Press release
Thermal Spray Coatings Market to grow at 6.5% CAGR during the forecast period (2019-2029)
Thermal Spray Coatings Market
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Key Takeaways of Thermal Spray Market Study
• Applications in water plasma, gas plasma, electric arc, and flame position ceramics will pave way for high growth in the foreseeable future.
• Plasma spray accounts for over of the total market value with a healthy CAGR through 2029. Enhanced adaptability with a wide range of materials over small and large components is driving the demand for this technology.
• Flame spray technology accounts for over ¼ of the total market revenue amid technology benefits such as lower dust and fume levels and increased portability.
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• Aerospace applications maintain a stronghold in the total demand of thermal spray coatings with more than 33% share. Increasing investments in upgrading airforce and defense fleets around the world are set to act as a central factor for growth of this segment.
• Industrial gas turbines hold the second largest market share with over ¼ of the total market value with an impressive 6% CAGR during the projection period.
• North America accounts for a majority share of more than 30% of the total market revenues. This can be attributed to the demand for high-performance coatings for enhanced product performance.
• South Asia & Oceania offer financially rewarding growth opportunities on the back of a stupendous 9.6% CAGR through 2029. Investments in developing advanced aerospace & defense capacities will trickle down to an upsurge in demand for thermal spray coatings.
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Technological Innovation and Capacity Expansion
Advancements in material science and thermal spray technologies will propel the demand for the product during the forecast period. Increasing demand for enhanced resistance against cavitation, wear, abrasion erosion, and chemical resistance furthers the demand for thermal spray coatings. Market players are investing in expanding production capacity and global footprint to tap remunerative opportunities in developing countries. Increasing industrial production across various end-use verticals presents growth opportunities for market players.
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