Global Thermal Spray Coatings Market to See Steady Growth
The thermal spray coatings market is expected to reach the value of $7.6 billion at the end of 2016.
The thermal spray coatings market is expected to reach the value of $7.6 billion at the end of 2016, rising at a compound annual growth rate (CAGR) of 5.9%, according to a recent report from Persistence Market Research. The market was valued at $ 7.56 billion in 2015. Europe and North America combined are expected to account for over 50% of the value share by the end of 2016, as the regions are expected to dominate the global market through the forecast period.
Hard chrome plating and medical device coating are key applications responsible for the major chunk of revenue generation in the global market. Conventional methods had a critical impact on the environment, leading companies to seek alternative solutions such as the thermal spray coating technique. The demand for thermal spray coatings is expected to increase as companies look for superior surface properties to extend the life of finished products. On the other hand, the line-of-sight coating process has limitations in that it only allows coating on the surface in line of the coating system. Complexity with the use of robots and the need for frequent adjustments are expected to restrain the market through the forecast period, as they lead to high running costs.
On the basis of material type, the global thermal spray coatings market is segmented as metals, alloys, carbides, ceramics, intermetallics and others. The metals, alloys and carbides segments are expected to account for over 50% of the value share at the end of 2016. The ceramics segment is expected to dominate the global market in terms of revenue through the forecast period.
In terms of process type, the global market for thermal spray coatings is segmented into conventional flame spray, plasma spray, high-oxygen-oxy-fuel (HVOF) and cold spray. The cold spray segment is expected to grow with double-digit CAGR through the forecast period due to the ability to deposit a wide range of materials on the substrate, especially temperature-sensitive materials.
In terms of application, the global thermal spray coatings market is segmented into aerospace, industrial gas turbines, automotive, medical, and others. The aerospace segment is expected to reach a value of $4.7 billion at the end of 2024, with a market value of 37.4%. The industrial gas turbines segment is expected to see the fastest growth through the forecast period, due to increasing demand for high-performance turbines and engines.
Regionally, the market is segmented into North America, Asia-Pacific, Latin America, Europe, and the Middle East and Africa. North America was the dominating region in 2015, with over 29.3% of the volume share in the global market. Europe accounted for 25% of the market share in 2015, following North America with second-highest share. Asia-Pacific is expected to be the fastest-growing region in terms of value at the end of the forecast period.
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