Global thermal spray coating market is expected to reach USD 12.29 billion by 2022, according to a new study by Grand View Research, Inc. Growing need for corrosion resistant coating in aerospace and industrial gas turbines (IGT) is expected to fuel demand over the next seven years.
“Automobile Mission Plan” introduced by the Government of India in 2006 for a period of 10 years is expected to provide impetus to the automotive industry in turn positively impacting demand over the forecast period.
Increasing application scope in medical, textile, and paper industry on account of superior properties such as enhanced traction, electrically conducive nature, biocompatibility oxidation and cavitation resistance is expected to promote market.
North America and Europe are expected to witness substantial market growth in light of increasing use in healthcare industry for the manufacturing of bioceramic coating used in implants. These coating are both biocompatible and corrosion resistant making them ideally suited for use in the application.
Replacement of hard chrome by thermal spray coating in various aerospace and automotive applications is expected to result in high growth over the forecast period.
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Further key findings from the study suggest:
- Ceramics are expected to be the fastest growing segment in terms of revenue. It is expected to grow at a CAGR of 7.0% from 2015 to 2022. Stringent government regulations, particularly in North America and Europe, have led to increasing need for environment friendly and sustainable compounds.
- Aerospace was the largest application segment valued at USD 2.55 billion in 2014. Increasing government expenditure particularly in the civil aviation sector will propel thermal spray coating market over the next seven years. Furthermore, rising need for wear and corrosion resistant products that can withstand high temperatures is expected to have a positive impact on the industry over the forecast period.
- North America was the largest regional consumer of thermal spray coating with revenue valued at over USD 2.10 billion in 2014. Rapid urbanization as a result of growing population and increasing disposable income is expected to augment automobile industry in Mexico. This in turn is expected to augment industry growth over the next seven years.
- Global market is fragmented owing to presence of numerous manufacturers, most of which are integrated across various stages of the value chain. These companies aim to develop and introduce new technologies for thermal spray coating manufacturing in order to gain higher market share.
Grand View Research has segmented the global thermal spray coating market on the basis of product, application and region:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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