In contrast to the electroplating process used for the application of hard chrome on surfaces, the high velocity oxygen fuel (HVOF) tungsten carbide (WC) process does not create any waste contamination, and removes any potential chances of exposure to hexavalent chrome. Application of HVOF tungsten carbide coating is significantly more efficient, as it takes just 2 to 3 hours, whereas, chrome plating takes nearly 24 hours to complete. HVOF tungsten carbide coatings impart decrease in ductility of the material, hence, result in saving time and cost required for embrittlement-relief treatment for materials.
All these elements work in conjunction to reduce the maintenance and repair frequency, and reduce the time and cost for plating operations. A very prominent benefit of using high velocity oxygen fuel tungsten carbide is the ability to obtain smooth layers with small thickness. As such, it is used for hard facing industrial valves surfaces that are to be sealed and meant for being used in the petroleum industry, and also to substitute the hard chroming process of petroleum components that work in corrosion-abrasion environments. All these factors are driving the expansion of the high velocity oxygen fuel (HVOF) tungsten carbide (WC) coating market size.
High Velocity Oxygen Fuel (HVOF) Tungsten Carbide (WC) Coating Market Trends
Superior Physical Properties Resulting in Surging Demand: HVOF tungsten carbide spraying is used to provide several desirable physical and chemical properties to a coated surface, so as to increase product life and durability, such as superior chemical resistance, thermal and electrical conductivity, and lubricity of the surface and friction. These types of surface coatings have the potential opportunity to capture a lucrative and untapped market share on account of features imparted, such as biocompatibility, cavitation resistance, and design appeal, thereby enhancing the scope of application of the product. Rising demand for the application of corrosion-resistant coatings is forecasted to be a pivotal growth driver for the global high velocity oxygen fuel (HVOF) tungsten carbide (WC) coating market. Thermal spraying processes are used whenever there is requirement to improve or refurbish any solid surface. This HVOF tungsten carbide coating process involving the application of spray is used to apply coatings to a variety of surfaces, in order to improve material resistance to abrasion, wear and tear, cavitation, erosion, and corrosion.
Stringent Environmental Regulations Pose Challenge to Market Growth: Prominent factors hindering the growth of tungsten carbide (WC) high velocity oil fuel coating market is stringent environment regulations region-to-region, reliability of coating materials, and process consistency. Intensifying market competition in this industry may also pose as a major restraint for the product market. The high velocity oxygen fuel tungsten carbide coating market is restricted by the presence of several stringent regulations in various regions across the globe, including North America and Europe. These regulations governing the market that make the handling and use of HVOF tungsten carbide coatings difficult.
Regional Outlook of High Velocity Oxygen Fuel Tungsten Carbide Coating Market
Expanding automotive industry is China, India, and South East Asia is expected to boost production capacities of coating manufacturing companies. The Asia Pacific region is projected to be the fastest-growing market, owing to rapidly increasing on-road vehicle fleet along with fast economic growth. The main audience in the high velocity oxygen fuel tungsten carbide coating market, especially for sprays, is traders and suppliers, distributors, consulting and government organizations, manufacturers of thermal spray coatings, application industries in the supply chain, regulatory institutions, and thermal spray regulators. Rising application of HVOF tungsten carbide coatings at renewable energy generation plants is projected to foster market growth. Multi-functional coatings are broadly used in energy generation instruments for optimum turbine operations. Growing demand for oxidation and wear-corrosion-resistant energy generation instruments can offer significant growth opportunities to players in the HVOF tungsten carbide coating market over the forecast period.
HVOF Tungsten Carbide (WC) Coating Market: Structure Analysis
Tier-1 players account for around 30-35% of the global high velocity oxygen fuel tungsten carbide coating market share, which is fragmented in nature. Key participants in the global high velocity oxygen fuel tungsten carbide coating market are Höganäs AB, Buffalo Tungsten, Inc., Praxair Surface Technologies, Inc., Polymet Corporation, Kennametal Inc., Fujimi Corporation, Oerlikon Metco, Castolin Eutectic, ASB Industries, Thermal Spray Technologies, Inframat Advanced Materials, and others. To gain q competitive advantage in this space, market participants are investing more in R&D activities to launch new products. Moreover, major manufacturers in the HVOF tungsten carbide coating market are shifting from gas-fuelled to liquid-fuelled systems for coating purposes, owing to their cost benefits.
COVID-19 Impact on HVOF Tungsten Carbide Coating Market
The global COVID-19 pandemic has affected most sectors and has dented economies across the world. The high velocity oxygen fuel tungsten carbide coating market too has not been spared from this effect. Due to decreased demand and supply chain disruptions, in the near term at least, the global HVOF tungsten carbide coating market will witness stunted growth.
The global HVOF tungsten carbide (WC) coating market is projected to experience substantial growth over the coming years, owing to increasing use in automotive, medical, and aerospace & aviation industries. North America is expected to account for more than one-fourth of the global high velocity oxygen fuel tungsten carbide coating market share in 2020. The aerospace & aviation segment is estimated to hold a prominent market share, and is projected to dominate the market over the forecast period through 2030. However, during 2020-2021, the COVID-19 pandemic is projected to result in a sharp decline in HVOF tungsten carbide coating demand, owing to disruptions in the supply chain and reduced demand from end-use industries.
High Velocity Oxygen Fuel (HVOF) Tungsten Carbide (WC) Coating Market - Scope of the Report
Persistence Market Research (PMR) recently published a report on the global high velocity oxygen fuel (HVOF) tungsten carbide (WC) coating market. The report provides detailed valuation on key market dynamics, such as the drivers, trends, opportunities, and restraints, along with detailed information about the HVOF tungsten carbide coating market structure. This market research report presents exclusive facts and figures about how the high velocity oxygen fuel tungsten carbide coating market will grow over the forecast period of 2020 to 2030.
Key indicators of market background, such as value chain analysis and supply chain, compounded annual growth rate (CAGR), and year-on-year (Y-o-Y) growth of the market are explained in PMR’s study in a comprehensive manner. This information can help readers understand the quantitative development projections of the high velocity oxygen fuel tungsten carbide coating market over the forecast period.
The study is relevant for stakeholders in the HVOF tungsten carbide coating market, as well as manufacturers, distributors, suppliers, and investors, as it can help them understand applicable strategies to grow in the market. Stakeholders, investors, industry experts, researchers, and journalists, as well as business researchers in the high velocity oxygen fuel tungsten carbide coating market can leverage the information and statistics presented in PMR’s research report.
The report includes facts & figures related to the macro- as well as micro-economic factors that are impacting the growth of the HVOF tungsten carbide (WC) coating market. The study also offers actionable insights based on the future trends in the high velocity oxygen fuel tungsten carbide coating market. Furthermore, regional players and new entrants in the HVOF tungsten carbide coating market can also use the information presented in this report to make business decisions and gain momentum in the market.
Key Segments of High Velocity Oxygen Fuel Tungsten Carbide Coating Market
PMR’s study on the high velocity oxygen fuel tungsten carbide coating market is divided into three significant segments - composition, end use, and region. This report offers comprehensive data and information about important market dynamics and growth parameters related to these categories.
Key Questions Answered in PMR’s HVOF Tungsten Carbide Coating Market Report
High Velocity Oxygen Fuel Tungsten Carbide Coating Market: Research Methodology
In PMR’s research report, an exclusive research methodology is utilized to conduct comprehensive research on the development of the high velocity oxygen fuel tungsten carbide coating market, and reach conclusions on the future growth factors of the market. In this research methodology, secondary and primary research is utilized by analysts to ensure the precision and reliability of the conclusions.
Secondary resources are referred to by analysts during the evaluation of the high velocity oxygen fuel tungsten carbide coating market study, which comprise facts and figures from the World Bank, IMF, US Energy Information Administration, International Energy Agency, local & regional government websites, white papers, trade journals, and external and internal databases. Analysts have thoroughly interviewed several industry experts, such as sales supervisors, sales operation managers, product portfolio managers, senior managers, market intelligence managers, marketing/product managers, engineering managers, and production managers to provide insightful information.
Comprehensive information acquired from primary and secondary resources is validated from companies operating in the high velocity oxygen fuel tungsten carbide coating market to make PMR’s projections on the growth prospects of the HVOF tungsten carbide coating market more accurate and reliable.