Thermal Spray Materials Market Size and Growth Opportunities: Industry Outlook 2030
The global market for thermal spray materials is on a consistent growth trajectory, having risen from around US$1.5 billion recorded in late 2021. This upward trend is being driven by significant market dynamics and regional factors that are influencing the market’s trajectory through the forecast period of 2027.
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Shift from Chrome Plating Fuels Market Expansion
Chrome plating, once favored for its corrosion resistance and dimensional reclamation properties, has encountered limitations in terms of component size, thickness build-up, and environmental concerns. These drawbacks have led to the exploration of alternative solutions, leading to the emergence of thermal spray materials. These materials offer comparable or superior plating characteristics without the associated performance and environmental drawbacks. The durability of thermal spray technology and its capacity to prevent micro cracking within coatings position it as an effective alternative to chrome plating. This transition is anticipated to stimulate the expansion of the thermal spray materials market by providing improved resistance to fatigue and extending service life.
Rising Demand for Ceramic Materials
The market is witnessing an upswing in demand for ceramic materials, particularly within the biomedicine sector. Moreover, ceramics are experiencing increased adoption across diverse industries such as automotive, aerospace, and manufacturing. This is due to their remarkable heat and corrosion resistance attributes, combined with their cost-effectiveness. These qualities are driving the uptake of ceramic thermal spray materials, contributing significantly to the overall growth of the market.
Asia Pacific Emerges as a Key Driver
The Asia Pacific region is standing out as a favorable destination for businesses across a spectrum of industries. Factors including easily accessible raw materials, competitive labor and land costs, a growing population, expanding consumer markets, and a business-friendly environment are collectively fostering substantial growth across sectors such as automotive, electronics, healthcare, and aerospace. This advantageous environment positions Asia Pacific as a promising market for businesses catering to these industries.
China and India Lead in the Asia Pacific Thermal Spray Materials Market
The aerospace sector is poised to play a crucial role in propelling market growth, with China’s substantial aircraft production significantly contributing to its GDP. As one of the leading global aircraft manufacturers, China’s aerospace industry is expected to drive the expansion of the thermal spray materials market in the Asia Pacific region. Similarly, China’s robust automotive sector, accounting for approximately 31% of global vehicle production, adds to the demand for thermal spray materials. Additionally, China’s growing chemical demand is projected to impact oil consumption, further boosting the requirement for thermal spray materials.
India, a rapidly advancing economy, is also anticipated to make a substantial contribution to the Asia Pacific thermal spray materials market. Investments in the aerospace sector, supported by significant foreign direct investment (FDI) inflow and ambitious infrastructure development plans, are poised to drive market demand.
Competitive Landscape and Strategic Actions
Major players in the thermal spray materials market are engaging in collaborations, acquisitions, and mergers to strengthen their market positions. Notable instances include Paragon Partners’ complete acquisition of Castolin Eutectic and Integrated Global Services Inc.’s acquisition of GE Steam Power’s on-site thermal spray coating technology. These strategic moves aim to expand market reach and enhance capabilities. Leading market players include APS Material Inc., Hoganas AB, Kennametal Inc., Linde Plc, Integrated Global Services Inc., KCC Corporation, Coorstek Inc., and Morgan Advanced Materials Plc.
Browse Thermal Spray Materials Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: https://www.fairfieldmarketresearch.com/report/thermal-spray-materials-market
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