Demand for Wire/Rod Thermal Spray Materials to Increase

Thermal sprays are widely used in the medical devices, oil and gas, aerospace, automotive, electronics, energy and power, rubber, mining, industrial manufacturing, textile, and food processing industries. According to P&S Intelligence, the aerospace industry used the highest quantity of thermal spray materials in the past, especially in the coatings applied on turbo-machinery, such as rotor-path linings, engine components, compressor seals, high-pressure turbine seals, airframes, and oil seals. The aerospace industry uses these materials to improve fuel efficiency, enhance fluid dynamics, reduce maintenance costs, and decrease wear and tear.

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The rising penetration of the aerial mode of transportation and spurring demand for commercial and fighter aircraft will, thus, increase the requirement for thermal spray materials in the coming years. Moreover, the higher budgetary allocation for the defense sector by the governments of the U.S., Japan, China, and India will facilitate the growth of the aerospace industry. The expansion of the aerospace industry will, therefore, drive the thermal spray materials market at a 7.4% CAGR during the forecast period (2019–2024). The market revenue is expected to grow from $1,860.8 million in 2018 to $2,869.2 million by 2024.

In recent years, the usage of thermal spray materials has significantly surged in the Eastern European and Asia-Pacific (APAC) regions due to the vast population and rapid urbanization here. These two factors have, in turn, led to a massive demand for machinery in the consumer products, construction, and automotive industries. Such equipment requires thermal spray coatings to protect them from wear, erosion, corrosion, and any other type of damage, which is why chemical companies that provide these materials are witnessing consistent business growth.

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Geographically, the North American region held the largest share in the thermal spray materials market in 2018. This can be attributed to the presence of major military and civil aircraft manufacturing companies in the region, such as Bombardier Inc., The Boeing Company, and Lockheed Martin Corporation. Moreover, the existence of leading automotive companies, such as Ford Motor Company, General Motors (GM), Tesla Inc., Chevrolet, Lincoln, Chrysler, and Jeep, also stimulates the market growth in the region.

Thus, the growing aerospace industry, on account of the high demand for commercial and military aircraft and high penetration of aerial transportation, will result in the high-volume consumption of thermal spray materials in the coming years.

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This release was published on openPR.