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The global thermal spray coatings market is expected to reach the value of $7.6 billion at the end of 2016, rising at a compound annual growth rate (CAGR) of 5.9%, according to a report by Persistence Market Research. The market was valued at $7.56 billion 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.
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.
The demand for thermal spray coating is expected to rise as companies look for superior surface property to extend the life of their products. However, the line-of-sight coating process has its limitations, allowing only coating of 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. The aerospace segment is expected to reach a value of $4.7 billion by the end of 2024, with the market value of 37.4%. The industrial gas turbines segment 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.