MRRSE presents this most up-to-date research on "Global Market Study on Thermal Spray Coatings: Replacement of Hard Chrome Plating by HVOF Process in Aircrafts to Drive Market Growth by 2024"
Albany, NY -- (SBWIRE) -- 01/10/2017 -- Thermal spray coating involves a process in which substrate is in molten or semi-molten form and deposited by devices such as spray gun or torch or other equipment.
Global thermal spray coatings market was valued at US$ 7,560.0 Mn in 2015 and is anticipated to expand at a CAGR of 5.9% in terms of value over the forecast period (2016–2024).
Environmental concerns pertaining to the presence of hexavalent chromium associated with hard chrome plating process has caused many industries to look for alternative solutions, which in turn has led to an adoption of high-velocity oxy-fuel (HVOF) process for aircraft\'s and turbines. Growing demand for superior surface properties to extend the service life of equipment is expected to be the major factor driving demand for thermal spray coatings over the forecast period.
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However, line-of-sight coatings process in thermal spray coatings is expected to hamper the growth of the thermal spray coatings market to a certain extent, as this process does not cover small and deep cavities that result in an increase in porosity.
Trends in the global thermal spray coatings market include market consolidation and technological advancements in process and materials.
On the basis of material type, the global thermal spray coatings market can be segmented into metals, alloys, carbides, ceramics, intermetallics, and others. Ceramics segment accounted for 25.5% share in terms of value in 2015 and is anticipated to remain dominant throughout the forecast period. It is also anticipated to be the fastest growing segment during the forecast period and is anticipated to expand at a CAGR of 7.2% over the same period.
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On the basis of process type, the global thermal spray coatings market is segmented into conventional flame spray, plasma spray, HVOF, and cold spray. Cold spray segment is expected to expand at the highest CAGR over the forecast period, followed by HVOF segment. However, conventional flame spray segment is expected to account for a major market share in terms of value and retain its dominance throughout the forecast period.
On the basis of application, the global thermal spray coatings market is segmented into aerospace, industrial gas turbines, automotive, medical, and others. Industrial gas turbines segment is expected to expand at a significant CAGR over the forecast period, followed by aerospace segment. The aerospace segment is anticipated to account for a major market share in terms of value and retain its dominance throughout the forecast period. This is mainly attributed to increasing pressure caused by a drawdown of large-scale presence of the defense forces in Iraq and Afghanistan adopting high-performance defense equipment.
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On the basis of key regions, the global thermal spray coatings market has been segmented into North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. North America dominated the market with over 29.3% of the overall thermal spray coatings market volume share in 2015. The market in Europe accounted for the second-highest share of 25% in 2015. The market in Asia Pacific is anticipated to expand at the highest CAGR in terms of value over the forecast period.
Some of the key players identified in the global thermal spray coatings market are Sulzer Ltd., Praxair, Inc., Oerlikon Group, Curtis-Wright Corporation, Bodycote plc, Thermal Spray Technologies Inc., ASB Industries, Inc., Metallisation Ltd.
Key players in the global thermal spray coatings market are focusing on enhancing their global presence by entering or expanding their footprint in the largely untapped market such as paper & pulp and oil & gas among the others.
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