According to a recent study by Grand View Research, Inc., the worldwide thermal spray coatings market was valued at about USD 7 billion in 2014. The market is projected to reach around USD 12 billion in 2022. Low toxic gas emissions, protection against corrosion, electrical resistance, and thickness capacity are the main advantages of thermal spray coatings.
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These strengths have led to increased demand for the market. Stringent environmental regulations in the developed regions of North America and Europe are causing consumers to switch from hard chromes to thermal sprays. Technological developments resulting in reduced costs will also fuel the thermal spray coatings market.
These coatings enable aerospace components to withstand extreme temperatures without damage. Augmented demand for civil aviation in the emerging economies of India and China will have a positive effect on the market in the forthcoming years. The global thermal spray coatings market is divided into end-users, applications, products, and regions.
Thermal spray coatings face great demand from the end-use industries of electronics, biomedical, semiconductors, food processing, wear resistant coating, energy, engineering coating, etc. The application industries of aerospace, and automotives mainly steer market sales. Aerospace was the dominant application in 2014.
It accounted for 34% of the total revenues that year. Automotives contributed more than USD 1.1 billion in 2014. The application of industrial gas turbines produced revenues worth about USD 1.7 billion in 2014. Huge demand for gas turbines in tanks, ships, motorcycles, locomotives, and helicopters is anticipated to boost this sector.
Grand View Research, Inc. lists the products of the thermal spray coatings market as metals, polymers, ceramics, intermetallic, and others. Ceramics is estimated to grow at a CAGR of 6.9% from 2015 to 2022. Metals held a revenue share of 22% in 2014. With respect to geographies, North America, with a valuation of USD 2.1 billion, assumed leadership in 2014.
Mexico would witness higher growth in the years to come. This can be ascribed to rising incomes and rapid urbanization in the region. Asia Pacific is expected to generate huge demand for thermal spray coatings in the future. This demand would be propelled by the expanding automotives sector in China and India.
Some key players of the thermal spray coatings market are Air Products & Chemicals Inc., TST Engineered Coating Solutions, and Surface Technology Inc. Metalisation Ltd., Flame Spray Coating Company, and Praxair Surface Technologies are the other players.
Information Source: Grand View Research