The global thermal spray coatings market is predicted to expand at a staggering CAGR over the forecast period (2018-2023) owing to its extensive use in the healthcare sector, asserts Market Research Future (MRFR). Thermal spray coatings comprise a heat source which melts the coating material into wire, powder, or rod form and sprayed onto the substrate at high velocity. They are used to improve and enhance the characteristics of the substrates by imparting resistance against erosion, corrosion, wear, cavitation, abrasion, or heat.
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Drivers and Constraints Impacting the Market
Thermal spray coatings offer advantages such as high deposition rate, thick coatings, and low emission of toxic gas over surface treatment processes like anodizing, nickel and chrome plating, weld overlay, and nitride or heat treat processes. They are used across several end-use industries like automotive, energy & power, agriculture, electronics, industrial, healthcare, and aerospace. Need to improve the durability of machine component in order to avoid high replacement cost at a later stage is expected to foster the market growth.
On the flip side, growing concern to minimize overspray and wastage of materials is anticipated to inhibit the market growth. Moreover, emergence of substitutes like liquid coatings which can cover the inside corners and hard-to-reach surfaces is likely to hamper the business growth.
Global Thermal Spray Coatings Market: Segmental Analysis
The global thermal spray coatings market has been segmented on the basis of heat source, coating material, end-use industry, process, and region.
By mode of coating material, the market has been segmented into carbide, ceramic, cermet, metal & alloys, polymer, and others. Among these, the metal and alloys segment holds the major market share due to its wide acceptance in several applications like automotive components, protecting buildings and bridges, healthcare components, and others.
By mode of heat source, the market has been segmented into electrical energy and combustion flame. Among these, the use of electrical energy is extensively preferred in several applications due to its fast deposition rates, eco-friendly nature, and larger surface area coverage.
By mode of process, the market has been segmented into electric arc spray, plasma spray, high-velocity oxy-fuel, flame spray, old spray, and others. Among these, the electric arc spray segment is the most commonly used process owing to its cost-effective nature in several end-use industries.
By mode of end-users, the market has been segmented into construction, energy & power, industrial, aerospace, electronics, agriculture, automotive, healthcare, and others. Among these, the aerospace, automotive, and industrial collectively accounts for the major share due to its eco-friendly nature and superior performance over other types of coatings.
Asia Pacific is anticipated to hold the major market share in terms of consumption and size owing to rapid industrialization due to the growing economies and relaxed investments. Moreover, China, Japan, and India are the major contributors to the market growth in this region.
North America is accounted to hold the second largest position and is expected to show a considerable growth rate over the forecast period. End-use industries such as industrial, agriculture, energy & power, aerospace, and health care are predicted to contribute to the market growth.
Europe is another major market and is anticipated to drive the demand to some extent over the coming years. End-use industries such as agriculture and automotive are likely to contribute to the market growth.
A thermal spray coating manufacturer has spent nearly $10 million at its Fountain Inn plant is expanding, creating more than a dozen jobs in the next three years in Laurens County. Fire Spray North America, established in 2011, will spend $4 million and hire 30 new employees within the next three years. A subsidiary of Italian firm Flame Spray S.p.A., the company also has holdings in Croatia, Hungary, and Italy.
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