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(I-AutoNewsWire.com, September 08, 2021 ) Thermal spray coatings market is to be dominated by North American region focusing majorly on US. In materials segment includes ceramics, metals & alloys and others (carbides, composites and polymers).Ceramic material is going to dominate the market for the forecast period and also register fastest growing rate in the market.The global thermal spray coatings market size is estimated to grow from USD 7.6 billion in 2020to USD 10.7 billion by 2025, at a CAGR of 7.0%.There ishigh demand forthermal spray coatingsfrom the aerospace, automotive, energy & power and electronics end-use industrieswhich is driving the market.However, the recent outbreak of Covid-19 has resulted in shutting of manufacturing facilities across the globe which will have severe effect on the Thermal spray coatings market.
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Major economies such as China, US, South Korea, Italy, Spain and others had been severely affected from the pandemic of Covid-19. However, seeing the tradition of MERS (Middle EastRespiratory Syndrome), SARS (Severe Acute Respiratory Syndrome) and H1N1 (Swine influenza) which lasted not more 1-2 years, Covid-19 is also expected to remain for same time period. Additionally, vaccine trails for Covid-19 on humans are approved for the countries including Germany, US, UK and China. These factors are expected to stabilize the economy of the world in the near future.
The thermal spray coatings market has been segmented on the basis of end-use industry.Among the end-use industries, Aerospace industryis the largest consumer of thermal spray coatings market.This high growth is attributed towards increasing consumption and demand backlog of major manufacturers such as Boeing and Airbus.Healthcare industry is expected to register highest CAGR during the forecast period.
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In terms of geographic coverage, the thermal spray coatings market has been segmented into five key regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.North Americais the largest consumer of thermal spray coatings market. This is due to the growing aerospace, automotive and other industries. The development of these industries is attributed to the increasing urbanization& modernization, technological advancement and investments from government to promote thermal spray coatings.
Continuous R&D activities to improve efficiency & advancement in technology of thermal spray coatingsare expected to provide significant opportunities in the thermal spray coatings market. Moreover, boom in aerospace industry due to demand backlog which is almost equal to 10 years is expected to drive the growth of thermal spray coatings. Increasing automotive production and safety of patients with medical implants are promoting more and more R&D investments in thermal spray coatings which in turn is expected to drive the growth of thermal spray coatings. Instead, lack of knowledge and technical skills is expected to restrain the growth of thermal spray coatings. Key players in the thermal spray coatings market are tapping this opportunity by enhancing their product lines providing customized products as per required specifications.
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