Thermal Spray Market: Current Analysis and Forecast (2021-2027)

Thermal Spray Market: Current Analysis and Forecast (2021-2027)

The global thermal spray market is expected to showcase a growth of ~5% during the forecast period (2021-2027). Thermal spray coating is applied to wide range of materials and components to protect the substrate from unwanted conditions like wear, erosion, cavitation, and corrosion to name a few. In addition, depending upon the material used for the coating, the process can be used to provide electrical conductivity or insulation, lubricity, high or low friction, chemical resistance, and many other desirable surface properties. Thus, with increasing engineering application across the industries such as, aerospace, automotive, and other manufacturing industries in order to improve the performance of machineries is driving the market of thermal spray. Since increase in machines in the industry, increases the possibility of component repair or replacement.

Besides, growing aerospace, marine, chemical, and myriad of other industries owing to increasing trade and growing population couple with increasing disposable power, is increasing the demand of thermal coating. For instance, the global automobile production increased to 95.6 million unit in 2018 compared to 90.8 million unit in 2015. Thus, increasing the application of thermal spray coating in the automobile industry. However, due to unfavorable conditions including COVID-19, the global automobile industry is witnessing decline in production in the last couple of years which has affected the performance of thermal spray coating.

Insights Presented in the Report

“Amongst product type, coating held prominent share in the market in 2020.”

Based on product type, the market is categorized into coating and equipment. Among these, coating held the prominent share in the market. This can be attributed to large and frequent demand of coating materials. Further, high cost of coating materials is helping the category to hold the significant share in the market.

“Amongst industry, aerospace held prominent share in the market in 2020.”

Based on industry, the market is categorized into aerospace, automotive, healthcare, agricultural machineries, energy & power, electronics, and others. Among these, aerospace industry held the significant share in the market and is likely to hold significant share in the market during the forecast period owing to increasing aerospace industry and large backlog of aircrafts which is bringing pressures on aircraft manufacturers to speed up the production in order to reduce the growing backlog. For instance, The Boeing Company aircraft 737 has a backlog of 3,334 airplanes whereas aircraft 787 has a backlog of 413 airplanes.

“North America captured significant position in the Thermal Spray market”

For a better understanding of the market adoption of Thermal Spray, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America held the significant share in the global thermal spray market owing to presence of large number of thermal spray coating service provider couple with awareness among companies regarding the benefits of thermal coating.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive country level analysis of the industry