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Thermal Spray Coatings Market Poised for Robust CAGR of Over 5.9% Through 2024
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The aerospace and power generation industries are actively focusing on the development of advanced surface coating processes. The presence of hexavalent chromium and environmental issues related to it has caused various end-use industries to look for alternatives. As a result of this, thermal spray coatings have gained traction as a replacement for hard chromium plating in the aerospace industry. Revenue generated from sales of thermal spray coatings is expected to increase at a CAGR of 5.9% over the forecast period. Thermal spray coatings are used in medical implants as well. Increasing use of titanium and hydroxyapatite coatings in biomedical implants using thermal spray technology, is expected to drive the growth of the thermal spray coatings market over the forecast period. However, thermal spray coating is a line-of-sight coating process, i.e. it covers only the part which is in a line of the coating system. Moreover, robotic functions and frequent adjustments in case of complex geometries lead to high cost of thermal spray coatings, which is expected to inhibit the growth of the market over the forecast period.
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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.
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.
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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.
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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