Thermal spray coatings are applied using the process of thermal spraying or flame spraying in which melted or heated material is sprayed onto a surface. Thermal spray coatings are widely used for corrosion protection, wear resistance, thermal barrier coatings, and restoring worn or damaged machine components to their original dimensions. Thermal spray coatings provide an effective and economical solution for extending the life of critical components used in various industries such as aerospace, automotive, oil & gas, steel, and power generation.
The global thermal spray coatings market is estimated to be valued at US$ 11424.77 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity for improving durability of critical components is expected to drive the growth of the thermal spray coatings market over the forecast period. Thermal spray coatings play a vital role in increasing the functional life of critical components by preventing corrosion and wear and tear. By applying thermal spray coatings, components can operate in harsh environments for longer durations without requiring replacement. This reduces maintenance costs and downtime for equipment owners. The ability of thermal spray coatings to restore worn components to their original dimensions is also increasing its adoption. Overall, the capability to improve the durability of components is expected to create significant market demand for thermal spray coatings.
Porter's Analysis
Threat of new entrants: Low capital requirements and existing suppliers pose low threat to new entrants. However, established brands and need for technical expertise creates entry barriers.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and differentiated needs of end-users. However, standards and regulations increase switching costs.
Bargaining power of suppliers: Specialized raw materials and need for technical support provide suppliers with moderate bargaining power. However, presence of substitutes limits ability to influence prices.
Threat of new substitutes: Substitutes like physical vapor deposition and chemical vapor deposition pose medium threat as they are functionally similar for specific applications.
Competitive rivalry: High as major players compete on capabilities, innovation, and geographic expansion to gain market share.
SWOT Analysis
Strengths: Wide applications in industries like aerospace, automotive, healthcare; Customizable solutions; Cost-effective for repair and renewal.
Weaknesses: Require specialized skills and process parameters; Line-of-sight issues for complex parts; Environmentally hazardous byproducts.
Opportunities: Expand into developing regions; Adopting advanced materials; Increase R&D for new applications in industries like electronics.
Threats: Stringent environmental regulations; Substitute technologies; Volatility in raw material prices.
Key Takeaways
The global thermal spray coatings market size is expected to witness high growth on account of wide applications in end-use industries and focus on extending product life. The aerospace industry dominated the market and will continue its dominance over the forecast period due to need to enhance component performance and lifespan of aircraft engines and components. The global Thermal Spray Coatings Market is estimated to be valued at US$ 11424.77 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030.
Regionally, North America will continue holding the largest share led by the U.S., backed by strong aerospace, power, and oil & gas industries in the region. The Asia Pacific is projected to grow at the fastest pace due to industrial growth and presence of major coating manufacturers in China and Japan.
Key players operating in the thermal spray coatings market are Praxair Surface Technologies, Oerlikon Metco, Platit AG, H.C. Starck, Bodycote, and Thermal Spray Technologies. These players emphasize on expanding their manufacturing facilities and product offerings catering to application-specific demands.
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“Thermal spray coating is a technology applied to improve or restore the surface of a solid material.
The process can be used to apply coatings to a wide variety of materials and components for erosion, cavitation, wear, corrosion, heat, and abrasion resistance.
Insulation or electrical conductivity, high or low friction, lubricity, chemical resistance, sacrificial wear, and many other desirable surface properties are also used for thermal spraying.”Adroit Market Research study titled, “Global Thermal Spray Coatings Market Size 2017 By Product (Metals, Ceramics, Intermetallics, Polymers, and Others), by Application (Aerospace, Industrial Gas Turbine, Automotive, and Others), By Region and Forecast 2018 to 2025”.
The report provides a comprehensive evaluation of global thermal spray coatings market based on drivers, restraints and future opportunities that are expected to influence the market revenue during the forecast period.Request Sample Copy of This Research Report: https://adroitmarketresearch.com/contacts/request-sample/672Thermal Spray Coatings Market: Key Players are Praxair Surface Technologies, TWI Ltd., TST Engineered Coating Solutions, Metallisation Ltd., Air Products & Chemicals, Flame Spray Coating Co., Oerlikon Metco, A Coatings, Curtis-Wright Corporation, Plasma-Tec, Inc. and White Engineering Surfaces Corporation among others.The market size is projected to be worth USD 15.01 billion by 2025.
Expansion of these industries is projected to offer favorable growth opportunities for the Global Thermal Spray Coatings Market over the next few years.
Corrosion and wear protection are the key advantages offered by ceramics coatings that contribute to its extensive use in various industries.The growing aerospace and automotive manufacturing sector are expected to fuel the demand for thermal spray coatings in the region.
Adroit Market Research published a study titled, “Global Thermal Spray Coatings Market Size 2017 By Product (Metals, Ceramics, Intermetallics, Polymers, and Others), by Application (Aerospace, Industrial Gas Turbine, Automotive, and Others), By Region and Forecast 2018 to 2025”.
The report provides a comprehensive evaluation of global thermal spray coatings market based on drivers, restraints and future opportunities that are expected to influence the market revenue during the forecast period.
Additional tools such as Porter’s five forces analysis, PESTEL analysis, and value chain analysis are included to give a holistic market view.
The report also includes the prevailing trends impacting the global thermal spray coatings market size.
Furthermore, the report provides an overview of the thermal spray coating equipment market.Click to Continue Reading on https://www.adroitmarketresearch.com/industry-reports/thermal-spray-coatings-marketThe global thermal spray coatings market size is projected to be worth USD 15.01 billion by 2025.
Expansion of these industries is projected to offer favorable growth opportunities for the global thermal spray coatings industry over the next few years.Based on product, ceramics is projected to contribute to more than 30% of the revenues in the global thermal spray coatings market by 2025.
Global Thermal Spray Coatings Market was valued at US$ 8.70 Bn in 2017 and is expected to reach US$ 15.10 Bn by 2026, at a CAGR of 7.2 % during a forecast period.Global Thermal Spray Coatings Market, by RegionThe objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology.
The report also helps in understanding thermal spray coatings market dynamics, structure by identifying and analyzing the market segments by Technology, Materials, Application, and Region and, project the global market size.
Further, report also focus on competitive analysis of key players by Materials, price, financial position, Materials portfolio, growth strategies and regional presence.
The report also provide PEST analysis, PORTER’s analysis, SWOT analysis to address question of shareholders to prioritizing the efforts and investment in near future to particular market segment.
Materials are melted into a rod, wire, or powder form.
Thermal spray are used in a wide range of application sector owing to the growing need for efficient and durable coatings in wide range of industries.
