Global Thermal Spray Equiment Market - Segmented by Product Type, End-User Industry, Process, Material and Geography - Growth, Trends and Forecast (2018 - 2023)
The global thermal spray equipment market is expected to witness a CAGR of approximately 6.4% during the forecasted period. The major factor driving the market is the increasing usage from power generation applications and the growing demand from Asia-Pacific and GCC.
Increasing Usage in Power Generation
The power generation process constitutes of steam generators, turbines, and pumps that handle steam and water. This requires various control, safety, and shut-off systems. The main area of wear is in steam and water valves, which experience high-pressure steam, high temperatures, and metal-to-metal wear at seating areas. The valve seats and spindles also need to inhibit oxidation on the surface, which otherwise can cause sticking. Thermal spray coatings prevent corrosion, high-temperature oxidation, wearing, and other daily challenges. This results in decreased downtime, lower replacement costs, and increased lifespan of components. Therefore, the increasing applications in the power generation industry are expected to drive the demand for thermal spray equipment during the forecast period.
Aerospace Industry Dominates the Market
In the aerospace sector, thermal spray coatings are used as protective coatings in newly manufactured aircraft components and in the repair of the older ones. In newer components, they are mainly used to coat landing gear equipment and turbine blades. The major types of thermal spray equipment systems used in these coatings include - high-velocity oxy-fuel coating spraying (HVOF), electric arc and plasma systems. With the growth of the aerospace industry, the market studied is likely to benefit.
North America - The Most Dominating Region
North America is expected to witness the highest demand for thermal spray equipment during the forecast period. This growth can be attributed to the growing construction & automotive industry in the region. Thermal spray applications are poised for growth in the United States. Atomization is the most common method in the powder manufacturing process, for producing metal and pre-alloyed powders, or powders consisting of two or more alloyed elements. Additionally, the end users of automotive and construction industries in Mexico are expected to augment the growth of the market during the forecast period.
Major Players: Artec, ASB Industries, Donaldson Companies Inc., Genie Products, and Metallisation Ltd, amongst others.
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Analyze various perspectives of the market, with the help of Porter’s five forces analysis. To understand the segment that is expected to dominate the market. The countries that are expected to witness the fastest growth during the forecast period. Identify the latest developments, market shares, and strategies employed by the major market players. 3 months analyst support along with the Market Estimate sheet (in excel)
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