DUBLIN--(BUSINESS WIRE )--The "Thermal Spray Coatings Market Size, Share & Trends Analysis Report by Product (Metal, Ceramics, Abradable), by Technology (Plasma Spray, HVOF), by Application (Aerospace, Medical), and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global thermal spray coatings market size is anticipated to reach USD 15.41 billion by 2030 growing at a CAGR of 4.8% over the forecast period. The global market growth is attributed to the developments in aerospace, automotive, industrial gas turbines, oil & gas, steel, printing, and medical applications. The thermal spray coatings provide electrical/thermal conductivity, enhanced wear resistance, lubricity, chemical resistance, heat resistance, and corrosion resistance to the machine parts. Most of the machine parts are of high value, whose frequent replacement is uneconomical and leads to high costs for the end-user industries.
For example, drilling bits used in mining and offshore drilling operations have to endure the impact of hard terrains and the reaction of undersurface chemicals. The thermal spray coatings provide the required corrosion and wear resistance, which is vital in operations of this magnitude and can expect a growing consumption due to an increase in metal demand from the automotive and electronics sector. Thermal spray coating manufacturers enter into technological collaborations to enhance the current technologies for better market positioning. For instance, in April 2020, ASB Industries collaborated with the University of Nevada and Akron to develop double-layer coatings on magnesium.
The company's current cold-sprayed aluminum coatings on magnesium alloys are highly susceptible to localized corrosion in chloride-containing solutions. The ongoing development of a titanium-aluminum coating layer on magnesium raises micro-hardness, thus lowering the wear rate. Such technological collaborations can increase product demand over the coming years. Players in the market are also investing in expanding their manufacturing capabilities. For instance, in March 2021, Oerlikon Metco Coating Services established a world-class additive manufacturing facility in Huntersville, a suburb of Charlotte, North Carolina, to add thermal spray and laser cladding capabilities under one roof.
The expansion strategy aims to improve the proximity to key aerospace and power generation customers in North America. The global market is highly competitive due to the presence of several players. Manufacturers are launching new products and entering into contracts with end-users to increase their market share. For instance, in January 2022, Advanced Nanotech Lab secured a USD 15 million contract for its ceramic-based coatings to be supplied to a major automotive player. Such contracts with end-user companies can provide a reliable product demand for the market players.
Thermal Spray Coatings Market Report Highlights
Chapter 3 Thermal Spray Coatings Market Variables, Trends, and Scope
3.2 Thermal Spray Coatings Market Dynamics
3.3 Penetration & Growth Prospect Mapping
3.6.1.1 Increasing demand for industrial gas turbines
3.6.1.2 Increasing preference over hard chrome coatings
3.7 COVID-19 impact on the thermal spray coatings market
3.8 Business Environment Analysis: Thermal Spray Coatings Market
3.11 List of regulations, by raw material
Chapter 4 Thermal Spray Coatings Market: Product Estimates & Trend Analysis
4.1 Thermal spray coatings market: Product movement analysis, 2021 & 2030
Chapter 5 Thermal Spray Coatings Market: Technology Estimates & Trend Analysis
5.1 Thermal spray coatings market: Technology movement analysis, 2021 & 2030
5.5 High Velocity Oxy Fuel (HVOF)
Chapter 6 Thermal Spray Coatings Market: Application Estimates & Trend Analysis
6.1 Thermal spray coatings market: Application movement analysis, 2021 & 2030
Chapter 7 Thermal Spray Coatings Market: Regional Estimates & Trend Analysis
7.1 Thermal spray coatings market: Regional movement analysis, 2021 & 2030
8.1 Key global players & recent developments & their impact on the industry
8.3 List of key companies, by region
8.4 List of key companies, by technology/product
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900