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Thermal Spray Materials Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The global thermal spray materials market was valued at USD 1,755. 59 million in 2021. The market is expected to register a CAGR of 4. 83% during the forecast period (2022-2027). Key Highlights
New York, June 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Thermal Spray Materials Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06271843/?utm_source=GNW
Major factors driving the market studied are increasing usage of thermal spray coating in medical device manufacturing, the rising popularity of thermal spray ceramic coatings, extensive consumption in anti-corrosion applications, and evolution in the wind power sector in the Asia-Pacific region.
On the other hand, the emergence of alternate substitutes is expected to hinder the market’s growth.
The current progress in solution precursor plasma spraying of cermets, recycling of thermal spray processing materials, industrial-scale production of environmental barrier coatings (EBC) thermal spray powders, and growth prospects in the oil and gas industry are the major opportunities to drive the market in the future.
Key Market Trends
Aerospace Industry to Dominate the Market
Thermal spray materials are extensively used in the aerospace sector. They are used in the manufacturing of coatings, which are applied to various parts throughout the aircraft. These coatings offer component longevity, thus, reducing the maintenance costs and increasing fuel efficiency.
Thermal spray materials, such as zirconium oxide, aluminum bronze, and cobalt-molybdenum are used for coating purposes in rocket combustion chambers, compressor air seals, and high-pressure nozzles, respectively.
Thermal spray coatings, such as zirconium oxide, aluminum bronze, and cobalt-molybdenum are used for coating purposes in rocket combustion chambers, compressor air seals, and high-pressure nozzles, respectively.
According to IBISWorld the global military aircraft and aerospace manufacturing market for aerospace and defense purposes in 2021 were valued at approximately USD 255.8 billion which includes dominant players such as Boeing, Lockheed, and Northrop Grumma.
For instance, in India, In March 2021, the government submitted a proposal to develop a water aerodrome project at the Ujjani Dam, under the Ministry of Civil Aviation’s UDAN-RCS.
All such factors are expected to drive the demand for thermal spray materials in the aerospace sector during the forecast period.
Asia-Pacific is to Dominate the Market
Thermal spray materials are used in the aerospace industry as a protective coating. China is one of the largest aircraft manufacturers and one of the largest markets for domestic air passengers.
Factors such as large market size, increasing government support, and the ability to book electric vehicles online are likely to fuel the demand for electric vehicles in the country.
According to the International Organization of Motor Vehicle Manufacturers (OICA), China is the largest producer of automobiles. The country alone produced 1,82,42,588 vehicles from Q1 to Q3 of 2021, which accounted for about 31.86% of the global volume.
According to a research institute affiliated with China National Petroleum Corp. (CNPC), the country’s oil consumption is expected to grow due to the rising chemical demand, reaching around 780 million tons per year by 2030.
According to the Department for Promotion of Industry and Internal Trade (DPIIT), FDI inflow in India’s air transport sector was estimated to be USD 2.95 billion between April 2000 and March 2021.
Owing to the rise of these end-user industries in the United States and Canada, North America is projected to dominate the market during the forecast period.
Competitive Landscape
The thermal spray materials market is partially fragmented in nature. Some of the major players in the market include (not in any particular order) Höganäs AB, Linde plc, OC Oerlikon Management AG, Kennametal Inc., and Sandvik AB among others.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06271843/?utm_source=GNW
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