The global Thermal Spray Coatings Market size is projected to reach USD 14.1 billion by 2028, registering a CAGR of 4.1% over the forecast period, according to a new report by Grand View Research, Inc. The global market is anticipated to be driven by the increasing product application scope owing to advantages, such as wear and corrosion protection, low toxic gas emissions, thickness capability, and electrical resistance.
Thermal spraying is used to improve or restore the
surface of a solid material. It can also be used for applying coatings to
a wide range of components and materials for better resistance against
cavitation, wear, abrasion erosion, and heat. Approximately, 40 to 45% of paints
& coatings produced globally are used as protective and decorative
paints in the architecture industry. These can be used either for existing
or newly constructed structures including monuments, private offices,
residential buildings, plants & factories, and public buildings.
China, India, and Indonesia are majorly contributing
to the growth of the construction industry in Asia Pacific. The rising
population coupled with rapid urbanization & industrialization, especially
in the aforementioned economies, has encouraged governments to increase their
construction spending and boost infrastructural development. Furthermore, the
rising popularity of powder-based coatings owing to the low cost is
also significantly contributing to the growth of the global coatings market.
Various rules are applicable, in terms of the manufacturing of coatings, due to
the carcinogenic and flammable nature of solvents.
However, powder-based coatings are eco-friendly as
they contain no solvents and hence do not lead to Volatile Organic
Compounds (VOCs), which cause air pollution. The Covid-19 pandemic has severely
disrupted supply chains and sharply curtailed product demand. Restriction in
transportation and supply due to slowdown or halting of factories and partial
or nationwide lockdowns in several countries to restrain the spread of the
coronavirus are expected to have an adverse impact on market growth.
Related Press Release@ Thermal Spray Coatings Market Report
Thermal Spray Coatings Market
Report Highlights
- The aerospace application segment dominated the market with a
revenue share of 32.2% in 2020
- The high growth is attributed to the wide product usage in
aerospace applications as it helps reduce the high-temperature effects on
components and increase their lifespan
- Ceramics was the dominant product segment and accounted for
the highest revenue share in 2020
- This growth is credited to the high demand for these products from
the industries, such as healthcare, aerospace & defense, energy, and
industrial goods
- The global market is highly competitive because of the presence of
several medium- and small-scale companies across the globe
- Key manufacturers focus on developing innovative formulas to offer
diverse and high-quality products
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