Markets and Markets Research, Northbrook, Ill., has issued a new research report titled “Thermal Spray Coatings Market,” which is divided into four sections: Material, Process, End-use Industry, and Global Forecast to 2023. The Thermal Spray Coatings Market is expected to grow from $9.9 billion in 2018 to $13.7 billion by 2023, at a CAGR of 6.7% from 2018 to 2023. The growth of the market can be attributed to the increasing consumption of thermal spray coatings from aerospace, automotive, and other end-use industries.
Based on material, the market is segmented into ceramics, metals & alloys, and others (carbides, composites, and polymers). The ceramics segment is projected to lead the market during the forecast period. Ceramics are cost-effective and have properties such as thermal resistance and corrosion resistance. These factors are expected to drive the ceramics segment during the forecast period.
Based on end-use industry, the market is segmented into aerospace, automotive, healthcare, agricultural machinery, energy & power, electronics, and others. The aerospace segment is projected to lead the market during the forecast period, due to the demand backlog of major manufacturers such as Boeing and Airbus.
By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific market is projected to grow at the highest CAGR, in terms of value, during the forecast period. Urbanization, modernization, technological advancement, and increase in personal disposable income of the consumers in this region are factors driving the use of thermal spray coatings in various end-use industries such as aerospace, automotive, healthcare, and others.
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