Yahoo Finance Thermal Spray Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The global thermal spray market is estimated to be valued at USD 10,399. 73 million in 2022 and is expected to reach to a value of USD 12,729. 79 million by 2027, registering a CAGR of 4. 13%, during the period of 2022-2027.
New York, July 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Thermal Spray Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06155674/?utm_source=GNW
The market was negatively affected by the COVID-19 pandemic in 2020. The levels of activities were very low, and many project schedules were changed or postponed. Due to all these interruptions, industrial activities and plant construction projects across all industries were also been affected. Such a global scenario created negative repercussions on the global thermal spray market for the existing plants in the end-user industries, such as aerospace, turbines, automotive, electronics, oil and gas, and power were temporarily shut down across the world.
Key Highlights
Over the medium term, the major drivers of the thermal spray market are the increasing usage of thermal spray coatings in medical devices, the rising popularity of thermal spray ceramic coatings, replacement of hard chrome coatings, and the rising use of thermal spray coatings in the Aerospace Industry
However, with the emergence of hard trivalent chrome coatings in recent years, and issues regarding process reliability and consistency are expected to be hindered.
The aerospace end-use industry dominated the market, and it is expected to grow at a significant rate during the forecast period. The usage of thermal spray in the aerospace sector helps protect expensive engine components by extending the component life and increasing fuel efficiency dramatically, thereby, improving the performance of the aircraft , owing to the increasing investment in the global aerospace industry.
North America dominated the global thermal spray market, owing to the expansion of end-user industries such as automotive, aerospace, power, industrial gas turbine, and others, which is expected to benefit the thermal spray materials market over the forecast period.
Key Market Trends
Aerospace Industry to Dominate the Market
The aerospace industry is the largest end-user of the thermal spray material market. Thermal spray coatings are used in the aerospace industry to protect components from the extreme temperatures and pressures encountered during flight.
They are used to provide high thermal resistance and longevity in the protection of engine turbine blades and actuation systems.
In the Asia-Pacific region (excluding China), according to the Boeing Commercial Outlook 2021-2040, around 8,945 new deliveries will be made by 2040, with a market service value of USD 1,945 billion. Moreover, approximately 8,700 new deliveries will be made in China alone by 2040, with a market service value of USD 1,800 billion.
Thermal spray materials have advantages, such as low toxic gas emissions, electrical resistance, easy mobility, and wear & corrosion protection. Growth in the aerospace sector, especially in civil aviation in emerging economies on account of high expenditure on aerospace infrastructural construction and commissioning of new projects is expected to have a positive impact on the market.
Thermal spray coatings, such as zirconium oxide, aluminum bronze, and cobalt-molybdenum are used for coating purposes in rocket combustion chambers, compressor air seals, and high-pressure nozzles, respectively.
The aforementioned factors are expected to support the consumption of thermal spray used in the aerospace industry during the forecast period.
North America to Dominate the Market
The North American region has the highest share in the global market. The thermal spra is increasingly used in automotive, aerospace, power, oil and gas, and other industries in the region.
The automobile industry in the United States is the second-largest in the world after China, and is contributing significantly to the regional and global automobile markets. The country houses major automakers that are producing and exporting vehicles to other economies in the Americas, Europe, and the Asia Pacific. As per the National Automobile Dealers Association (NADA), the total value of the car and automobile manufacturing market in the United States was USD 82.6 billion in 2021. Moreover, the association predicts that US new light-vehicle sales are likely to increase by 3.4% to 15.4 million units in 2022.
The United States is by far the largest market for thermal spray equipment owing to the presence of a large aerospace industry which is the main end-user industry. Arzell Inc.?, Bay State Surface Technologies Inc. (Aimtek Inc.)?, Donaldson Company Inc.?, Linde PLC?, and Oerlikon Metco are the major equipment providers in the country.
According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 8,270 in 2037, owing to the growth in air cargo. Also, the US mainliner carrier fleet is expected to grow at a rate of 54 aircraft per year, due to the existing fleet getting older.
In the 2022 defense budget, the US government allots USD 768.2 billion for national defense programs, which is about a 2% increase from the Biden administration’s original budget request, registering a growing usage of thermal spray in the sector.
Canada is the fifth-largest automobile producer in the world and holds a prominent share of global automotive vehicle production. Canada produces roughly 1.12 million cars and light trucks in 2021, registering a decline of 19% compared to 2020. ?
As of June 2021, there are 6,111 charging stations with 13,623 charging outlets across Canada mainly in the Southern Territories.? Furthermore, according to EV Volumes, Canada sold about 66,800 electric vehicles in 2021, registering about a 42.5% increase compared to annual sales recorded in 2020.
Owing to the rise of these end-user industries in the United States and Canada, North America is projected to dominate the market during the forecast period.
Competitive Landscape
The global thermal spray market is very fragmented, with the top 5 players accounting for not more than 40% of the total market share. The major players present in the market include OC Oerlikon Management AG?, Linde plc, Chromalloy Gas Turbine LLC, Bodycote, and Kennametal Inc., among others.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06155674/?utm_source=GNW
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