Press release
Thermal Spray Coatings Market: Aerospace Segment is Expected to Account For a Market Value Share Of 37.4%, valued at US$ 4.7 Bn By 2024 End
Environmental concerns pertaining to the presence of hexavalent chromium associated with hard chrome plating process has caused many industries to look for alternative solutions, which in turn has led to an adoption of high-velocity oxy-fuel (HVOF) process for aircraft's and turbines. Growing demand for superior surface properties to extend the service life of equipment is expected to be the major factor driving demand for thermal spray coatings over the forecast period.
On the basis of material type, the global thermal spray coatings market can be segmented into metals, alloys, carbides, ceramics, intermetallics, and others. Ceramics segment accounted for 25.5% share in terms of value in 2015 and is anticipated to remain dominant throughout the forecast period. It is also anticipated to be the fastest growing segment during the forecast period and is anticipated to expand at a CAGR of 7.2% over the same period.
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On the basis of process type, the global thermal spray coatings market is segmented into conventional flame spray, plasma spray, HVOF, and cold spray. Cold spray segment is expected to expand at the highest CAGR over the forecast period, followed by HVOF segment. However, conventional flame spray segment is expected to account for a major market share in terms of value and retain its dominance throughout the forecast period.
On the basis of application, the global thermal spray coatings market is segmented into aerospace, industrial gas turbines, automotive, medical, and others. Industrial gas turbines segment is expected to expand at a significant CAGR over the forecast period, followed by aerospace segment. The aerospace segment is anticipated to account for a major market share in terms of value and retain its dominance throughout the forecast period. This is mainly attributed to increasing pressure caused by a drawdown of large-scale presence of the defense forces in Iraq and Afghanistan adopting high-performance defense equipment.
On the basis of key regions, the global thermal spray coatings market has been segmented into North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. North America dominated the market with over 29.3% of the overall thermal spray coatings market volume share in 2015. The market in Europe accounted for the second-highest share of 25% in 2015. The market in Asia Pacific is anticipated to expand at the highest CAGR in terms of value over the forecast period.
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Key Players
Some of the key players identified in the global thermal spray coatings market are Sulzer Ltd., Praxair, Inc., Oerlikon Group, Curtis-Wright Corporation, Bodycote plc, Thermal Spray Technologies Inc., ASB Industries, Inc., Metallisation Ltd.
Key players in the global thermal spray coatings market are focusing on enhancing their global presence by entering or expanding their footprint in the largely untapped market such as paper & pulp and oil & gas among the others.
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