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Market Overview
According to the latest report, in 2021, the global thermal spray market size is valued at USD 10.23 billion and is estimated to grow at a significant CAGR of 8.00% along with market size of USD 17.63 billion during the forecast period 2021-2027.
Thermal spraying is a process of the coating including the formation of substrates in a semi-molten state and molten state. It offers thick coatings up to 20mm over a large area and deposition rate compared to other coatings. These are used for a protective or decorative coating in various substrates like ceramics, metals, polymers, intermetallic, carbides, abradable, and others. It has superior characteristics like raised shelf life, significant engineering performance, and low cost making them a preferable substitute compared to other coatings. Thermal spraying is corrosion resistant and biocompatible for the biomedical industry which makes it ideal to use in bioceramic coatings in implant manufacturing. The U.S Food and Drug Administration (FDA) observed this spraying process in orthopedic devices like hydroxyapatite (HA), plasma-sprayed titanium (Ti) coatings, and also dual Ti/HA coatings.
This spraying is highly demandable in various end-use industries like automobiles, aerospace, steel, oil & gas, medical, and printing which is accelerating the market growth. A wide range of applications in industries like protection against wear and corrosion, electrical resistance, thickness, and low toxic gas emissions are rising and are predicted to drive market growth. These coatings are adopted in biomedicines and surgical equipment is effectively rising the equipment wear resistance and providing the biocompatibility of prostheses and dental implants leads to escalating the growth of the market.
The thermal spray market opportunities are rising application of metals in various sectors is boosting the demand for coatings and further increases the market growth.
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Market Segmentation
The thermal spray market is partitioned into three segments product type, application, and technology.
Product Type Segmentation: The thermal spray market based on the product type is classified into various forms like metals, ceramics, intermetallic, polymers, carbides, abradable, and others.
Application Segmentation: By application, the thermal spray market is categorized into several types like automotive, aerospace, industrial gas turbine, medical, printing, oil & gas, steel, pulp & paper, and others.
Technology Segmentation: Based on the technology, the thermal spray market is sectioned into cold spray, flame spray, plasma spray, HVOF, electric arc spray, and others.
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Regional Analysis
Based on the recent research, the global thermal spray market is analyzed into five major regions such as Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa. Out of these regions, Asia-Pacific is expected to be the fastest-growing region due to the rising population and growing per capita disposable income in the developing countries is fostering the market growth. Meanwhile, in India and China, there is a high increase in the aerospace and automobile industry which enhances the growth of the market. Apart, rising demand from oil & gas industries in emerging nations like India and China is bolstering the market growth in this region. North America is leading the largest market share due to the developed industries like automobiles, aerospace, and pharmaceuticals.
The thermal spray market’s key competitors are Flame Spray Coating Company, A & A Thermal Spray Coatings, Praxair Surface Technologies, Inc, Plasma tec, Inc, and others.
Industry News
As per the latest updates, the thermal spray market forecast states that the coating sector is expected to reach immense growth in the assessment period due to their superior characteristics and rising demand for these coatings in a wide range of applications like medical devices, automotive, aerospace, and more. Moreover, manufacturers are working hard for the development of the thermal spray market through various expansions, investments, acquisitions, and product launches.
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