Thermal Spray Coating Market Size

Thermal Spray Coating Market Size

Global Thermal Spray Coatings Market size was worth over $8 billion in 2016, with an anticipated CAGR of 6.5% through the forecast period. The industry expects consumption at over 900 kilo tons by 2024. Enhanced machinery performance along with the reduction of the overall operational costs are the key factors fueling the market growth./p>

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Necessity to improve machinery component durability to avoid high replacement cost in several end-use industries including aerospace and energy & power will propel the thermal spray coating market. Superior properties including high corrosion, wear and heat resistance achieved through these flame spray coatings improves the overall machinery lifespan./p>

Stringent regulations by REACH, EPA, and OSHA regarding the curtailment of hard chrome plating use due to the increasing health issues are influencing the coating manufacturers to adopt sustainable solutions. Also, non-uniformity in the surface along with the inclusion of hexavalent chromium, which is carcinogenic in nature has led to the replacement of hard chrome plating with thermal spray coatings./p>

Growth in aerospace and automotive sectors particularly in North America will propel thermal spray coatings market share. As per industry estimates, the U.S. civil aviation spending was over USD 79 billion in 2015 and is set to register growth over 6.5% through 2024. Rising adoption of advanced and highly specialized products & materials among manufacturers to improve equipment productivity will drive market demand./p>

The top 100 aerospace & defense companies registered over USD 700 billion revenue in 2016; these companies cumulatively gained a profit of USD 65 billion from the previous year. Spending a large amount of money on commercial as well as on the defense aircraft will propel the demand for thermal spray coating market.
 

The other lucrative industries using thermal spray coatings are automotive and healthcare. Requirements to install sustainable components to gain the long-term profitability are driving the preference for flame spray coatings over hard chrome plating. In the healthcare industry, regulatory compliances are majorly influencing product demand. Need to meet regulatory guidelines pertaining to health impact on the use of any machinery is propelling the thermal spray coatings market growth.
 

Efficient EMI/RFI shield providing protection against interference particularly for medical equipment will fuel the thermal spray coating market growth. Healthcare industry expansion owing to growing geriatric population and rising disease occurrences will support industry demand. As per Eurostat, elderly population accounted for more than 19% among the total European Union in 2016.
 

Increasing R&D spending for development in new treatment methods and medical equipment will propel product demand. Increasing need to protect steel duct from sulfuric acid and corrosive gasses across chemical industries is another factor driving industry growth.
 

Stringent government regulations regarding protection of medical tools and components will positively influence the thermal spray coatings market value. For instance, in 2017, (EU) 2017/745 and (EU) 2017/746 were implemented to ensure a prominent level of health and safety protection for citizens using medical equipment.
 

Rising penetration of flame spray coatings in the power & energy sector providing longer operational life to gas turbines and power generators will propel the thermal spray coating market sales. In addition, high application scope in solar energy generation, industrial gas turbines, and solid oxide-fuel cells will propel industry demand.
 

Fluctuating crude metal prices due to changing economic conditions are among the major factors influencing thermal spray coating market price. Increasing concerns to minimize overspray and material wastage may restrain the industry demand. Emergence of substitutes including liquid coatings that hold superior capability to cover inside corners and hard to reach surfaces may further hamper business growth.