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Global Thermal Spray Coatings Market will Hit at a CAGR of 5.9% by 2024
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Persistence Market Research delivers key insights on the thermal spray coatings market in its latest report titled “Global Market Study on Thermal Spray Coatings: Industry Analysis and Forecast, 2016–2024”. Global sales of thermal spray coatings are estimated to be valued at US$ 7.6 Bn by 2016 end, witnessing a Y-o-Y growth of 5.6% over 2015. North America and Europe are estimated to collectively account for a market value share of over 50% in the global thermal spray coatings market by 2016 end and are anticipated to remain dominant throughout the forecast period.
By material type, ceramics segment is expected to continue to dominate the market in terms of value throughout the forecast period. This segment is also expected to witness high growth over the forecast period. Metals, alloys, and carbides are estimated to collectively account for a market value share of over 50% by the end of 2016. On the basis of process type, cold spray segment is expected to expand at double-digit CAGR in terms of value over the forecast period. This is mainly attributed to it being suitable for depositing a wide range materials on various types of substrate materials, especially those that are temperature sensitive.
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On the basis of application, aerospace segment is expected to account for a market value share of 37.4%, valued at US$ 4.7 Bn by 2024 end. Industrial gas turbines segment is expected to expand at the highest CAGR in terms of value over the forecast period. Increasing energy requirements across the globe are expected to increase demand for high-performance engines and turbines. This, in turn, is projected to fuel demand for thermal spray coatings, as this process provides excellent coatings and exhibits superior resistance to wearing and corrosion. Hence, Industrial gas turbines segment is anticipated to be the fastest growing segment during the forecast period.
Sales of thermal spray coatings in North America is estimated to account for highest share by the end of 2016. Sales in Asia Pacific is expected to increase at the highest CAGR over the forecast period.
Key players in the global thermal spray coatings market include Sulzer Ltd., Oerlikon Group, Praxiar Ltd., Bodycote plc., Abakan Inc., Curtis-Wright Corporation, Metallisation Ltd., Thermal Spray Technologies Inc., and ASB Industries, Inc. The thermal spray coatings market has witnessed various merger and acquisition activities, leading to industry consolidation over the last few years. Most of these activities were undertaken by market leaders in North America and Europe markets.
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Long-term Outlook: The long-term outlook for the global thermal spray coatings market remains positive, with market value expected to increase at a CAGR of 5.9% during the forecast period. Cold spray and High-Velocity Oxy-fuel (HVOF) segments are expected to expand at highest CAGRs over the forecast period.
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