NEW YORK, Nov. 26, 2020 /PRNewswire/ -- Aerospace & aviation accounts for a significant share of the overall high velocity oxygen fuel (HVOF) tungsten carbide (WC) coating market, closely followed by power generation and automotive. HVOF tungsten carbide (WC) coating is highly preferred as it offers substantial protection to equipment by enhancing resistance to corrosion and wear, which makes it popular among many end-use industries.
The global high velocity oxygen fuel tungsten carbide coating market is estimated to exhibit a healthy CAGR of 6% over the forecast period of 2020-2030, doubling in size over the same time frame.
Key Takeaways from HVOF Tungsten Carbide (WC) Coating Market Study
- The high velocity oxygen fuel tungsten carbide coating market is fairly fragmented in nature, with the presence of a large number of tier-2 and tier-3 players in the market landscape.
- North America holds a prominent share in terms of consumption of HVOF tungsten carbide (WC) coating, closely followed by Europe and East Asia.
- The HVOF tungsten carbide coating market in China is expected to grow at a significant rate amongst all other countries, on the back of increasing industrialization and thriving automotive and ancillary industries.
- The high velocity oxygen fuel tungsten carbide coating market is projected to foresee healthier year-over-year growth in East Asia and South Asia Pacific as compared to the rest of the world.
- Increasing demand from the aerospace and automotive sectors is a prime factor estimated to augment the demand growth for HVOF tungsten carbide coatings, with marginal growth to come from the medical and aerospace & aviation segments over the forecast period.
- Among the various product types considered in the study, WC-CoCr type of composition commands a significant share in the global HVOF tungsten carbide coating market.
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"Manufacturers and service providers in the HVOF tungsten carbide (WC) coating market are shifting from gas?fuelled to liquid?fuelled systems, owing to benefits of low?cost fuel such as kerosene over hydrogen fuel," says a PMR analyst.
HVOF Tungsten Carbide Coating Market Landscape Continues to Remain Moderately Fragmented
The global high velocity oxygen fuel tungsten carbide coating market is fairly fragmented in nature at global and regional levels. Tier-1 manufacturers account for more than one-third of the market share. Some of the leading players included in the report are Höganäs AB, Buffalo Tungsten, Inc., Praxair Surface Technologies, Inc., Polymet Corporation, Kennametal Inc., Fujimi Corporation, Oerlikon Metco, Castolin Eutectic, ASB Industries, Thermal Spray Technologies, Inframat Advanced Materials, and others. Manufacturers are focusing on research & development activities, considering the high growth potential of the of HVOF tungsten carbide coating market over the coming years.
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High Velocity Oxygen Fuel Tungsten Carbide Coating Market: Conclusion
Demand for HVOF tungsten carbide coating is anticipated to rise with growth in the aerospace & aviation, power generation, and automotive sectors. The market is occupied by a large number of manufacturers. Regions such North America, Europe, and East Asia hold major shares of the global market. Further, increasing demand from the medical sector is further expected to push the growth of the high velocity oxygen fuel tungsten carbide coating market during the forecast period.
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Persistence Market Research has published a market research report on the global high velocity oxygen fuel (HVOF) tungsten carbide (WC) coating market that contains global industry analysis of 2015–2019 and opportunity assessment for 2020–2030. The report provides in-depth analysis of the market through different segments - composition, end use, and region. The high velocity oxygen fuel tungsten carbide coating market report also provides supply and demand trends, along with an overview of the parent market.
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