FELTON, California, Feb. 6, 2019 /PRNewswire/ -- The global Thermal Spray Coatings Market is expected to reachUSD 14.99 billion by 2025. The market is driven by factors such as rise in use of thermal spray coatings in automotive and aerospace industries coupled with use of thermal spray coatings for medical and biomedical devices
In addition, shift in consumer preferences coupled with rising application in engineering coatings, wear resistant coatings, biomedical, semiconductors, and food processing are expected to supplement the demand. The global market for thermal spray coatings was valued at 8.38 billion in 2016 and continues to grow on account of enlarged demand from automotive sector.
The market is expected to witness several opportunities in the near future due to versatility offered by the product and safety features enable untapped opportunities to various companies in the forecast period. However, stringent emission standards and regulations existing in various countries coupled with low investments on R&D activities and dearth of technical proficiency leading to inaccuracy in results are likely to create obstacles for future market growth.
Coating technologies are crucial from industrial point of view and thermal spraying is constantly on rise, since coatings enable cost-savings under combination of base materials with coating materials to suffice operational demands on components surfaces. To remain competitive in the market, it is important for the surfaces to maintain durability, being a bit resistant to corrosion by having electrical, optical, and thermal properties retained for a longer duration. Therefore, surface treatments and thermal spray coatings have an important role to play in this regard.
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The market is quadfurcated into material, process, application, and geography. "Medical application" segment accounted for a strong position in the current period and is expected to grow in terms of revenue in the forecast period on grounds of rise in demand for better healthcare facilities. Geographical segmentation for thermal spray coatings market spans North America, South America, Europe, Asia-Pacific, Middle East and Africa.
North American thermal spray coating market is expected to lead in the global market scenario owing to presence of automobile sector & rise in consumer safety coupled with shale gas explorations in this region. South America is another major market in the U.S. with Mexico having a major presence of aerospace sector.
European market is likely to gain positive traction in the forthcoming period due to wider presence of technology, aerospace, automotive infrastructure. Moreover, the market is likely to grow owing to favorable environment norms, and regulations and rise in disposable income.
Asia-Pacific's thermal spray coatings market is anticipated to rise at a positive CAGR due to constant usage of spray coatings in industrial engineered components. Oil and gas explorations for production of thermal spray is likely to contribute to the APAC's market growth. China, India, South Korea, and Japan are expected to account for higher growth opportunities.
Middle East and African regions are expected to gain staggering growth in the forecast period due to continuous developments in automotive sector, rise in consumer spending and presence of wide pool of consumers. The key players in the thermal spray coatings Industry include Praxair Surface Technologies, Cincinnati Thermal Spray Inc, Air Products & Chemicals, TWI Ltd, Oerlikon Metco Group, Plasma-Tech, Bodycote Plc, ASB Industries, Metallisation Ltd and Thermal Spray Technologies Inc.
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SOURCE Grand View Research India Pvt Ltd
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