Thermal Spray Coatings Market Growth, Trends, and Forecast 2019-2024: Increased Usage of Thermal Spray Coatings in Medical Devices – ResearchAndMarkets.com

The "Thermal Spray Coatings Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.

The market for thermal spray coatings is expected to grow at a CAGR of 6.47% during the forecast period of 2019 - 2024

The market's growth is primarily driven by the extensive usage of thermal spray coatings in the aerospace sector, primarily for components, such as jet engine components, landing gear, and turbine blades, along with increasing usage of components, such as cylinders, engine parts, transmission components, and suspension systems (to enhance their thermal efficiency, coefficient of friction, sliding wear and corrosion resistance power, and longevity of the components) in the automotive industry.

• The increasing applications in the oil and gas industry, advancements in spraying technology, and recycling of thermal spray processing materials are expected to provide numerous opportunities for the manufacturers in the market studied.
• The aerospace segment accounted for the largest share, contributing 35%, in terms of revenue, in 2018.

Key Market Trends

Increasing Demand from Aerospace Industry

• In the aerospace sector, thermal spray coatings are extensively used as protective coatings to protect aircraft components and repair the old ones. Usage of thermal spray coatings for aircraft gas turbines provides various advantages, such as better corrosion resistance, resistance from contaminants, improved thermal efficiency, reduced emissions of Nitrogen Oxide (NOX), actuation systems, to provide high thermal resistance and increased component life.
• Thermal sprays are largely employed for several purposes in jet engines components, such as crank shafts, piston rings, cylinders, valves, and so on. In addition to these, they are also applied in the coating of landing gear (bearings and axles inside the landing gear), to withstand the forces during landing and take- off.
• Most of the superalloy materials, used for the manufacture of aircraft components and equipment, possess good oxidation characteristics but are not corrosion and erosion resistant. Aviation components are subjected to harsh environments, exceptionally high heats, and pressures and abrasive chemicals. Thermal spray coatings play a huge role in protecting expensive engine components, by extending component life and improved performance.
• Thermal spray coatings, such as zirconium oxide, aluminum bronze, cobalt- molybdenum, are used for coating purposes in rocket combustion chambers, compressor air seals and high pressure nozzles, respectively. In addition, coatings of chromium cobalt, aluminum oxide, and chromium carbide, are employed in turbine air seals, fuel nozzles, and turbine vanes. High Velocity Oxy- Fuel (HVOF) spray and plasma spray processes are the majorly used processes in this sector.
• The aerospace industry is growing at a steady rate with the global aircraft fleet, expected to double over the coming twenty years, with the total fleet reaching a total of 48,540 aircrafts by 2037 from 24,400 in 2017 (according to estimates by Boeing). Asia- Pacific and Middle East & Africa regions are expected to witness rapid expansion in the aviation sector, owing to rising consumer incomes and investments in transportation infrastructure in near future.
• All the above factors are expected to boost the consumption of thermal spray coatings in the aerospace industry, during the forecast period.

North America to Dominate the Market

• North America represented the largest regional market for global thermal spray coatings market in 2017. The U.S. is expected to remain the major market for thermal spray coatings in the region owing to the increasing demand for improved performance at competitive costs and meeting all the regulations and industry standards.
• The United States is the second largest market for the sales of automobiles in the world. The sales of automobiles in the country recorded a robust growth until 2016. With the growth rate of 5.95% in 2015, the growth slowed down to 0.11% in 2016, due to the low demand for passenger cars. Furthermore, the sales of new motor vehicles in the country decreased by 1.58% in 2017 and reached a total of 17,583,841 units. This slightly reduced the demand for thermal spray coatings in the US market, although a huge demand remains from this market still.
• The strong exports of aerospace components to countries such as France, China and Germany along with robust consumer spending in the United States is driving the manufacturing activities in the aerospace industry.
• According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 8,270 in 2037, owing to the growth in air cargo. Additionally, the US mainliner carrier fleet is expected to witness growth at a rate of 54 aircrafts per year as the existing fleet is getting older.
• All the aforementioned factors, in turn, increase the demand for thermal spray coatings in the region during the forecast period.

Competitive Landscape

The global thermal spray coatings market is fragmented in nature, with intense competition among the top players to capture the major share in the global market. Most of the market leaders are vertically integrated, with a broad product portfolio of materials, equipment, and others that are a part of the overall thermal spray coatings market.,

Key Topics Covered:

1 INTRODUCTION

1.1 Study Deliverables

1.2 Study Assumptions

1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Drivers

4.1.1 Increasing Thermal Spray Coating Applications and Expanding Automotive Manufacturing Sector in the Asia-Pacific Region

4.1.2 Increased Usage of Thermal Spray Coatings in Medical Devices

4.1.3 Rising Popularity of Thermal Spray Ceramic Coatings

4.1.4 Replacement of Hard Chrome Coating

4.2 Restraints

4.2.1 Emergence of Hard Trivalent Chrome Coatings

4.2.2 Issues Regarding Process Reliability and Consistency

4.2.3 Stringent Government Regulations for Thermal Spray Coatings

4.3 Industry Value-Chain Analysis

4.4 Porters 5 Force Analysis

5 MARKET SEGMENTATION

5.1 Powder Coating Materials

5.1.1 Ceramic Oxides

5.1.2 Carbides

5.1.3 Metals

5.1.4 Polymers and Other Powder Coating Materials

5.2 Process

5.2.1 Combustion

5.2.2 Electric Energy

5.3 End-user Industry

5.3.1 Aerospace

5.3.2 Industrial Gas Turbines

5.3.3 Automotive

5.3.4 Electronics

5.3.5 Oil and Gas

5.3.6 Medical Devices

5.3.7 Energy and Power

5.3.8 Other End-user Industries

5.4 Geography

6 COMPETITIVE LANDSCAPE

6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements

6.2 Market Share Analysis

6.3 Strategies Adopted by Leading Players

6.4 Company Profiles

6.4.1 A&A Thermal Spray Coatings

6.4.2 AMT AG

6.4.3 ASB Industries Inc.

6.4.4 Bodycote

6.4.5 Chromalloy Gas Turbine LLC

6.4.6 Cincinnati Thermal Spray Inc.

6.4.7 F.W. Gartner Thermal Spraying

6.4.8 Flame Spray Coating Co.

6.4.9 Kennametal Inc.

6.4.10 OC Oerlikon Management AG

6.4.11 Plasma-Tec

6.4.12 Praxair S.T. Technology, Inc.

6.4.13 Precision Coatings Inc.

6.4.14 Progressive Surface

6.4.15 Surface Technology

6.4.16 TOCALO Co. Ltd

6.4.17 TST Engineered Coating Solutions

6.4.18 TURBOCOATING SpA

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

7.1 Increasing Applications in the Oil and Gas Industry

7.2 Advancements in Spraying Technology (Cold Spray Process)

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