Thermal Spray Market - Segmented by Product Type, Thermal Spray Coatings & Finishes, End-User Industry, and Geography - Growth, Trends and Forecast (2018 - 2023)
The global thermal spray market is expected to reach USD 12,783.16 million, recording a CAGR of 6.91% during the forecast period. The growth is largely fuelled by its extensive usage in the aerospace sector in components, such as jet engine components, landing gear and turbine blades, along with a growing usage of components, such as cylinders, engine parts, transmission components, and suspension systems (to enhance their thermal efficiency, coefficient of friction, sliding wear and corrosion resistance power and longevity of the components) in the automotive industry.
Expanding Automotive Manufacturing Sector in the Asia-Pacific Region
The automobile manufacturing sector in the Asia-Pacific region has been growing at a strong rate and further growth is expected to be witnessed during 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. Countries, such as India, Indonesia, Vietnam, and Thailand have also been observed increasing automotive production in the past years. The trend in the automotive industry is expected to remain the same in the coming years, owing to the increasing demand for vehicles in the region. In turn, this is projected to increase the demand for thermal spray during the forecast.
Aerospace -The Largest End-User Industry
Among the end-user industry segments, the aerospace segment accounted for the largest share and is expected to register the highest growth during the forecast period. In the aerospace sector, thermal spray coatings are extensively used as protective coatings to protect aircraft components and repair the old ones. They are used in the protection of engine turbine blades, actuation systems to provide high thermal resistance and longevity. According to the estimates by Boeing, the aerospace industry is growing at a steady rate with the global aircraft fleet expected to grow by 3.5% and the air traffic growth to be around 4.7% between the period, 2016-2036. Asia-Pacific and Middle East & Africa regions are expected to witness rapid expansion in the aviation sector owing to rising consumer incomes and investments in transportation infrastructure in near future. Such growth in the aerospace industry is expected to drive the demand for thermal spray during the forecast period.
North America to Dominate the Market
In 2017, North America dominated the market and is likely to witness the highest CAGR during the forecast period. In North America, the United States stands to be the largest market for thermal spray. The United States aerospace sector is the largest in the world. The country is one of the major exporters of aerospace components to countries such as France, China, and Germany. Besides this, industrial gas turbines have been gaining importance in achieving national objectives related to energy and the environment, which is further driving the market for thermal spray market in the country.
The major players include -Höganäs AB, Oerlikon Metco, H C Starck GmbH, Praxair Technology Inc., C&M Technologies GmbH, Fujimi Incorporated, etc. among others.
Thermal Spray Market Report Summary
North America, South America, Asia-Pacific, Europe, and Middle East & Africa
Höganäs AB, Oerlikon Metco, H C Starck GmbH, Praxair Technology Inc., C&M Technologies GmbH, Fujimi Incorporated, etc. among others
Report offers latest trends, growth prospects, industry competitiveness, major players, value chain, regional & country market analysis, and forecast to 2023
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