The expansion of automotive, healthcare, and aerospace industries is projected to lead to revenue-generation opportunities for enterprises in the global thermal spray coatings market during the forecast period of 2021 to 2031.
Upcoming research report by Transparency Market Research (TMR) provides complete assessment of major factors influencing the growth trajectory of the global thermal spray coatings market. Hence, readers gain access to assessment of growth drivers, current and historical trends, investment avenues, restraints, R&D activities, demand-supply ratio, and growth opportunities in the market for thermal spray coatings.
Analysts at TMR bifurcate all data and analysis of the global thermal spray coatings market into different segments on the basis of several vital parameters such as material, process, end-use industry, and region. On the basis of material, the market is classified into metals & alloys, ceramics, and others (carbides, composites and polymers). Of them, ceramics is one of the prominent segments of the market.
Thermal spray coatings are gaining traction across varied end-use industries owing to numerous advantages they offer including low toxic gas emissions, wear and corrosion protection, electrical resistance, and thickness capabilities. This factor creates substantial opportunities in the global thermal spray coatings market. Furthermore, a surge in inclination toward the use of thermal spray coatings instead of hardcore coatings is generating profitable prospects in the global thermal spray coatings market.
Thermal spray coatings are used in many end-use industries such as automotive, aerospace, agricultural machinery, healthcare, electronics, energy & power, defense, printing, and food processing industries. Of them, players in the thermal spray coatings market are estimated to gain lucrative prospects from the automotive industry owing to rise in the sales of vehicles across the globe. Moreover, aerospace is one of the prominent end-use industries of thermal spray coatings. Hence, the expansion of this industry is anticipated to create ample opportunities for players in the thermal spray coatings market. Besides, the market is being driven owing to increased use of thermal spray coatings in industrial gas turbine applications.
The global thermal spray coatings market is fairly fragmented in nature. Presence of many companies connotes that the competitive landscape of the market for thermal spray coatings is extremely intense. Players working in this market are using diverse strategies to gain the leading position. Some of the key strategies utilized by companies in the thermal spray coatings market include mergers, acquisitions, partnerships, and collaborations.
Companies in the thermal spray coatings market are increasing focus on the development of cost-efficient products by increasing their research activities. This factor is bolstering the global thermal spray coatings market.
Some of the prominent players operating in the global thermal spray coatings market are:
Based on region, the global thermal spray coatings market is spread across many regions such as North America, Europe, Latin America, Asia Pacific, and Middle East and Africa. Among all regions, North America is one of the dominating regions of the market for thermal spray coatings.
The North America thermal spray coatings market is prognosticated to be driven by factors such as increase in urbanization, improved spending power of regional populace, and rise in the product demand from regional end-use industries including aerospace. Presence of many leading companies from the aerospace industry is anticipated to favor the regional market growth in the forecast period.