- Press Release
- Thermal Spray Coatings Market is expected to Reach US$ 14,073.8 Mn by the End of 2027
Thermal Spray Coatings Market is expected to Reach US$ 14,073.8 Mn by the End of 2027 - Coherent Market Insights
Published On : Jan 07, 2020
Definition of Market/Industry:
Thermal spray coatings are advanced coating process that is used as a surface treatment such as nitride or heat treat processes, nickel and chrome plating, anodizing, and weld overlay. Thermal spray coatings offer superior resistance to wear and corrosion along with improved release properties. These coatings also provide high heat stability, low friction, heat transfer properties to the surface. This advanced technology is highly effective in improving the component life and value by decreasing machinery downtime.
The global thermal spray coatings market was valued at US$ 8,909.1 million in 2018 and is anticipated to grow at a CAGR of 5.1% during the forecast period (2019 to 2027).
Drivers
Rising demand for thermal spray coating from the defense and aerospace industry is expected to fuel the market growth of the thermal spray coating. Thermal spray coatings have wide range application such as propulsion and airframe for improving the performance levels and quality requirements. These coatings cover cermet (e.g., tungsten carbide-based), metal (e.g., MCrAlY), ceramic (e.g., zirconia-based), and composite (e.g., abradable) materials. Hence, the rising demand for thermal spray coating from the defense and aerospace industry is expected to foster market growth.
Market Opportunities
The growing demand for thermal spray coating in an industrial gas turbine is expected to fuel the market growth over the forecast period. Increasing application scope of gas turbines across locomotives, helicopters, ships, tanks, and motorcycles is projected to raise the product demand over the forecast period. Hence, the growing application scope across a gas turbine is expected to hinder the market growth over the forecast period.
Market Restraints
Difficulties in coating the small and deep cavities into which gun or torch cannot fit for spraying is expected to hinder the market growth over the forecast period. For example in combustion liner, into which it is difficult to use a torch, gun or other thermal spray equipment. Moreover, a distraction from spraying normal to the surface (90 degrees ± 20 degrees) raise the porosity and reduce the coating integrity. This is another major factor projected to inhibit the market growth of the thermal spray coating.
Key Takeaways
On the basis of process, the market for thermal spray coatings is segregated into conventional flame spray, plasma spray, HVOF (high velocity oxy-fuel), and cold spray. Among process, conventional flame spray segment dominated the global thermal spray coatings market in 2018, accounting for 54.0% share in terms of value, followed by HVOF (high velocity oxy-fuel) and plasma spray segments, respectively
Market Trends
Increasing focus of researchers to launch new and advanced coating technology is expected to fuel the market growth of the thermal spray coating. For instance, in January 2018, a new thermal spray coating technology used for gas turbine engine in spacecraft developed by a Rajasthan-based researcher has caught the attention of a NASA scientist. This technology is expected to reduce the thermal spray coating cost by almost 50 percent.
Emerging cold spray process technology is gaining traction in the market as it enhances surface properties of engineered parts. Cold spray technology is suitable for depositing a wide range of materials on various types of surfaces, especially those that are temperature sensitive. For instance, in September 2015, GE Global Research labs and the Polytechnic University of Bari developed a method of cold spraying metal powder onto repair parts.
Competitive Section:
Company Names
Players active in the market are Sulzer Ltd, Praxair, Inc., Oerlikon Group, Curtis-Wright Corporation, Bodycote plc., Thermal Spray Technologies Inc., ASB Industries, Inc., Abakan Inc., and Metallisation Ltd.
Few Development
Oerlikon Group
Praxair Inc
Market Taxonomy
By Material
By Application
By Process
By Region
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