The global thermal spray market is expected to showcase a CAGR of ~5% during the forecast period (2021-2027). This can be attributed to large backlog in aerospace industry owing to which companies are trying to increase their production in order reduce the backlog and meet the growing demand. In addition, increasing investment in healthcare sector is further propelling the market of thermal spray.Growing production from end use industries like aerospace and automotive industry in order to meet the growing consumer demand couple with to reduce the facility operational cost by cutting down the cost of replacement and increase the lifetime of component in order to improve or stabilize the profit margin is driving the market of thermal spray. For instance, in July 2021, Maruti Suzuki India announced a USD 2.42 Bn (INR 18,000 crore) investment in a new manufacturing facility in Haryana, with an installed capacity of 7.5-10 lakh units per annum. As it prepares to protect its market dominance, the company aims to increase capital spending by 67% to USD 605 million (INR 4,500 crore) in Fiscal year 22.
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Further, in the light of COVID-19, failure of healthcare infrastructure had been witnessed across the globe. Therefore, increasing focus of governments across the globe on improving the healthcare infrastructure is further expected to increase the demand of thermal spray coatings and equipment’s. For instance, according to Confederation of Indian Industry, the government must increase its investment in health to 2.5-3% of GDP by 2025 to ensure affordable healthcare.
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In the light of COVID-19, global thermal spray market witnessed negative impact on account of halted production activities in aerospace and automotive industries. For instance, the globe automobile production declined by around 16% in 2020. Further, halted supply chain created difficulty in the procurement of coating materials, thus affected the businesses operation.
Based on product type, the market is categorized into coating and equipment. Of both, coating held the prominent share in the market and is likely to showcase substantial growth during the forecast period. Compared to equipment which has one time cost excluding component replacement and repair cost, demand of coating materials is continuously growing owing to increasing production from end use industry like aerospace, automotive, and healthcare industry. Further, increasing focus of companies on premium quality coating materials is further propelling the market growth.
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On the basis of coating material, the market is categorized into ceramics, metals & alloys, and others. Among these, ceramic held the significant share in the market and is likely to hold its position during the forecast period. Easy availability of ceramics across the region helped the coating service provider in procuring the ceramic at a lower cost. Thus, market of ceramics held the significant position. Further, during the forecast period, the category is likely to showcase substantial growth rate due to increasing application of thermal spray coatings in developing nations.
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For a better understanding of the market adoption of Thermal Spray, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America held the significant share in the global thermal spray market owing to presence of large number of thermal spray coating service provider couple with awareness among companies regarding the benefits of thermal coating.
Global Thermal Spray Market Segmentation
Market Insight, by Product Type
· Coating
o By Material
o Ceramics
o Metals & Alloys
o Others
o By Process
o Combustion Flame
o Electrical
· Equipment
o Thermal Spray Coating System
o Dust Collector
o Spray Gun & Nozzle
o Feeder
o Others
Market Insight, by Industry
· Aerospace
· Automotive
· Healthcare
· Agricultural Machinery
· Energy & Power
· Electronics
· Others
Market Insight, by Region
· North America Thermal Spray Market
o United States
o Canada
o Rest of North America
· Europe Thermal Spray Market
o Germany
o United Kingdom
o France
o Spain
o Rest of Europe
· Asia-Pacific Thermal Spray Market
o China
o Japan
o India
o Australia
o Rest of Asia-Pacific
· Rest of World Thermal Spray Market
Top Company Profiles
· Linde plc
· Bodycote plc
· Oerlikon Metco
· Surface Technology
· H.C Starck GmbH
· AMETEK Inc.
· F.W. Gartner Thermal Spraying
· Flame Spray S.p.A.
· Kennametal Inc.
· C&M Technologies GmbH