According to the new market research report, “Thermal Spray Coatings Market,” this sector is expected to grow from USD 7.6 billion in 2020 to USD 10.7 billion by 2025, at a CAGR of 7.0%.
According to research firm, MarketsandMarkets, the expected growth of the thermal spray coatings market is attributed to increasing consumption of coating treatments for components in the aerospace, automotive, and other end-use industries.
The aerospace industry is projected to register the highest CAGR, in terms of value. Automotive is another big industry which consumes thermal spray coatings. The health care industry has also become a major consumer of thermal coating for medical device equipment.
However, there is a lack of knowledge and technical skills that’s restraining the growth of thermal spray coatings market. Additionally, the recent outbreak of Covid-19 has resulted in closures of some manufacturing facilities across the globe, which has also effected this market.
Based on materials, the thermal spray coatings market has been segmented into ceramics, metals and alloys, and others (such as carbides, composites and polymers). Ceramics material is projected to have largest share in the thermal spray coatings market during the forecast period. The growing demand for ceramics relates to properties such as thermal resistance, corrosion resistance and other.
The thermal spray coatings market in this report was studied for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is currently the largest consumer of thermal spray coatings market. Reasons for this include 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, health care, and others.
A few of the key players operating in the thermal spray coatings market include: Bodycote, Praxair Surface Technologies, Inc, BodyCote, Gartner Thermal Spraying, Plasma-Tec, Inc., AMETEK Inc., BryCoat Inc., Thermal Spray Technologies, Inc., and others.