Global Thermal Spray Market - Segmented by Product Type, Thermal Spray Coatings & Finishes, End-User Industry, and Geography - Growth, Trends and Forecasts (2018 - 2023)

Princeton, NJ -- (SBWire) -- 06/02/2018 --The global thermal spray market has been estimated at USD 8,097.52 million in 2017. The market is expected to register a CAGR of 7.77% during the forecast period, 2018 to 2023. Aerospace industry dominated the global thermal spray market with nearly 34% share globally, while the automotive segment is estimated to register the fastest CAGR through the forecast period.

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Growing Application in Automotive Industry:
The automotive industry is poised to become an excellent growth area for thermal spray coatings. In recent years, governments across the world are concentrating on minimizing carbon dioxide, particulate matter and nitrogen oxide emissions, and enhancing fuel economy (as per Corporate Average Fuel Economy standards) of the vehicles. As a result, they are consistently putting pressure on engine and automobile manufacturers to develop and utilize technologies, which aid in reducing emissions and improve the fuel economy of vehicles. Consequently, engine manufacturers are focusing on thermal spray coatings for cylinder bores and other key areas within the engine. Thermal spray coatings are majorly used in transmission parts, suspension system parts, and engine components in the automotive sector.

Furthermore, the increased usage of thermal spray ceramic coating technology in the high-performance car segment is also one of the factors driving the usage of thermal spray technology in the automotive sector. For instance, zirconia-based thermal spray ceramic coatings technology is used in the manufacturing of numerous auto components and accessories in high performance cars. This is attributed to their ability to reduce or minimize the thermal losses or conducted heat losses, improving thermal efficiency for some internal components and externals such as the exhaust system. The growth in the utilization of thermal spray technology by the automotive sector shall subsequently benefit the thermal spray market.

North America Dominates the Market:
North America has the highest share in the market, accounting for nearly 33% of the global market share in 2017. The market for North America is driven majorly by the automotive industry in United States. Additionally, there is an extensive network of auto parts suppliers serving the industry. North America constitutes around 34.78% market share of the overall gas turbine electrical power generation. The growing demand for environmental friendly energy production and widespread of smart grid cities are expected to increase the demand for thermal spray in this region.

United States is the Largest Consumer:
The economy of the United States is growing at a moderate rate and is expected to grow at a significant rate during the forecast period. Thermal spray applications are poised for growth in the United States. Atomization is the most common method in the powder manufacturing process, producing metal and pre-alloyed powders, or powders consisting of two or more alloyed elements. The country is the world's largest market for machinery, as well as the third-largest supplier. American manufacturers held a 58.5% share of the US domestic market. Overall, the thermal spray equipment market is expected to grow at higher rate during the forecast period.

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The major key players are ORLICEN METCO, H.C.STARCK, A&A COATINGS, THERMAL SPRAY TECHNOLOGIES, PRAXIER SURFACE TECHNOLOGIES

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