Rising awareness about the environmental impact of prominent coating processes such as hard chrome plating has favoured the adoption of thermal spray coatings in several end-user industries. By 2018, the value of the global thermal spray coatings market is predicted to reach US$ XX Mn, registering a y-o-y growth of XX% over 2018.
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During the forecast period 2018-2025, environmental concerns related to coating processes will continue necessitating the use of alternative thermal spray coatings owing to their lowered carbon footprint. Trends Market Research (TMR) provides key perceptions on the global market for thermal spray coatings in its report titled “Global Market Study on Thermal Spray Coatings: Industry Analysis and Forecast, 2018–2025”.
The growth of the global thermal spray coatings is mainly characterised by the stimulated replacements of hard chrome plating with high-velocity oxy-fuel (HVOF) method in the aerospace and power generation industries. Moreover, the adoption of thermal spray coatings is likely to gain traction in global healthcare sector as titanium and hydroxyapatite coatings are being widely used to add protective enamel on biomedical implants. However, the in-line or line-of-sight coating restriction limits the use of thermal spray coatings in processes that require covering adjacent areas. The growth of the global market is also expected to be restrained by the high cost of thermal spray coatings while adjusting to complex geometries and automation processes.
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Based on the material types, the use of ceramics will continue to exhibit dominance in terms of market value. However, the collective use of metal, alloys and carbides in thermal spray coatings in 2018 is forecasted to account for more than XX% of the global market share.
The key players in the global market for thermal spray coatings include Curtis-Wright Corporation, Abakan Inc., Metallisation Ltd., Bodycote Plc., Sulzer Ltd., Praxiar Ltd., Thermal Spray Technologies Inc., Oerlikon Group and ASB Industries, Inc.
In terms of market value, the global thermal spray coatings market is projected to expand at a xx% CAGR during the forecast period. Cold spray and HVOF coating processes are likely to increase at higher CAGRs, owing to their rapid adoption in aerospace industries.
Based on the type of coating processes, the segment for cold spray coatings will procure higher growth and register a double-digit CAGR. The growth of cold spray segment is accredited to its extensive use in layering a wide range materials on temperature-sensitive as well as several other types of substrate materials. In 2018 and beyond, global leaders in aircraft manufacturing will continue replacing the hard chromium plating process with HVOF coating process. As a result, the adoption of HVOF method will emerge, and account for higher share in terms of revenue.
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Based on the applications, the global market for thermal spray coatings will witness a major contribution by aerospace industries. By end of the forecast period, the aerospace segment will account for over XX% of value share and be valued at an estimated US$ XX Bn. The use of thermal spray coatings in industrial gas turbines will increase considerably, and be recorded as one of the fastest growing segment in the global market.
Growth of the global thermal spray coatings market will be mainly concentrated in North America and Europe. These regions will collectively remain dominant during the forecast period, accounting more than XX% of the global market value. The thermal spray coatings market in Asia Pacific will also demonstrate significant growth and emerge as one amongst the leading regions in the global market.