Thermal Spray Coatings Market to Grow with a CAGR of 5.57% through 2028
Rising research and development activities are expected
to drive the Global Thermal Spray Coatings Market growth in the forecast
period, 2024-2028.
According to TechSci Research report, “Thermal
Spray Coatings Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Thermal Spray Coatings
Market stood at USD 10.23 billion in 2022 and is anticipated to grow with a CAGR
of 4.49% in the forecast period, 2023-2028. The initiatives taken by government
based on thermal spray coatings has led to favorable market conditions for the Global
Thermal Spray Coatings Market. Several factors contribute to the growth of
various thermal spray coatings products. One notable initiative involves
granting carbon credits and incentives to suppliers that produce coatings using
clean fuels. This measure, aimed at combating climate change, encourages
manufacturers to adopt environmentally friendly practices, thus bolstering the
thermal spray coatings market. By rewarding suppliers for their efforts in
reducing carbon emissions and promoting sustainable production methods, this
initiative creates a positive impact on both the environment and the industry.
Government
entities are also funding research programs focused on thermal spray coatings.
For instance, the NIST Metallurgy Division has initiated a research program to
investigate coatings produced by thermal spray techniques. Through this
program, researchers aim to gain a deeper understanding of the properties and
performance of these coatings, paving the way for further advancements in the
field. Similarly, the National Science Foundation MRSEC program has supported
the development of integrated thermal spray process diagnostics and modeling
capabilities. By investing in research and development, these government
entities contribute to the continuous improvement and innovation of thermal spray
coatings, ensuring their relevance and effectiveness in various applications.
Browse over XX
market data Figures spread through XX Pages and an in-depth TOC on "Global
Thermal Spray Coatings Market”
Through
extensive research and development (R&D) efforts, scientists have
successfully developed cutting-edge thermal spray coatings with exceptional
features. These coatings exhibit remarkable wear resistance, providing extended
durability in challenging environments. Additionally, they offer improved
thermal protection, safeguarding critical components from extreme temperatures,
and enhanced corrosion resistance, ensuring prolonged lifespan and reliability.
The continuous innovation resulting from R&D activities has revolutionized
the applications of thermal spray coatings. These advanced coatings find
utility across a wide range of industries, including aerospace, automotive,
healthcare, and energy sectors. In the aerospace industry, they contribute to
the development of more efficient and lightweight aircraft components. In the
automotive sector, they enhance engine performance and longevity. In
healthcare, they facilitate the creation of medical devices with improved
biocompatibility. In the energy sector, they enable greater efficiency and
durability in power generation systems. The Global Thermal Spray Coatings
Market is segmented into material, end user, regional distribution, and company.
Based on its end user, the aerospace segment held the
largest share in the market. In North America, there has been a significant
surge in demand for thermal spray coatings. This can be attributed to the
well-established aerospace industry and the increased investment in a similar
sector focused on producing technologically advanced space vehicles. As a
result, manufacturers now have the opportunity to create weight-saving aircraft
engines by utilizing ceramic materials. This has opened up enormous growth
prospects for the ceramic material industry. With the increasing adoption of ceramic
material in aircraft engines by manufacturers, the competition among them has
also intensified. As a consequence, there is a noticeable rise in the demand
for thermal spray coatings. This trend is driven by the need to enhance the
performance and durability of aircraft engines, ultimately leading to improved
safety and efficiency in the aerospace industry.
Based on region, Asia Pacific segment is expected to
grow during the forecast period. China is anticipated to emerge as the dominant
player in the thermal spray coatings market. This is primarily attributed to
the increasing demand from diverse end-use industries, including automotive,
oil and gas exploration, and healthcare. In the Asia-Pacific region, the market
is propelled by the growing demand in the automotive sector, the rise in
disposable income among consumers, and the expanding utilization of thermal
spray coatings in the healthcare industry. These factors collectively contribute
to the significant growth and potential of the thermal spray coatings market in
the region.
Major companies operating in Global Thermal Spray
Coatings Market are:
- Praxair Surface Technologies, Inc.
- Arkema SA
- Höganäs AB
- H.C. Starck Inc.
- Wall Colmonoy Corporation
- Powder Alloy Corporation
- Saint-Gobain S.A.
- Carpenter Technology Corporation
- Durum Verschleiss-Schutz GmbH
- Montreal Carbide Co. Ltd.
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“Growing application of thermal spray coatings in
various end user industries are key drivers of the thermal spray coatings market.
Growth in competitive landscape and presence of well-established companies in
the market who are dedicated to enhance their productivity of thermal spray coatings
with every passing year are anticipated to register an impressive growth to Global
Thermal Spray Coatings Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Thermal Spray Coatings Market By Material (Ceramic,
Metal & Alloys, Others), By End User (Healthcare, Aerospace, Automotive,
Agriculture, Electronics, Others), By
Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Thermal Spray Coatings Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Thermal Spray Coatings Market.
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