iCrowdNewswire Jan 14, 2021 2:30 PM ET
The global thermal spray market is spanned across five regions of the world namely Europe, Asia Pacific, Latin America, North America, and the Middle East & Africa. Among these, North America holds a major share of the global market and is projected to be the leading market, owing to the increasing consumption of thermal spray in the oil & gas, steel and oil and gas industry, among others. It is estimated that the aerospace end-user segment is set to observe the highest CAGR in the market followed by the oil and gas activities in the developing regions to meet their energy requirements.
The North American market is expected to grow at a steady CAGR due to extensive consumption of thermal spray in the aerospace and automobile sector. The Canada. and the U.S. have achieved a significant place in the market due to the growing oil and gas activities post the shale gas boom in the region. Moreover, the growing use of the industrial gas turbine is expected to augment the growth during the forecast period further.
The Middle East thermal spray market is expected to witness a steady growth due to the growing oil and gas activities in the region. The growing exploration and production activities in the region has boosted the use of thermal spray in the sleeves, hydraulic pumps, compressor rods, lip seal seats, rotors extruders, and pump shafts among others.
A moderate development is achieved in the European market due to the growing adoption of the product in the automobile and aerospace industry. Moreover, the developed medical industry is also propelling the growth of the market. Furthermore, the growing investment in oil and gas mainly in Russia is expected to contribute to the growth of the market substantially. Europe was the second largest market for thermal spray in 2016 and is expected to show a CAGR of above 5% during the assessed years.
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The global thermal spray market is segmented into product, application, and technology. On the basis of the product type, the market is segregated into metals, ceramics, intermetallic, polymers, carbides, abradable and others. The market by technology is further categorized into cold spray, flame spray, plasma spray, HVOF, electric arc spray, and others. On the basis of the application, the market is segregated into aerospace, industrial gas turbine, automotive, medical, printing, oil & gas, steel, pulp & paper, and others
Some of the prominent players operating in the global thermal spray market are A & A Thermal Spray Coatings (U.S.), Flame Spray Coating Company (U.S.), General Magnaplate Corporation (U.S.), Praxair Surface Technologies, Inc. (U.S.), Oerlikon Metco (Switzerland), Plasma-Tec, Inc. (U.S.), Surface Technology Inc (U.K.), H.C. Starck GmbH (Germany), and ASB Industries, Inc. (U.S.), among others.
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