Thermal spray materials market is projected to reach $2,869.2 million by 2024. The market growth is driven by the increasing requirement of thermal sprays for coating components, which are vulnerable to corrosion, erosion, and extremely high temperature and pressure conditions.
the thermal spray materials market is characterized into powder and wire/rod. Wire/rod category is estimated to account for larger share in 2018. High demand for wire/rod is driven by the fact that by using wire/rod, only the molten droplets are propelled toward the substrate, thereby minimizing wastages. Another advantage of this category is that the flame coming out of nozzle of spraying machine is concentric with the wire/rod, which ensures uniform heating for proper spraying of material.
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the thermal spray materials market is categorized into automotive, aerospace, industrial gas turbines, energy and power, electronics, oil and gas, medical devices, and others. The others category includes adoption of thermal sprays in equipment and devices that are engaged in textile manufacturing, rubber manufacturing, food processing, mining, and industrial manufacturing industries. Globally, aerospace is estimated to account for the largest share in the market, contributing more than 35.0% share in 2018.
North America is estimated to account for the largest share in the market in 2018, with more than 35.0% revenue share. The thermal spray materials market in North America is majorly driven by the presence of large civil and military aircraft manufacturers in the region, such as The Boeing Company, Lockheed Martin Corporation, and Bombardier Inc., which continue to generate high demand for thermal spray coatings to protect automotive components from wear and corrosion.
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Majority of companies engaged in the thermal spray materials market are forward-integrated to provide coating solutions in the form of technologies, equipment, and services. Besides, these players have differentiated clients and customers in the aerospace, automotive, medical, oil and gas, and marine industries.
The global thermal spray materials market is majorly dominated by multinational corporations including OC Oerlikon Corporation AG, Praxair S.T. Technology Inc., H.C. Starck GmbH, Kennametal Inc., and Höganäs AB.