The long-term outlook for the global thermal spray coatings market remains positive, with market value expected to increase at a CAGR of 5.9% during the forecast period. Cold spray and High-Velocity Oxy-fuel (HVOF) segments are expected to expand at highest CAGRs over the forecast period.
New York, NY -- (SBWIRE) -- 11/23/2016 -- Hard chrome plating and medical device coating are key applications responsible for the major chunk of revenue generation in the global market. Conventional methods had a critical impact on the environment owing to which companies seeking alternative solutions adopted the thermal spray coating technique.
According to a report by Persistence Market Research, "Global Market Study on Thermal Spray Coatings: Industry Analysis and Forecast, 2016–2024", the market is expected to reach the value of US$ 7.6 Bn at the end of 2016, rising at a CAGR of 5.9%. The market valued US$ 7.56 Bn in 2015. Europe and North America are expected to account for over 50% value share by the end of 2016 combined as the regions are expected to dominate the global market through the forecast period.
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The demand for thermal spray coating is expected to rise as companies look for superior surface property to extend the life of the products. On the other hand, the line-of-sight coating process has its limitations which allows coating only the surface in line of the coating system. Complexity with the use of robots and need for frequent adjustments is expected to restrain the market through the forecast period owing to high running cost.
On the basis of material type, the global thermal spray coatings market is segmented as metals, alloys, carbides, ceramics, intermetallics, and others. The metals, alloys, and carbides segment are expected to account for over 50% value share at the end of 2016. Ceramics segment is expected to dominate the global market in terms of revenue through the forecast period.
In terms of process type, the global market for thermal spray coatings is segmented into conventional flame spray, plasma spray, high-oxygen-oxy-fuel (HVOF), and cold spray. The cold spray segment is expected to grow with double-digit CAGR through the forecast period owing to the ability to deposit a wide range of materials on the substrate, especially temperature sensitive materials.
In terms of application, the global thermal spray coatings market is segmented into aerospace, industrial gas turbines, automotive, medical, and others. Aerospace segment is expected to reach a value of US$ 4.7 Bn at the end of 2024 with the market value of 37.4%. Segment of industrial gas turbines is expected to grow fastest through the forecast period owing to rising demand for high performance turbines and engines.
On the basis of region, the market is segmented into North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. North America was the dominating region with over 29.3% volume share in the global market in 2015. Europe accounted for 25% market share in 2015, following North America with second highest share. Asia Pacific is expected to be the fastest growing region in terms of value at the end of the forecast period.
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Major players in the global thermal spray coatings market include Metallisation Ltd. Praxair, Inc., Bodycote Plc., Oerlikon Group, ASB Industries, Inc., Abakan Inc., Sulzer Ltd., Curtis-Wright Corporation, and Thermal Spray Technologies Inc.