The global thermal spray materials market, which recorded approximately US$1.5 billion in value towards the end of 2021, is showing robust growth potential. A recently released report analyzes the key factors propelling this markets progress through 2027.
Rising Preference for Thermal Spray Materials over Chrome Plating
While chrome plating has been a popular choice due to its corrosion resistance, oxidation, tear resistance, and dimensional reclamation properties, limitations related to thickness build-up and operational performance have hindered its demand. Environmental concerns surrounding the disposal of chrome plating by-products have also led to the discovery of alternative processes that offer similar or superior plating characteristics without these limitations. Thermal spray materials have emerged as a suitable alternative to chrome plating, offering high durability and resistance to micro cracking within coating layers. This shift from chrome plating to thermal coating technology is expected to drive the growth of the thermal spray materials market.
Ceramic Gaining Traction in Thermal Spray Materials Market
Ceramic materials are experiencing increasing demand, particularly in the biomedicine sector. Additionally, their use is growing across industries such as automotive, aerospace, and manufacturing due to their high heat resistance, superior corrosion resistance, and cost-effectiveness. These factors are contributing significantly to the growth of the thermal spray materials market.
Asia Pacific: A Thriving Hub for Thermal Spray Materials Market
The Asia Pacific region is emerging as a lucrative destination for businesses across various industries. Factors such as easy access to raw materials, low labor and land costs, a growing population, and a business-friendly environment have propelled the rapid development of emerging nations in the region. Industries such as automotive, electronics, healthcare/medical devices, and aerospace have witnessed significant growth in the region, creating potential opportunities for businesses supplying products and services to these industries.
China and India Lead Asias Thermal Spray Materials Market
China, a major player in aerospace and automobile manufacturing, is expected to drive substantial growth in the Asia Pacific thermal spray materials market. Chinas aircraft production holds a significant share in the countrys GDP, making it a leader in the thermal spray materials market. Additionally, India, with increasing investments in the aerospace industry, is set to contribute significantly to the markets revenue share. The country has also attracted substantial foreign direct investment in the air transport sector, further fueling demand for thermal spray materials.
Competitive Landscape
Leading companies in the thermal spray materials market are actively engaged in collaborations, acquisitions, and mergers to strengthen their market position. For instance, in 2020, Paragon Partners acquired shares of Castolin Eutectic to enhance its presence in coating technologies. Similarly, in January 2022, Integrated Global Services Inc. acquired GE Steam Powers on-site thermal spray coating technology to expand its geographical reach and market positioning.
Key players in the thermal spray materials market include APS Material Inc., Hoganas AB, Kennametal Inc., Linde Plc, Integrated Global Services Inc., KCC Corporation, Coorstek Inc., and Morgan Advanced Materials Plc.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/thermal-spray-materials-market
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