Thermal Spray Powders Market - Forecast(2024 - 2030)
Thermal Spray Powders Market Overview
Thermal
Spray Powders Market size is expected to be valued at US$10.9 billion by the end
of the year 2026 and the thermal spray powders industry is set to grow at a
CAGR of 6.2% during the forecast period from 2021-2026. The increase in the
need for combustion flame, a process foe applying
coatings in various end-use industries such as aerospace, automobile and marine
industry is driving the thermal spray powders market. Plasma spraying
is also used to apply ceramic, cermet and metal coatings in various key-use
industries such as transportation. Other coatings such as tungsten carbide and chromium carbide, due to the
advantages provided by these coatings such as increased abrasion resistance,
resistance to wear & tear and high bond strength is increasing the demand
for thermal spray powders market.
COVID-19 impact
Amid the
Covid-19 pandemic, the thermal spray powders market saw a huge setback in terms
of production, supply and other aspects such as marketing. The closedown of
economies across the globe was a major hindrance to the growth of the thermal
spray powders market. The thermal spray powders market saw a drastic decrease
in its demand especially from various key-use industries such as automobile and
aerospace, as those industries in itself incurred huge losses during the
pandemic of Covid-19. The thermal spray powders market however saw a slight
increase in the demand during the end of the year 2020, and is set to drastically
increase during the time period of the year 2021.
Thermal Spray Powders Market Report Coverage
The
report: “Thermal Spray Powders Market –
Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the
following segments of the Thermal Spray Powders Industry.
By Fiber
Type: Carbide Powder,
Ceramic Powder and Metal Alloy Powder.
By Application: Industrial
Turbines, Steel, Power Generation, Pulp & Paper, Printing, Plastics and
Others.
By End-Use
Industry: Aerospace, Automotive,
Oil and Gas, Electrical and Electronics, Manufacturing, Textiles and Others.
By
Geography: By Geography: North America (USA, Canada,
Mexico), Europe (Germany, UK, France, Italy, France, Netherlands, Belgium
Spain, Russia and Rest of Europe), APAC (China, Japan India, South Korea,
Australia, New Zealand, Indonesia, Taiwan, Malaysia), South America (Brazil,
Argentina, Colombia, Chile and Rest of South America) and RoW (Middle East and
Africa).
Key Takeaways
- North American market held the largest share in the thermal spray powders market owing to the large production of automotive and aircrafts in the region.
- The development and innovation in the aerospace industry is hugely driving the thermal spray powders market.
- Increasing demand from the coating industry for coatings such as tungsten carbide and chromium carbide owing to their enhanced properties such as resistance to abrasion, heat and other extreme conditions is driving the thermal spray powders market.
- During the Covid-19 pandemic, the thermal spray powder market witnessed various drawbacks leading to the market incurring losses. The situation is however set to improve by the year end of 2021.
FIGURE: North America Thermal Spray Powders Market Revenue, 2020-2026 (US$ Billion)
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Thermal Spray Powders Market Segment Analysis – By Fiber Type
Ceramic
powder segment held the largest share of 35% in the thermal spray powders market
in the year 2020. Ceramic powders are highly used in chemical processing and
manufacturing. Ceramics withstand high temperature and has increased efficiency
and strength. Ceramic powder is also relatively low cost as compared to other
fiber such as carbide powder (tungsten carbide and chromium carbide), which makes it a most preferred type of thermal
spray powder. It is highly used in various end-use industries such as aerospace
and automobile industry.
Thermal Spray Powders Market Segment Analysis – By Application
Industrial Turbines segment held the largest share of 31% in the thermal spray powders market in the year 2020. Industrial turbines are extensively used in energy and heat generation. The growth in the energy generation industry such as wind energy and thermal energy is driving the demand for thermal spray powders in the industrial turbines market. The global gas turbine electrical power generation value stood at around US $ 7.2 billion in the year 2019, which is further driving the thermal spray powders in the industrial turbines sector, as it is highly used in the coatings of the turbines owing to the superior properties provided by the thermal spray powders market.
Thermal Spray Powders Market Segment Analysis – By End-Use Industry
Aerospace
industry held the largest share 30% in the thermal spray powders market in the
year 2020. The increase in the use of
thermal spray coatings powders in the coatings of the aircrafts is highly
driving the demand for thermal spray powders in the aerospace industry. For
instance, the annual turnover of the aerospace industry in India in the year 2019
stood at US $ 2.4 billion. The Indian aerospace and defense market is also
estimated to reach US $ 23 billion by the year 2024, which is further driving
the demand for thermal spray powders from the aerospace industry.
Thermal Spray Powders Market Segment Analysis – By Geography
North American region held the largest share of 38% in the thermal spray powders market in the year 2020. The increase in the production of aircrafts for various reasons such as commercial purposes, civil aircrafts and defense aircrafts. The total sales revenue of the aerospace industry in the year 2019 stood at US $ 909 billion in the United States. This is one of the biggest factor driving the thermal spray powders market, since it is extensively used in the coatings and other components of the aircrafts. The aerospace industry of the United States is growing stronger due to various reasons like highest export rate of aircrafts, research and development etc., which is driving the aerospace industry in the US which is eventually driving the thermal spray powders market in the region.
Thermal Spray Powders Market Drivers
Increasing investment and development in the aerospace industry
The increase in the investments as well as development in the aerospace industry is hugely driving the thermal spray powders market. Thermal spray powders are highly used in the aerospace industry owing to the special properties provided by thermal spray powder such as high resistance to abrasion, resistance to extreme temperature is increasing the demand for thermal spray powders market in the aerospace industry. For instance, the global exports of the US aerospace industry stood at US $ 148 billion in the year 2019, which is one of the biggest factor driving the thermal spray powders market since it is extensively used in the coatings of the aircrafts.
Rising demand from coating industry
The increase in demand from the coating industry is driving the thermal spray powder market. The increase in demand for materials like tungsten carbide and chromi um carbide owing to their superior properties such as increased abrasion resistance, resistance to wear & tear and high bond strength is driving the thermal spray powders market. For instance, the sales value of the UK coating industry (paints & coatings, printing inks and wall coverings) stood at US $ 4.16 billion and with a total quantity of 703 million litres of paints and coatings, 94,000 tonnes of printing inks and 39 million rolls of wall coverings in the year 2019, which is one of the factor driving the thermal spray powders market since it is extensively used in the paints and coatings industry.
Thermal Spray Powders Market Challenges
Availability of raw materials
The availability of raw materials such as calcium carbide is uncertain and volatile. The limited cargo availability due to high ocean container freight is one of the major reason for the difficulty in procuring calcium carbide. The prices also increased at high rates. For instance, the price of calcium carbide in India was averaged at around US$ 810 per metric unit during December 2020. The availability of calcium carbide in various regions across the globe due to tightened supply due to spike in demand of acetylene is also tightening the supply of calcium carbide. This is one of the major challenge faced by the thermal spray powder market.
Thermal Spray Powders Market Industry Landscape
1. Treibacher Industries AG
2. Linde plc
3. H.C. Starck GmbH
4. Höganäs AB
5. Praxair
Surface Technologies Inc.
6. BodyCote
7. Oerlikon Metco
8. Surface Technology
9. F.W.
Gartner Thermal Spraying
10. Thermal Spray Technologies, Inc.
11. BryCoat Inc.
12. Flame
Spray Sp among others.
Acquisitions/Technology Launches
On April
03, 2020 Bodycote acquired Elison Surface Technologies for a sum of US$ 200
million. This acquisition made Bodycote as one of the largest providers of
thermal spray and engineered coating surface technology services in the world.
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