Thermal Spray Coatings Market Growth & Trends
The global thermal spray coatings market size is projected to reach USD 14.1 billion by 2028, registering a CAGR of 4.1% over the forecast period, according to a new report by Grand View Research, Inc. The global market is anticipated to be driven by the increasing product application scope owing to advantages, such as wear and corrosion protection, low toxic gas emissions, thickness capability, and electrical resistance.
Thermal spraying is used to improve or restore the surface of a solid material. It can also be used for applying coatings to a wide range of components and materials for better resistance against cavitation, wear, abrasion erosion, and heat. Approximately, 40 to 45% of paints & coatings produced globally are used as protective and decorative paints in the architecture industry. These can be used either for existing or newly constructed structures including monuments, private offices, residential buildings, plants & factories, and public buildings.
China, India, and Indonesia are majorly contributing to the growth of the construction industry in Asia Pacific. The rising population coupled with rapid urbanization & industrialization, especially in the aforementioned economies, has encouraged governments to increase their construction spending and boost infrastructural development. Furthermore, the rising popularity of powder-based coatings owing to the low cost is also significantly contributing to the growth of the global coatings market. Various rules are applicable, in terms of the manufacturing of coatings, due to the carcinogenic and flammable nature of solvents.
However, powder-based coatings are eco-friendly as they contain no solvents and hence do not lead to Volatile Organic Compounds (VOCs), which cause air pollution. The Covid-19 pandemic has severely disrupted supply chains and sharply curtailed product demand. Restriction in transportation and supply due to slowdown or halting of factories and partial or nationwide lockdowns in several countries to restrain the spread of the coronavirus are expected to have an adverse impact on market growth.
Thermal Spray Coatings Market Report Highlights
- The aerospace application segment dominated the market with a revenue share of 32.2% in 2020
- The high growth is attributed to the wide product usage in aerospace applications as it helps reduce the high-temperature effects on components and increase their lifespan
- Ceramics was the dominant product segment and accounted for the highest revenue share in 2020
- This growth is credited to the high demand for these products from the industries, such as healthcare, aerospace & defense, energy, and industrial goods
- The global market is highly competitive because of the presence of several medium- and small-scale companies across the globe
- Key manufacturers focus on developing innovative formulas to offer diverse and high-quality products