Rockville , Aug. 29, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the thermal spray coatings market is expected to reach US $15 Billion by the end of 2032.
Thermal spray coatings refer to a technology where a variety of materials, such as metals, ceramics, polymers, and composites, are heated or melted and then sprayed onto surfaces to create protective or functional layers. These coatings enhance surface properties like wear resistance, corrosion protection, thermal insulation, and more across industries such as aerospace, automotive, energy, and manufacturing.
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The thermal spray coatings market is growing because industries need stronger, longer-lasting components. This is driven by the demand for better performance and durability, especially in aerospace, energy, and manufacturing. Coatings help overcome challenges such as corrosion and wear, making materials last longer and lowering maintenance costs. Thermal spray coatings excel due to their versatility across materials, ability to tailor properties, cost-effectiveness, and efficient, uniform application. They offer distinct advantages over alternatives by providing localized, robust coverage with minimal heat impact on substrates and are applicable to a wide range of industries and components.
Report Attributes | Details |
| Forecast Period | 2022 - 2032 |
| Value Projection (2032) | USD 15 Billion |
| Growth Rate (2022-2032) | 6.6% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 74 Tables |
| No. of Figures | 256 Figures |
Key Takeaways:
- The global growth rate of the thermal spray coatings market is expected to witness a CAGR of 6.6% during the forecast period.
- Besides this, the Asia market is expected to witness a CAGR of 7.2% during the forecast period (2022-2032)
- North America held the largest market share and captured 45% of the global market demand due to high growth in automobile production. Moreover, governments in the US and Canada are funding projects to develop innovative thermal spray coatings.
- Moreover, China is expected to dominate the market and witness the highest CAGR during the forecast period.
The growth of the thermal pray coatings market is driven by increased demand for enhanced surfaces, technological advancements, expanding industrial infrastructure, and a focus on sustainable solutions. - Says FACTMR Expert
Key Companies Profiled in This Report
- Praxair Surface Technologies, Inc.
- Höganäs AB
- H.C. Starck Inc.
- Castolin Eutectic
- Wall Colmonoy Corp.
- Powder Alloy Corp.
- Saint-Gobain S.A.
- Carpenter Technology Corp.
- Fujimi Incorporated
- Durum Verschleiss-Schutz GmbH
Market Competition
Significant fragmentation is observed in the global thermal spray coatings market, leading to intense competition among key players striving to capture substantial global market shares. Most industry leaders follow a vertical integration approach, offering a wide range of thermal spray coatings materials and equipment within their diverse product portfolios. Key companies are also acquiring small players in the market is establish a strong share of the market.
- For instance, In January 2021, Hannecard acquired ASB Industries Inc. based in Barberton, Ohio. Moreover, ASB Industries offers industrial coating services such as thermal spray, plasma spray, and others.
- Moreover, key players are entering into contracts with other major end-user companies to establish a strong market share. For instance, Praxair Surface Technologies Inc. signed an agreement with Siemens in March 2020.
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Winning strategies
- Key players should focus on various aspects such as innovation & R&D. More companies should focus on continuous innovation in thermal spray technologies and materials to stay ahead. Moreover, the key players should diversify their range of coating materials to meet varied industry demands.
- Besides this, there are other strategies that companies should focus on such as custom solutions. For instance, companies should develop tailored coatings by collaborating closely with clients for unique challenges.
- Key companies should ensure consistent quality and adhere to industry standards and certifications.
Explore More Related Studies Published by Fact.MR Research:
Carbon Fiber Coatings Market: Carbon fiber coatings market is estimated to grow at a CAGR of 5.8% during the forecast period.
Steel Pipe Coatings Market: The global steel pipe coatings market is estimated to be valued at US$ 8.8 billion in 2023 and it is expected to grow at a CAGR of 4.7% to reach US$ 14.0 billion by the end of 2033.
Metal Coatings Market: The global metal coatings market is estimated at USD 15.3 Billion in 2022 and is forecast to reach USD 30.8 Billion by 2032, growing at a CAGR of 6.9% during 2022-2032.
About Fact.MR
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we delivers deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empowers businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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