Thermal Spray Powders Market - Segmented by Powder Type, End-user Industry and Geography - Growth, Trends, and Forecast (2018 - 2023)
The market for thermal spray powders is expected to register a CAGR of 7.24% during the forecast period, 2018 to 2023. This growth is primarily driven by increasing demand for higher performance customized alloy powders in Asia-Pacific automotive industry and extensive consumption in anti-corrosion applications.
Increasing Demand for Higher Performance Customized Alloy Powders in Asia-Pacific Automotive Industry
In Asia-Pacific (especially in India), a noticeable market trend is evident in the form of increased demand for higher performance customized alloy powders. This is particularly evident in the automotive industry, where high-performance engine components, such as turbochargers require higher temperature resistant materials. The automotive manufacturing sector in the Asia-Pacific region has been increasing at a strong rate and further growth is expected to be witnessed over the forecast period, owing to the surge in investments and expansion in production facilities in the region. Major car manufacturers, such as Chevrolet, Daimler, Jeep, Audi, Volvo, and Kia, have either set up their automotive manufacturing facilities or are planning to start new facilities in the Asia-Pacific region in the near future. China is the largest producer of motor vehicles in the world, with more than 29 million motor vehicles produced in 2017. The strong GDP and income growth rate, stronger demands from lower-tier cities, declining prices, and government support for promoting new-energy vehicles are expected to drive the automotive market further. Similarly, motor vehicle production in India has increased by around 5.8% during 2017, from 4,488,965 vehicles produced in 2016 to 4,782,896 vehicles in 2017. In India, with the increasing demand for vehicles, several automakers have started investing heavily in various segments of the industry. The automotive industry has attracted FDI of about USD 15.79 billion over the period of April 2000 to September 2016, which is a positive factor for the thermal spray market. Indonesia, Thailand, and Vietnam, are other countries in the region that have been exhibiting consistent growth in the production of new motor vehicles, for five years. Indonesia and Thailand also have high FDI in the automotive sectors of over 40% of total FDI while, Philippines, and Vietnam being other potential markets for the same. Along with the ongoing and upcoming automotive projects, (as shown in the table next page) several existing OEMs are expanding their production outputs, in order to meet the increasing demand from the ASEAN region. The thermal spray coatings used for cylinder bores in automotive engines are expected to witness a robust demand in the region, over the forecast period. Coatings applied for transmission and suspension parts are also projected to witness a growth in the consumption rates in the Asia-Pacific region.
Tungsten Carbide Segment to Contribute Significant Demand to the Market
Tungsten carbide is a chemical compound, which contains equal parts of tungsten and carbon atoms. It is approximately twice as strong as the steel with double the density. It has high hardness factor that has proven helpful in thermal spray powder coating applications. These powders are generally used in applications involving sliding wear erosion, abrasion, impingement, and fretting wear while providing low-temperature wear properties. However, the emergence of cermet grade specialty tungsten carbide with a metal binder has exhibited superior performance characteristics and has been constantly replacing the conventional tungsten carbide thermal spray powders. Aerospace is the largest end-user of this material-based coating products, closely followed by turbines used in various industries, and then the automotive industry. Such specialized tungsten carbide (WC) based cermet grades are widely used in high-temperature handling operations, such as mining, oil and gas, chemical processing industries, aerospace, and automotive. Therefore, with the increasing number of drilling rigs production coupled with the growing demand from the aerospace industry are expected to drive the market for thermal spray powders during the forecast period.
Key Developments in the Market
- June 2018- H.C. Starck’s Fabricated Products Division (FPR) launched its molybdenum thermal spray powders, which are spherical and designed for maximum flowability.
Major Players -Sandvik AB, Praxair S.T. Technology, Inc., H.C. Starck GmbH, Oerlikon, Höganäs AB, among others.
Reasons to Purchase the Report
- Identify the current and future prospects of the global thermal spray powders market in the developed and emerging markets
- Analyze various perspectives of the market with the help of Porter’s five forces analysis
- Information about the growth of the various product segments that are expected to dominate the market
- Regional and country-level analysis of the market
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3 months of analyst support, along with the Market Estimate sheet (in Excel)
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