Selbyville, Delaware,, Nov. 19, 2024 (GLOBE NEWSWIRE) -- The thermal spray service market revenue to cross USD 3.9 billion by 2032, as reported in a research study by Global Market Insights Inc. This growth is largely driven by the rising demand for high-performance coatings in key industries such as aerospace and automotive, where durability, wear resistance, and thermal protection are crucial.
Technological advancements in thermal spray techniques, particularly High-Velocity Oxy-Fuel (HVOF) and plasma spraying, significantly enhance the thermal spray service market. These methods provide coatings with superior properties that meet the evolving needs of various industries. Additionally, sectors like oil and gas, energy, and power increasingly seek corrosion-resistant coatings to protect their equipment from harsh environments, thus extending their operational lifespan.
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In terms of technology, the HVOF segment was valued at over USD 1 billion in 2023 and is expected to reach USD 1.5 billion by 2032. HVOF technology supports a wide range of materials, including metals, alloys, ceramics, and carbides. This versatility allows service providers to tailor coatings to meet specific industrial requirements, driving the demand for high-performance solutions. Industries such as aerospace, oil and gas, and energy rely on HVOF coatings for their remarkable resistance to wear, corrosion, and extreme temperatures, essential for the longevity of critical components like valves, turbine blades, and pumps.
Regarding end-use applications, the aerospace sector accounted for over 32% share of the thermal spray service market in 2023 and is projected to witness 33% CAGR up to 2032. Aerospace components, such as turbine blades, landing gear, engine parts, and exhaust systems, are subjected to extreme conditions, including high temperatures and corrosive environments. To enhance the durability of these parts, thermal spray coatings like HVOF and plasma spraying are applied, improving operational efficiency and ensuring compliance with stringent safety and performance standards.
In 2023, North America held around 43% share of the thermal spray service market with expectations to reach USD 1.7 billion by 2032. The automotive industry in North America is particularly influential, as thermal spray coatings improve the performance and longevity of essential components like engine parts, exhaust systems, and transmissions. As automakers focus on enhancing fuel efficiency, reducing emissions, and improving vehicle performance, the demand for advanced coating solutions, especially thermal spraying, is expected to rise.
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Partial chapters of report table of contents (TOC):
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Technology, 2021-2032 (USD Billion)
5.1 Key trends
5.2 HVOF (High Velocity Oxy-Fuel Spraying)
5.3 Combustion flame spraying
5.4 Plasma spraying
5.5 Vacuum plasma spraying
5.6 Others (Two-Wire Electric Arc Spraying, Etc)
Chapter 6 Thermal Spray Service Market Estimates & Forecast, By Coating Material, 2021-2032 (USD Billion)
6.1 Key trends
6.2 Metals and alloys
6.3 Ceramics
6.4 Composites
6.5 Polymers
6.6 Others (Carbides, Cement, Etc)
Chapter 7 Market Estimates & Forecast, By Application, 2021-2032 (USD Billion)
7.1 Key trends
7.2 Onsite
7.3 Offsite
Chapter 8 Market Estimates & Forecast, By End-Use, 2021-2032 (USD Billion)
8.1 Key trends
8.2 Aerospace
8.3 Automotive
8.4 Electronics
8.5 Biomedical
8.6 Manufacturing
8.7 Oil & gas
8.8 Energy & power
8.9 Others (Medical devices, Etc)
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
