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The thermal spray materials market share is expected to increase by USD 3230 million from 2021 to 2026, at a CAGR of 5.92%.
This thermal spray materials market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers thermal spray materials market segmentation by application (metals and alloys, ceramics, polymers, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa). The thermal spray materials market report also offers information on several market vendors, including Alsher APM LLC, AMETEK Inc., C and M Technologies GmbH, Castolin GmbH, CenterLine Holdings Inc., Flame Spray Technologies B.V., Global Tungsten & Powders Corp., Hardface Alloys Inc., HC Starck Tungsten GmbH, Hoganas AB, Kennametal Inc., Metallisation Ltd., OC Oerlikon Corp. AG, Polymet Corp., Powder Alloy Corp., Praxair Inc., Sandvik AB, Treibacher Industrie AG, Linde Plc, and Compagnie de Saint Gobain SA among others.
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The increasing demand in the aerospace industry is notably driving the thermal spray materials market growth, although factors such as non-availability of raw materials may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the thermal spray materials industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Thermal Spray Materials Market Driver
One of the key factors driving the global thermal spray materials market growth is increasing demand in the aerospace industry to maintain aircraft components and repair old ones. Thermal sprays are widely used in jet engine components such as crankshafts, piston rings, cylinders, valves, and so on. They are also used to coat landing gears (bearings and axles within the landing gear) to withstand stresses during landing and take-off. Thermal spray coatings such as zirconium oxide, aluminum bronze, and cobalt-molybdenum are utilized in rocket combustion chambers, compressor air seals, and high-pressure nozzles. Furthermore, chromium cobalt, aluminum oxide, and chromium carbide coatings are used in turbine air seals, fuel nozzles, and turbine vanes. The most often employed procedures in this area are high-velocity oxy-fuel (HVOF) and plasma spray. Thus, the increased usage of thermal spray materials in the aerospace industry will fuel the market during the forecast period.
Key Thermal Spray Materials Market Trend
Another key factor driving the global thermal spray materials market growth is the increasing application of thermal spray coatings in the medical industry. To import a thermal spray coated product into the United States, the US Food and Drug Administration (FDA) generally needs a pre-market evaluation of the coated product. Organizations like International Organization for Standardization (ISO) and the American Society for Testing and Materials (ASTM) have also defined different materials and testing requirements for these coatings, some of which are recognized by the FDA. Thermal coatings can improve abrasion resistance, biocompatibility, and implant dentures in the biomedical and medical device industry. Thermal coatings are corrosion-resistant and biocompatible in the biomedical sector, making them ideal for use as bioceramic coatings in implant fabrication. This will fuel the demand for thermal spray materials and will continue to do so during the forecast period.
Key Thermal Spray Materials Market Challenge
One of the key challenges to the global thermal spray materials market growth is the non-availability of raw materials. The supply chain in the manufacturing industry is severely disrupted. Furthermore, the COVID-19 pandemic has resulted in a significant decrease in new orders. Vertical end-user sectors have encountered considerable difficulty in procuring raw materials and keeping supply throughout the pandemic, which will affect demand in the immediate term. The use of thermal spray technology in the production of medical products will assist in limiting economic losses. However, factors such as reduced spending, high oil prices, and problems with cash flow are still major issues, which are expected to hinder the growth of the market during the forecast period.
This thermal spray materials market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global thermal spray material market as a part of the global diversified chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the thermal spray materials market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the thermal spray materials market encompasses successful business strategies deployed by the key vendors. The thermal spray materials market is fragmented and the vendors are deploying growth strategies such as M&A to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The thermal spray materials market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the thermal spray materials market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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29% of the market's growth will originate from Europe during the forecast period. Germany and France are the key markets for thermal spray materials in Europe. Market growth in this region will be faster than the growth of the market in North America.
The significant increase in the demand for thermal spray materials owing to urbanization and modernization, rising personal disposable income will facilitate the thermal spray materials market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID-19 pandemic has spread widely across North America, especially in the US. The rising number of deaths from COVID-19 has led to a lockdown in several countries, including the US, Canada, and Mexico. Hence, manufacturing units have been closed. In the first half of 2021, with the gradual decrease in the number of COVID-19 cases, lockdowns were lifted, leading to the opening up of factories, industries, and manufacturing units. This will have a positive impact on the regional thermal spray material market, and the market is expected to witness a high growth rate during the forecast period.
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The thermal spray materials market share growth by the metals and alloys segment will be significant during the forecast period. The growth is attributed to the wide usage of thermal spray materials to provide corrosion protection to ferrous metals and modify the surface properties of the object to improve wear resistance or thermal conductivity.
This report provides an accurate prediction of the contribution of all the segments to the growth of the thermal spray materials market size and actionable market insights on post COVID-19 impact on each segment.
Thermal Spray Materials Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Decelerate at a CAGR of 5.92% |
Market growth 2022-2026 |
$ 3230 million |
Market structure |
Fragmented |
YoY growth (%) |
6.71 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 29% |
Key consumer countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Alsher APM LLC, AMETEK Inc., C and M Technologies GmbH, Castolin GmbH, CenterLine Holdings Inc., Flame Spray Technologies B.V., Global Tungsten & Powders Corp., Hardface Alloys Inc., HC Starck Tungsten GmbH, Hoganas AB, Kennametal Inc., Metallisation Ltd., OC Oerlikon Corp. AG, Polymet Corp., Powder Alloy Corp., Praxair Inc., Sandvik AB, Treibacher Industrie AG, Linde Plc, and Compagnie de Saint Gobain SA |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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