The global thermal spray coatings market is estimated to be USD 7.6 billion in 2020 and is projected to reach USD 10.7 billion by 2025, at a CAGR of 7.0%. The growth of the thermal spray coatings market is attributed towards increasing consumption of thermal spray coatings from aerospace, automotive and other end-use industries. However, lack of knowledge and technical skills is restraining the growth of thermal spray coatings market. Additionally, recent outbreak of Covid-19 has resulted in shutting of manufacturing facilities across the globe which will have severe effect on the Thermal spray coatings market.
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Based on end-use industry, the thermal spray coatings market has been segmented into aerospace, automotive, healthcare, agricultural machinery, energy & power, electronics and others. Among these aerospace industry is projected to have largest share in the market during the forecast period. There is a boom in aerospace industry due to demand backlog which is almost equal to 10 years. Automotive is another big industry which consumes thermal spray coatings. Moreover, increasing automotive production in many regions is expected to drive the growth of thermal spray coatings market. Healthcare industry is the major consumer of thermal spray coatings market.
In materials, ceramic material is to register highest CAGR and will be the largest contributor towards thermal spray coatings market. The growing demand for ceramic material is due to its cost efficiency and easy availability. The growth is also driven by the growth in aerospace, healthcare, automotive and other end-use industries. Metals & Alloys material is most commonly preferred after ceramics. Metal & Alloys to be the second largest material which is been consumed in thermal spray coatings market during the forecast period. The cost of materials is low in North America & European regions due to easy availability of raw materials, but in Asia Pacific and Middle East & Africa regions the cost is almost 35% higher.
North America to lead Thermal Spray Coatings market during the forecast period.
The thermal spray coatings market has been studied for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is the largest consumer of thermal spray coatings market. The global thermal spray coatings market has witnessed a significant growth. This created huge opportunities for the consumption of thermal spray coatings in North America. Urbanization, modernization, technological advancement and increase in personal disposable income of the consumers in this region is also driving the use of thermal spray coatings in various end-use industries such as aerospace, automotive, healthcare and others.
Praxair Surface Technologies, Inc (US), BodyCote (UK), Oerlikon Metco (Switzerland), Surface Technology (UK), H.C Starck Gmbh (Germany), F.W. Gartner Thermal Spraying (US), Arc Spray (Pty) Ltd (South Africa), Metallisation Limited (UK), Plasma-Tec, Inc. (US), C&M Technologies GmbH (Germany), AMETEK Inc. (US), Flame Spray SpA (Italy), BryCoat Inc. (US), Thermal Spray Technologies, Inc. (tst) (US) are the key players operating in the thermal spray coatings market.
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