Thermal Spray Powder Market Size to Reach at a CAGR of 7.24% by 2024 with Market key Players - Hunter Chemical LLC,5iTECH (AlSher APM, LLC), Global Tungsten & Powders, Höganäs AB, Plasma Powders & Systems Inc., Praxair ST Technology Inc., Powder Alloy C

Thermal Spray Powder Market Size and Growth Rate:

The market Size for thermal spray powder is expected to register a CAGR of 7.24% during the projection period 2019-2024.

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Thermal Spray Powder Market Overview:

Some of the important factors driving the growth of the market are the growing demand for higher performance customized alloy powders, growing prominence for plasma spray coatings, and large consumption of thermally sprayed tungsten-cobalt (WC-Co) coatings.

The thermal spray powder market is likely to be driven by the growth in the aerospace sector, owing to the rise in penetration of aerial mode of transportation. Moreover, higher budgetary allocation for defense sector by the U.S., China, India, and Japan are also anticipated to assist an increase in the aerospace industry. The high potential of the aerospace sector in the APAC region is anticipated to significantly contribute to this growth. For instance, China is prophesied to spend over $1.10 trillion on aircraft in the span of the next 20 years.

Thermal Spray Powder Market Growth Drivers and Restraints:

The growing aircraft demand, both commercial and defense, positively affects the market dynamics of the thermal spray powder market. The aerospace sector creates a significant demand for thermal sprays, which are used for films on turbo-machinery such as rotor-path linings, bearings, high-pressure turbine seals, compressor seals, oil seals, airframe, and engine components to improve fuel efficiency, fluid dynamics, prevent wear, and decrease maintenance costs.

Furthermore, rising population and fast urbanization, essentially in the APAC and Eastern European regions, have led to the great demand for industrial machinery and equipment in automobiles, consumer products, and construction industries. Since all these machinery and equipment need thermal spray coatings for their strength from corrosion, wear, erosion or any other damages, hence these are expected to continue boosting the market in the coming future.

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Thermal Spray Powder Market Geographical Segmentation:

Globally, the North American market is expected to generate the greatest demand for these materials in the coming years and contributed more than 35.10% revenue share in 2018. The great demand for the materials is driven by the evidence that the region has the presence of a large number of aerospace and automotive businesses, which will continue to generate huge demand for thermal spray powders in coating various aircraft and automotive components.

Key players of the Thermal Spray Powder Market:

Important players in the global thermal spray powder market include Hunter Chemical LLC,5iTECH (AlSher APM, LLC), Global Tungsten & Powders, Höganäs AB, Plasma Powders & Systems Inc., Praxair ST Technology Inc., Powder Alloy Corporation, Saint-Gobain SA, and H C Starck GmbH, among others.

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