PORTLAND, Oregon, March 10, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Thermal Spray Coating Market by Material (Ceramics, Metal & Alloys and Other), Process (Flame Spraying, Arc Spraying, Plasma Spraying, HVOF, and Others) and End-Use Industry (Automotive, Aerospace, Industrial and Others): Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global thermal spray coating industry accounted for $7.96 billion in 2019 and is estimated to hit $13.5 billion by 2026, growing at a CAGR of 7.8% from 2019 to 2026.
Incentives for market growth:
Rise in demand for automobiles, increase in aerospace application, and surge in usage in medical devices have boosted the growth of the global thermal spray coatings market. However, issues regarding thermal spray process reliability and consistency and high energy costs for manufacturing technical ceramics hamper the market. On the contrary, advancements in filler plasma spray coating practices are expected to create lucrative opportunities in the near future.
Metal & alloys segment to manifest the highest CAGR by 2026:
The metal & alloys segment is expected to manifest the fastest CAGR of 8.4% during the forecast period, owing to rise demand for sprayed metals or alloys in processing industries such as the petrochemical and chemical industry. However, the ceramics segment held the largest share in 2019, accounting for nearly half of the global thermal spray coatings market. This is attributed to its beneficial characteristics such as cost-effectiveness, corrosion, thermal resistance, wear resistance, and others.
Flame spraying segment held the lion's share:
The flame spraying segment dominated the market in 2019, contributing nearly three-fifths of the global thermal spray coatings market, owing to its cost-effectiveness and increase in use for corrosion protection and improve performance of surface. However, the plasma spraying segment is projected to portray the highest CAGR of 10.4% during the study period, due to rise in use of plasma spraying for metal coatings in several industries.
Asia-Pacific dominated the market, followed by Europe and North America:
The global thermal spray coatings market across the Asia-Pacific region held the largest share in 2019, contributing to nearly half of the market and is expected to register the highest CAGR of 8.3% during the forecast period. This is due to demand in the automotive industry, growth in disposable income of consumers in the region, and increase in usage in the healthcare industry. On the other hand, the market across North America held nearly one-fifth of the total share in terms of revenue.
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