Sellbyville, DE -- (SBWIRE) -- 10/16/2018 -- The Thermal Spray Coating Market is set to grow from its current market value of more than $8 billion to over $13 million by 2024; as reported in the latest study by Global Market Insights, Inc.

Rising thermal spray coating applications scope in several industries including aerospace and automotive owing to improved wear protection & chemical resistance will fuel market growth. Superior surface coating preference to enhance machinery components performance and reduce replacement cost in energy & gas sector will support industry expansion.

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Technology advancements including the introduction of HVOF process has significantly replaced conventional hard chrome plating process by delivering low processing time. Benefits including minimal environmental effects, cost-effectiveness and high performance of machinery is expected to instigate thermal spray coating market.

Metals are anticipated to register a growth over 9.5% up to 2024. Surging demand for strong finishing metal finishing for large structures including bridges and offshore oil platforms will stimulate thermal spray coating market growth. This material is extensively used in automotive and healthcare industries to provide enhanced thermal barrier protection and anti-corrosion on finishing surfaces.

Ceramic material was valued over USD 3 billion in 2016 owing to its superior adhesive bonding; high temperature resistance and high oxidation resistance properties. Ceramic provides robust surfaces to numerous automotive components, including diesel engine pistons, valves and cylinders. Increasing adoption of this material in aerospace engine systems, turbine blades and flame tubes to deliver better heat resistance will propel thermal spray coating market.

Plasma process will witness high growth over the forecast timespan owing to its multi functionality features with metal and ceramics materials to provide aesthetic and clean surfaces. It is widely utilized in jet engines to prevent from high temperature of the combustion gases. Key properties including denser and tougher coverings makes the product more lucrative for aerospace industry.

Combustion flame process is projected to surpass 9 billion sales by 2024. Surge in machinery component repair works in industrial pumps and steel blowers has fueled demand for high surface bonding processes. Clean and uniform surfaces obtained through this high strength process on several metal machineries will positively impact thermal spray coating market penetration.

The automotive industry will observe a CAGR over 8.5% by 2024 owing to rising demand for passenger and commercial vehicles with durable coated components. Improved maintainability and reliability along with enhanced product life cycle will propel industry. Furthermore, high resistance towards scratch and decomposition on several automotive machineries will foster thermal spray coating market expansion.

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Aerospace components are generally subjected to harsh environments with extremely high heat and pressure. Thereby, increasing demand for shielding engine components from corrosion and heat will propel product demand. Key aerospace components that require these covering processes include high-pressure turbine seals, oil seals, bearings, compressor seals and rotor-path linings.

North America is estimated to be worth more than USD 2.3 billion in 2016 due to increasing requirement to achieve cost optimization in aerospace & defense and power industry. Enhanced aircraft performance at competitive prices while attaining all required regulatory, manufacturing protocols is expected to positively influence thermal spray coating market share.

Global thermal spray coating market share is slightly consolidated with presence of few international players and large number of regional participants. Key industry players include Oerlikon Metco, Cincinnati, H.C. Starck, Bodycote, and Praxair Surface Technologies. Other prominent players include Metallization, Thermion, Plasma-Tec, General Magnaplate, ASB Industries.

About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.