Global Thermal Spray Coatings Market is estimated to be valued at US$ 10,342.89 Million in 2021, according to the Global Thermal Spray Coatings Market Report, by Material (Metals, Alloys, Carbides, Ceramics, Intermetallic, Others), by Application (Aerospace, Industrial Gas Turbines, Automotive, Medical, Others), by Process (Conventional flame spray, Plasma spray, HVOF (High Velocity Oxy-fuel), Cold Spray), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
Global thermal spray coatings market was valued at US$ 10,342.89 Million in 2021and is expected to register a CAGR of 5.1% over the forecast period (2022–2030). The North America region is expected to dominate market over the forecast period and is projected to be the largest and fastest-growing region.
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https://www.coherentmarketinsights.com/market-insight/thermal-spray-coatings-market-3275
Browse 50 market data tables* and 40 figures* on "Global Thermal Spray Coatings Market” - Forecast to 2030.
Key Trends and Analysis of the Global Thermal Spray Coatings Market:
- Increasing investment by major players in thermal spray coating is expected to fuel the market growth over the forecast period. For instance, in March 2021, Mitsubishi Power, a subsidiary of Mitsubishi Heavy Industries (MHI) Group, commenced the development of a 40-megawatt (MW) class gas turbine that is fueled by 100% ammonia(NH3). Since ammonia does not produce carbon dioxide (CO2), it can push the power generation companies to utilize industrial gas turbines for power generation requirements, simultaneously growing demand for thermal spray coatings.
- Rising number of acquisitions among major players is expected to propel the market growth of thermal spray coating. For instance, in January 2019, Oerlikon Metco, a provider of surface technologies that develops solutions and equipment and offers services such as coating services, thermal spray coating services, and laser cladding acquired TeroLab, a service provider of advanced surface engineering for industry and biomedical surface. This acquisitions is for improving coatings services by increasing market applications and service accessibility to customers. This acquisition is a new step of Oerlikon’s strategy to focus and expand its surface solution technologies and competencies.
Key Takeaways of the Global Thermal Spray Coatings Market:
- Among Applications, Aerospace dominated the global thermal spray coatings market in 2021. Aerospace segment was followed by Industrial Gas Turbines and Automotive in terms of revenue share, respectively.
- Among region, North America dominated the global thermal spray coatings market in 2021, reporting 39.8% market share in terms of revenue, followed by Europe and Asia Pacific, respectively.
- New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities are key strategies adopted by players in the global thermal spray coatings market.
