Global Market Study on Thermal Spray Coatings: Replacement of Hard Chrome Plating by HVOF Process in Aircrafts to Drive Market Growth by 2024


  • Published On : Aug-2016 |
  • Pages : 199 Pages |
  • Format :

This Persistence Market Research (PMR) report analyzes the thermal spray coatings market on the global and regional levels. This study provides data for 2015 and for the forecast period (2016–2024). The report is primarily focused on identifying opportunities in the market and provide recent updates and insights affecting various segments of the thermal spray coatings market.

To understand and assess opportunities in this market, the report is divided into three sections namely, by material type, process type, application, and region. The report provides analysis of the thermal spray coatings market in terms of market value (US$ Mn). By material type, the market is segmented into metals, alloys, carbides, ceramics, intermetallics and others.

The report provides detailed insights into the thermal spray coatings market performance in terms of value. The report also includes PMR analysis of driving and restraining factors influencing the market. Recent trends in the market and opportunities for thermal spray coatings are also included in the report to provide clients with specific decision-making insights.

The subsequent sections analyze the thermal spray coatings market on the basis of material type, process type, application, and region, and presents a forecast for the period 2016–2024. The thermal spray coatings market is segmented as follows:

By Material Type

  • Metals
  • Alloys
  • Carbides
  • Ceramics
  • Intermetallics
  • Others

By Process Type

  • Conventional flame spray
  • Plasma spray
  • High-Velocity Oxy-fuel (HVOF)
  • Cold spray

By Application

  • Aerospace
  • Industrial Gas Turbines
  • Automotive
  • Medical
  • Others

By Region

  • North America
  • Latin America
  • Asia Pacific (APAC)
  • Europe
  • The Middle East & Africa (MEA)

To deduce market size, the report considers various viewpoints based on secondary research. Furthermore, data points such as regional split and market split by material type, process type and application and qualitative inputs from industry experts have been taken into consideration to arrive at suitable market estimates. The forecast presented in the report evaluates the actual revenue generated and expected revenue in the thermal spray coatings market over the forecast period.

When developing the market forecast, the report begins with sizing the current market, which forms the basis for forecasting how the market is anticipated to grow during the forecast period. Given the characteristics of the market, PMR triangulates the data on the basis of various analysis based on both supply side and demand side, and dynamics of the thermal spray coatings market. However, quantifying the market across the aforementioned segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalizing them at the end of the forecast period.

In an ever-fluctuating economy, we not only conduct forecasts in terms of CAGR but also evaluate on the basis of key parameters such as year-on-year (Y-o-Y) growth, to understand the predictability of the market and identify growth opportunities for players.

Another key feature of this report is the analysis of thermal spray coatings market and the corresponding revenue forecast in terms of absolute dollar opportunity. This is usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective in the thermal spray coatings market.  

To understand key segments in terms of their growth and performance in the thermal spray coatings market, Persistence Market Research has developed a market attractiveness index. The resulting index would help providers identify existing market opportunities.

In the final section of the report, the competitive landscape is included to provide a dashboard view of thermal spray coatings manufacturers. The report also comprises strategic recommendations to capitalize on growth opportunities in the market and provides company profiles of some of the major players. This would enable clients to assess strategies deployed by market leaders and help them develop effective strategies accordingly.

Thermal spray coating involves a process in which substrate is in molten or semi-molten form and  deposited by devices such as spray gun or torch or other equipment.

Global thermal spray coatings market was valued at US$ 7,560.0 Mn in 2015 and is anticipated to expand at a CAGR of 5.9% in terms of value over the forecast period (2016–2024).

Environmental concerns pertaining to the presence of hexavalent chromium associated with hard chrome plating process has caused many industries to look for alternative solutions, which in turn has led to an adoption of high-velocity oxy-fuel (HVOF) process for aircraft's and turbines. Growing demand for superior surface properties to extend the service life of equipment is expected to be the major factor driving demand for thermal spray coatings over the forecast period.

However, line-of-sight coatings process in thermal spray coatings is expected to hamper the growth of the thermal spray coatings market to a certain extent, as this process does not cover small and deep cavities that result in an increase in porosity.

Trends in the global thermal spray coatings market include market consolidation and technological advancements in process and materials.

On the basis of material type, the global thermal spray coatings market can be segmented into metals, alloys, carbides, ceramics, intermetallics, and others. Ceramics segment accounted for 25.5% share in terms of value in 2015 and is anticipated to remain dominant throughout the forecast period. It is also anticipated to be the fastest growing segment during the forecast period and is anticipated to expand at a CAGR of 7.2% over the same period.

On the basis of process type, the global thermal spray coatings market is segmented into conventional flame spray, plasma spray, HVOF, and cold spray. Cold spray segment is expected to expand at the highest CAGR over the forecast period, followed by HVOF segment. However, conventional flame spray segment is expected to account for a major market share in terms of value and retain its dominance throughout the forecast period.

On the basis of application, the global thermal spray coatings market is segmented into aerospace, industrial gas turbines, automotive, medical, and others. Industrial gas turbines segment is expected to expand at a significant CAGR over the forecast period, followed by aerospace segment. The aerospace segment is anticipated to account for a major market share in terms of value and retain its dominance throughout the forecast period. This is mainly attributed to increasing pressure caused by a drawdown of large-scale presence of the defense forces in Iraq and Afghanistan adopting high-performance defense equipment.

On the basis of key regions, the global thermal spray coatings market has been segmented into North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. North America dominated the market with over 29.3% of the overall thermal spray coatings market volume share in 2015. The market in Europe accounted for the second-highest share of 25% in 2015.  The market in Asia Pacific is anticipated to expand at the highest CAGR in terms of value over the forecast period.

thermal-spray-coatings-market

Key Players

Some of the key players identified in the global thermal spray coatings market are Sulzer Ltd., Praxair, Inc., Oerlikon Group, Curtis-Wright Corporation, Bodycote plc, Thermal Spray Technologies Inc., ASB Industries, Inc., Metallisation Ltd.

Key players in the global thermal spray coatings market are focusing on enhancing their global presence by entering or expanding their footprint in the largely untapped market such as paper & pulp and oil & gas among the others.

Company Profiles

  • Sulzer Ltd
  • Praxair, Inc.
  • Oerlikon Group
  • Curtis-Wright Corporation
  • Bodycote plc.
  • Thermal Spray Technologies Inc.
  • ASB Industries, Inc.
  • Abakan Inc.
  • Metallisation Ltd
  • Other
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