Global thermal spray coating market expected to reach USD 13.61 billion in 2022, growing at a CAGR of 8.1% between 2017 and 2022.
Sarasota, FL -- (SBWIRE) -- 10/18/2017 -- About Zion Market Research
Zion Market Research has published a new report titled "Thermal Spray Coating Market (Polymer, Ceramic, Metal and Others) for Automotive, Aerospace, Industrial Gas Turbine and Other Applications: Global Market Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022". According to the report, global thermal spray coating market was valued at USD 8.53 billion in 2016 and is expected to reach USD 13.61 billion in 2022, growing at a CAGR of 8.1% between 2017 and 2022.
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Thermal spray coating process involves the formation of substrates in molten and semi-molten form. This coating offers thick coating surface to the end applications. It also offers resistance to heat, corrosion, erosion and wears. Comparatively, the thermal spray coating is widely used in automotive and aerospace industry. Moreover, it is expected to witness the strong growth within the forecast period.
Growing demand for thermal spray coating in industries such as automotive and aerospace across the globe is a major driving force of the global thermal spray coating market. Rising demand for thermal spray coating from the medical sector is also expected to boom the market size in the coming years. However, volatility in raw material prices is a major restraint of the market. Furthermore, untapped markets in developing countries are likely to provide new avenues to the key players in the market within the forecast period.
Ceramic was the leading product of the global thermal spray coating market in 2016. It accounted for more than 25% share of the total market in 2016 and furthermore, it is estimated to grow at a significant CAGR within the forecast period. This growth is attributed to the ability to efficiently counter the complex geometric shapes of the workpieces. Ceramic was followed by metal in the same year. Moreover, the polymer is likely to witness moderate growth during the years to come.
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Aerospace was one of the foremost applications of the global thermal spray coating market and it accounted for above 32% share of the entire market in 2016. New developments and increasing investments for aerospace especially in North America and Asia Pacific are predicted to witness the lucrative growth of thermal spray coating market during the forthcoming years. The industrial gas turbine was the second largest segment of the market and it is also predicted to be the fastest-growing segment of the market over the next few years. The automotive industry is also expected to experience the moderate growth of the market in the coming years.
With the major share of 30% of the total market, North America dominated the market of thermal spray coating in 2016. Surging aerospace industry is likely to drive the market size in the coming years. Moreover, Europe was the second largest market of thermal spray coating in the same year. Europe is estimated to exhibit significant growth of thermal spray coating market over the coming years. Asia-Pacific is the fastest growing market of thermal spray coating within the forecast period. Latin America is also likely to exhibit moderate growth in the near future. Comparatively, Middle East & Africa is expected to have sluggish growth during the years to come.
Some of the major players involved in the global thermal spray coating market are Air Products & Chemicals, Praxair Surface Technologies, Flame Spray Coating Company, Abakan Inc., TST Engineered Coating Solutions, Sulzer Ltd, ASB Industries, Inc., Plasma-Tec, Inc., Oerlikon Group, Metallisation Ltd., Surface Technology, and Bodycote plc among others.
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The report segments the global thermal spray coating market as follows:
Global Thermal Spray Coating Market: Product Analysis
Global Thermal Spray Coating Market: Application Analysis
Industrial Gas Turbine
Global Thermal Spray Coating Market: Region Analysis
The Middle East and Africa