Thermal Spray Materials Market Trends, Business Strategies, Regional Outlook, Challenges and Forecast to 2024

The mushrooming popularity of the aerial mode of transportation is fueling the expansion of the aerospace industry, which is, in turn, driving the worldwide sales of thermal spray materials. Moreover, the increasing defense expenditure of several countries, such as India, the U.S., Japan, and China is also propelling the growth of the aerospace industry. For example, as per various estimates, China will spend more than $1.1 trillion in aircrafts over the next 20 years.

As thermal sprays are extensively used in coatings, which are applied on turbo-machinery, such as high-pressure turbine seals, rotor-path linings, bearings, compressor seals, airframe, engine components, and oil seals, in order to improve fuel efficiency and fluid dynamics, reduce maintenance expenses, and prevent wear and tear, the soaring sales of both defense and commercial aircrafts are driving their demand across the world. Apart from the booming aerospace industry, the rising urbanization rate, especially in the Eastern European and Asia-Pacific (APAC) regions, is also fueling the requirement for industrial machinery in construction, automobiles, and consumer product industries.

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As these equipment need thermal spray materials for preventing corrosion, erosion, wear, and various other damages, their rising usage is predicted to fuel the growth of the global thermal spray materials market in the coming years. According to the forecast of the market research company, P&S Intelligence, the revenue of the market will grow from $1,860.8 million in 2018 to $2,869.2 million by 2024. Furthermore, the market is expected to demonstrate a CAGR of 7.4% from 2019 to 2024.

Wire/rod and powder are the two types of thermal spray materials used all over the world. Between these, the demand for wire/road materials was found to be higher during the last few years. This was because of the fact that by utilizing wire/rod materials, only the molten droplets reach the substrate, which minimizes wastages. Moreover, the flame exiting the nozzle of the spraying machine is concentric, when wire/rod materials are used, which leads to uniform heating for the proper spraying of the material.

Industrial gas turbines, electronics, energy and power, food processing, industrial manufacturing, mining, rubber producing, textile producing, automotive, oil and gas, aerospace, and medical devices are the major end-use industries of thermal spray materials. Amongst these, the requirement for these materials was the highest in the aerospace industry during the past years. This was because of the fact that thermal spray materials were extensively used for coating different aerospace components for both military and commercial aircrafts.

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Geographically, the demand for thermal spray materials was found to be the highest in North America during the last few years. This was because of the existence of a thriving automotive industry, owing to the soaring sales and manufacturing of automobiles and automotive components in the region. In addition, the region is home to some of the leading military and civil aircraft manufacturing companies, such as Lockheed Martin Corporation, Bombardier Inc., and The Boeing Company, which is also boosting the demand for thermal spray materials.

Hence, the demand for thermal spray materials will shoot up in the years to come, mainly because of their growing usage in automotive and aerospace industries across the world.

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About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.