The global thermal spray coatings market is expected toshowcase an exponential growth by reaching USD 17,631.2 million by 2027. This
is attributable to the growing aerospace industry and the increasing demand for
weight reduction in aircraft to improve performance and fuel efficiency that
propels the demand for innovative thermal spray coatings across the globe.
Fortune Business Insights, in its latest report, observes that the market stood
at USD 10,235.2 million in 2019 and is projected to exhibit a CAGR of 7.8%
between 2020 and 2027.
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What does the Report Include?
The market report includes quantitativeand qualitative analysis of several factors such as the key drivers and
restraints that will affect market growth. In addition to this, the report
provides insights into the regional analysis. It includes the competitive
landscape that involves leading companies and novel products as well as major
collaborations. The research analyst has adopted several research methodologies
such as PESTEL and SWOT analysis to extract information about the current
trends and industry developments that will drive the market growth in the
forthcoming years.
DRIVING FACTORS
Increasing Adoption of Thermal SprayCoatings inn Aerospace to Favor Growth
The growing demand to improve fuelefficiency and performance of aircraft is driving the demand for innovative
thermal spray coatings across the aerospace industry. These coating protect
turbine blades of engines from extreme temperatures, while ensuring high
reliability of the components for longer duration. In addition to this, the
increasing refurbishment activities to replace old components of the aircraft
are expected to propel the demand for these coatings across the globe.
Therefore, the growing aerospace sector backed by rising travel globally is
expected to drive the global thermal spray coatings market in the forthcoming
years.
SEGMENTATION
Ceramic Segment Held a Major MarketShare in 2019
The ceramic segment, based on material,held a major market share in 2019 and is expected to experience an exponential
growth owing to the increasing adoption of ceramic coatings by biomedicine
industry across the globe.
REGIONAL INSIGHTS
North America to Remain Dominant;Growing Aviation Sector in North America to Surge Demand
Among all the regions, North America isexpected to remain at the forefront and hold the highest position in the global
thermal spray coating s market in the forthcoming years. This domination is
attributable to the growing aviation sector that is driving the demand for
advanced thermal spray coating to improve aircraft efficiency and prevent the
components from corrosion. The region stood at USD 3,217.6 million in 2019.
