Northrook, IL -- (SBWire) -- 06/24/2020 --The report "Thermal Spray Coatings Market by Materials (Ceramics and Metals & Alloys), Process (Combustion Flame and Electrical), End-Use Industry (Aerospace, Automotive, Healthcare, Agriculture, Energy & Power and Electronics) and Region - Global Forecast to 2025 ", is expected to grow from USD 7.6 billion in 2020 to USD 10.7 billion by 2025, at a CAGR of 7.0%. The growth of the thermal spray coatings market is attributed towards increasing consumption of thermal spray coatings from aerospace, automotive and other end-use industries. However, lack of knowledge and technical skills is restraining the growth of thermal spray coatings market. Additionally, recent outbreak of Covid-19 has resulted in shutting of manufacturing facilities across the globe which will have severe effect on the Thermal spray coatings market.
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The ceramics material is projected to have the highest share during the forecast period.
Based on materials, the thermal spray coatings market has been segmented into ceramics, metals & alloys, and others (carbides, composites and polymers). Ceramics material is projected to have largest share in the thermal spray coatings market during the forecast period. The growing demand for ceramics is attributed towards its properties such as thermal resistance, corrosion resistance and other. Moreover, the cost efficiency of ceramics is contributing to the growth of this material.
Aerospace industry is projected to register the highest CAGR, in terms of value, in the thermal spray coatings market during the forecast period.
Based on end-use industry, the thermal spray coatings market has been segmented into aerospace, automotive, healthcare, agricultural machinery, energy & power, electronics and others. Among these aerospace industry is projected to have largest share in the market during the forecast period. There is a boom in aerospace industry due to demand backlog which is almost equal to 10 years. Automotive is another big industry which consumes thermal spray coatings. Moreover, increasing automotive production in many regions is expected to drive the growth of thermal spray coatings market. Healthcare industry is the major consumer of thermal spray coatings market.
North America to lead Thermal Spray Coatings market during the forecast period.
The thermal spray coatings market has been studied for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is the largest consumer of thermal spray coatings market. The global thermal spray coatings market has witnessed a significant growth. This created huge opportunities for the consumption of thermal spray coatings in North America. Urbanization, modernization, technological advancement and increase in personal disposable income of the consumers in this region is also driving the use of thermal spray coatings in various end-use industries such as aerospace, automotive, healthcare and others.
Praxair Surface Technologies, Inc (US), BodyCote (UK), Oerlikon Metco (Switzerland), Surface Technology (UK), H.C Starck Gmbh (Germany), F.W. Gartner Thermal Spraying (US), Arc Spray (Pty) Ltd (South Africa), Metallisation Limited (UK), Plasma-Tec, Inc. (US), C&M Technologies GmbH (Germany), AMETEK Inc. (US), Flame Spray SpA (Italy), BryCoat Inc. (US), Thermal Spray Technologies, Inc. (tst) (US) are the key players operating in the thermal spray coatings market.
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Recent Developments :
- In December 2019, Bodycote acquired Ellison Surface Technologies. The acquisition enhances the company for being one of the largest providers of thermal spray and engineered coating surface technology services in the world. Ellison's business is an excellent strategic fit with Bodycote's existing Surface Technology business, which itself has seen strong structural growth in recent years. Together, the enlarged business offers additional technologies and added resources to consolidate its leadership in surface coating solutions and specialist processes, including thermal spray coating, liquid coating, thermal processing, and diffusion coating. Ellison's operations will be fully integrated into Bodycote's business model both from an operational and commercial perspective, and will operate going forward under the Bodycote brand.
- In June 2019, Oerlikon signed an agreement to acquire AMT AG in Kleindöttingen, Switzerland. The acquisition is in line with Oerlikon's strategy to focus and expand its surface solution technologies while increasing market applications and service accessibility to customers. AMT extends the product and service offerings for thermal spray applications and turnkey solutions for Oerlikon Metco.
- In February 2018, PG Technologies, Pte Ltd, a wholly owned subsidiary of Praxair Surface Technologies and GE Aviation, expanded its production to add additional coating capacity in Singapore to meet the aviation industry's growing demand. The facility plans to double its electron beam physical vapor deposition (EBPVD) coating capacity as well as add other aviation-related coating processes in a new facility.
- In June 2018, H.C. Starck launched molybdenum thermal spray powders, which are sphericalAnin shape and are designed for maximum flowability. These thermal spray powders are technologically advanced and are used for coating large areas to small metal components that are prone to corrosion, erosion, and wear. Molybdenum thermal spray powders are optimized for diverse spraying processes in plasma, flame, detonation, HVAF, and HVOF for high-velocity spray coating applications.
- In December 2017, Praxair Surface Technologies, Inc. and GE Aviation opened a new advanced jet engine coatings facility in Ellisville, Mississippi. This facility offers advanced coatings for jet engines to enable them to withstand high temperatures and stresses. This expansion helped both companies in expanding their foothold in the core aviation industry.
Key Questions addressed by the report :
- What are the future revenue pockets in the thermal spray coatings market?
- Which key developments are expected to have a long-term impact on the thermal spray coatings market?
- Which products, equipment and processes are expected to cannibalize existing markets?
- How is the current regulatory framework expected to impact the market?
- What will be the future product mix of the thermal spray coatings market?
- What are the prime strategies of leaders in the thermal spray coatings market?
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Thermal Spray Coatings Market Worth $10.7 Billion by 2025, at a CAGR of 7%
Thermal Spray Coatings Market is estimated to be USD 7.6 billion in 2020 and is projected to reach USD 10.7 billion by 2025, at a CAGR of 7.0%. The growth in the aerospace, automotive, healthcare and other end-use industries is expected to drive the thermal spray coatings market.