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Thermal Spray Materials Market - Growth, Trends, and Forecast (2022 - 2030)
SKU ID : INH-14244434 | Publishing Date : 01-Apr-2019 | No. of pages : 200
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Market Overview
The thermal spray materials market is expected to register a CAGR of 7.14% during the forecast period, 2019 – 2024. Major factors driving the market studied are increasing demand for high performance customized alloy powders in the automotive industry and rising popularity of thermal spray ceramic coatings. On the other hand, issues regarding process reliability and consistency and emergence of hard trivalent coating are expected to hinder the market’s growth.
- The aerospace industry dominated the market in 2018, and it is expected to continue the growth during the forecast period, owing to the increasing demand for passenger travel and increasing production of commercial aircraft across the world.
- Recycling of thermal spray processing materials and advancements in spraying technology are likely to act as the opportunities in the future.
- North America dominated the market followed by Asia-Pacific and Europe across the world, with the largest consumption from the countries, such as United States, China, and Germany, among others.
Key Market Trends
Increasing Demand for High Performance Customized Alloy Powders in the Automotive Industry
- In Asia-Pacific (especially in India), a noticeable market trend is evident in the form of increased demand for high performance customized alloy powders. This is particularly evident in the automotive industry, where high-performance engine components, such as turbochargers, require high temperature resistance materials.
- The automotive manufacturing sector in the Asia-Pacific region has been increasing at a strong rate and further growth is expected to be witnessed over the forecast period, owing to the surge in investments and expansion in production facilities in the region.
- Major car manufacturers, such as Chevrolet, Daimler, Jeep, Audi, Volvo, and Kia, have either set up their automotive manufacturing facilities or are planning to start new facilities in the Asia-Pacific region in the near future.
- China is the largest producer of motor vehicles in the world, with more than 27 million motor vehicles produced in 2018. The strong GDP and income growth rate, stronger demands from lower-tier cities, declining prices, and government support for promoting new-energy vehicles are expected to drive the automotive market further.
- Similarly, motor vehicle production in India increased by around 8% during 2018, from 4,792,231 vehicles produced in 2017 to 5,174,645 vehicles in 2018. In India, with increasing demand for vehicles, several automobile manufacturers have started investing heavily in various segments of the industry.
- The thermal spray coatings used for cylinder bores in automotive engines are expected to witness robust demand in the region, over the forecast period. Coatings applied for transmission and suspension parts are also projected to witness a growth in the consumption rates in the Asia-Pacific region.
North America is Expected to Dominate the Market
North America was found to be the major market for the consumption of thermal spray materials, followed by Asia-Pacific and Europe. The domination by the region is majorly owing to the presence of the globally renowned civil and military aircraft manufacturers, such as Boeing, Airbus, and Bombardier, among others. The aerospace manufacturers in the region are highly competitive internationally. Investors in the US aerospace industry are supported by the Federal Aviation Administration’s (FAA) “gold standard” of aviation safety, helping in boosting the confidence of buyers and passengers globally. The moderate growth in the other end-user industries for thermal spray materials is also expected to drive the consumption of thermal spray materials in the region. The aforementioned factors are contributing to the increasing demand for thermal spray materials in the region and the same trend is expected to continue during the forecast period.
Competitive Landscape
The global thermal spray materials market is fragmented, with intense competition among the top players to capture the major share in the global market. The major companies include Oerlikon Metco, Praxair S.T. Technology Inc., Hoganas AB, Kennametal Inc., Sandvik AB, and H.C. Starck GmbH.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
The thermal spray materials market is expected to register a CAGR of 7.14% during the forecast period, 2019 – 2024. Major factors driving the market studied are increasing demand for high performance customized alloy powders in the automotive industry and rising popularity of thermal spray ceramic coatings. On the other hand, issues regarding process reliability and consistency and emergence of hard trivalent coating are expected to hinder the market’s growth.
- The aerospace industry dominated the market in 2018, and it is expected to continue the growth during the forecast period, owing to the increasing demand for passenger travel and increasing production of commercial aircraft across the world.
- Recycling of thermal spray processing materials and advancements in spraying technology are likely to act as the opportunities in the future.
- North America dominated the market followed by Asia-Pacific and Europe across the world, with the largest consumption from the countries, such as United States, China, and Germany, among others.
Key Market Trends
Increasing Demand for High Performance Customized Alloy Powders in the Automotive Industry
- In Asia-Pacific (especially in India), a noticeable market trend is evident in the form of increased demand for high performance customized alloy powders. This is particularly evident in the automotive industry, where high-performance engine components, such as turbochargers, require high temperature resistance materials.
- The automotive manufacturing sector in the Asia-Pacific region has been increasing at a strong rate and further growth is expected to be witnessed over the forecast period, owing to the surge in investments and expansion in production facilities in the region.
- Major car manufacturers, such as Chevrolet, Daimler, Jeep, Audi, Volvo, and Kia, have either set up their automotive manufacturing facilities or are planning to start new facilities in the Asia-Pacific region in the near future.
- China is the largest producer of motor vehicles in the world, with more than 27 million motor vehicles produced in 2018. The strong GDP and income growth rate, stronger demands from lower-tier cities, declining prices, and government support for promoting new-energy vehicles are expected to drive the automotive market further.
- Similarly, motor vehicle production in India increased by around 8% during 2018, from 4,792,231 vehicles produced in 2017 to 5,174,645 vehicles in 2018. In India, with increasing demand for vehicles, several automobile manufacturers have started investing heavily in various segments of the industry.
- The thermal spray coatings used for cylinder bores in automotive engines are expected to witness robust demand in the region, over the forecast period. Coatings applied for transmission and suspension parts are also projected to witness a growth in the consumption rates in the Asia-Pacific region.
North America is Expected to Dominate the Market
North America was found to be the major market for the consumption of thermal spray materials, followed by Asia-Pacific and Europe. The domination by the region is majorly owing to the presence of the globally renowned civil and military aircraft manufacturers, such as Boeing, Airbus, and Bombardier, among others. The aerospace manufacturers in the region are highly competitive internationally. Investors in the US aerospace industry are supported by the Federal Aviation Administration’s (FAA) “gold standard” of aviation safety, helping in boosting the confidence of buyers and passengers globally. The moderate growth in the other end-user industries for thermal spray materials is also expected to drive the consumption of thermal spray materials in the region. The aforementioned factors are contributing to the increasing demand for thermal spray materials in the region and the same trend is expected to continue during the forecast period.
Competitive Landscape
The global thermal spray materials market is fragmented, with intense competition among the top players to capture the major share in the global market. The major companies include Oerlikon Metco, Praxair S.T. Technology Inc., Hoganas AB, Kennametal Inc., Sandvik AB, and H.C. Starck GmbH.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
