the machinery productivity and performance are likely to propel the thermal spray coating market trends. Proliferating demand from the aerospace as well as the electronics industries is expected to foster the ceramic flame spray requirement on account of the its resistance to high heat and corrosion alongside low friction, ductility and superior surface finish properties
Reportedly, the ceramic flame spray coating market held over more than 30 per cent of the industry share in 2016. Owing to the corrosion and wear resistances and cost-effective properties, the thermal spray coating systems hold a robust range of applications in medical devices, gas turbines and aerospace and automotive elements.
The healthcare segment is expected to witness a substantial growth in the global thermal spray coating market share. A successful delay from the radiation along with the protection from electromagnetic waves, especially for MRI and various other magnetic dominant medical equipment would consequently propel the industry outlook.
Accordingly, healthcare market of the global thermal spray coating market is predicted to foresee a CAGR of over 7 per cent through 2024. Among most end-users of the global thermal spray coating market, the aerospace industry has been witnessed to have acquired a large market share.
The elevating demands from aerospace equipment viz-a-viz jet engines, turbine blades, and gears accounting to an exceptional heat resistance, wear and oxidation barrier and superior protection are expected to fuel the product demand, propelling the industry outlook. Besides, reduced maintenance cost, amended fuel efficiency and high speed of aircraft engines have also fueled the market growth.
Aerospace and defense segment accounted for over 2.5 billion business in 2016. In addition to that, the growing adoption of larger substrate application for the oil and gas and aerospace industries have catalyzed the growth of thermal spray coating market size, consequently escalating the combustion flame demand to exceed over 600 kilo tons over the timespan. Correspondingly, the presence of leading aerospace and automotive companies in the North America region has fostered the product growth of thermal spray coating market. Apparently, the North America thermal spray coating market held over 30 per cent in 2016.
Source: https://www.gminsights.com/pressrelease/thermal-spray-coating-market
