Thermal Spray Materials Market: Scope, Growth, and Industry Forecast 2030
The global thermal spray materials market has been experiencing consistent growth, with its value rising from approximately US$1.5 billion recorded toward the end of 2021. This growth is being propelled by significant factors and regional dynamics that are shaping the market's progression through the year 2027.
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Chrome plating was once deemed a practical solution due to its corrosion resistance, oxidation properties, tear resistance, and ability for dimensional reclamation. However, limitations such as thickness build-up, component size, and operational performance constraints in specific situations have dampened its demand. Moreover, concerns about environmental health have led to the exploration of alternative processes that offer comparable or superior plating characteristics with fewer limitations on performance and environmental impact. This shift has driven the use of thermal spray materials in the coatings sector, thus propelling the thermal spray materials market forward. The thermal spray technology is considered a viable alternative to chrome plating, primarily due to its high durability properties. Additionally, the use of thermal spray materials helps prevent micro cracking within coating layers, safeguarding against corrosive agents and providing resistance to fatigue along with an extended service life. This transition from chrome plating to thermal coating technology is expected to drive the growth of the thermal spray materials market.
Ceramic materials are anticipated to witness significant demand in the upcoming years, driven particularly by increased adoption in the biomedicine sector. The escalating demand for ceramic thermal spray materials across industries like automotive, aerospace, and manufacturing is poised to influence market growth. Moreover, the exceptional heat resistance, superior corrosion resistance, and cost-effectiveness of ceramic materials are fueling their use, thus contributing significantly to the value growth of the thermal spray materials market.
The Asia Pacific region is emerging as a prominent hub for businesses across various industries. Favorable factors such as the ready availability of raw materials, low labor and land costs, a growing population, an expanding consumer base, and a business-friendly environment have collectively contributed to the region's traction. Industries like automotive, electronics, healthcare, and aerospace have been experiencing substantial growth recently. This context positions the Asia Pacific region as a potential source of growth opportunities for businesses providing products and services to companies within these enduse industries.
Within Asia Pacific, China and India are leading the growth in the thermal spray materials market. In the aerospace sector, China's significant aircraft production significantly contributes to the country's GDP, making it a frontrunner in the thermal spray materials market in the region. Moreover, China's thriving automobile manufacturing, accounting for approximately 31% of global vehicle production, drives the demand for thermal spray materials. Additionally, as China's chemical demand is projected to rise, influencing oil consumption, the demand for thermal spray materials is expected to increase in the years ahead.
Similarly, India, a rapidly growing economy, is expected to contribute significantly to the Asia Pacific thermal spray materials market. Investments in the aerospace industry, backed by substantial foreign direct investment (FDI) inflow and ambitious infrastructure development plans, are set to drive market demand.
The competitive landscape of the thermal spray materials market has seen notable collaborations, acquisitions, and mergers among major companies. For instance, in 2020, Paragon Partners acquired Castolin Eutectic, aiming to strengthen its position in coating technologies. In January 2022, Integrated Global Services Inc. acquired GE Steam Power's on-site thermal spray coating technology, expanding its reach and market positioning.
Key players in the thermal spray materials market include APS Material Inc., Hoganas AB, Kennametal Inc., Linde Plc, Integrated Global Services Inc., KCC Corporation, Coorstek Inc., and Morgan Advanced Materials Plc.
As the global thermal spray materials market continues to grow steadily, driven by the shift from chrome plating to advanced coating technologies and the increased adoption of ceramic materials, the Asia Pacific region stands out as a significant contributor to this growth. Collaborative efforts and strategic acquisitions are reshaping the competitive landscape and propelling the industry's momentum. The market holds substantial potential
for advancements in the coming years, offering numerous opportunities for businesses operating within the thermal spray materials sector.
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