Grand View Research Inc., San Francisco, has published a thermal spray coating market analysis that predicts the market is expected to reach $12.29 billion by the year 2022. The study says that the growing need for corrosion-resistant coatings in aerospace and industrial gas turbines is expected to fuel demand over the next seven years. Replacement of hard chrome by thermal spray coatings in various aerospace and automotive applications is also expected to result in high growth.
In addition, stringent government regulations, particularly in North America and Europe, have led to an increasing need for environmentally friendly and sustainable coatings. North America and Europe are expected to witness substantial market growth in bioceramic coatings that are both biocompatible and corrosion-resistant for medical implants.
Ceramics are expected to be the fastest growing segment in terms of revenue, at a rate of 7.0% from 2015 to 2022. Aerospace was the largest application segment in 2014, valued at $2.55 billion. Increasing government expenditures, particularly in the civil aviation sector, will propel thermal spray coating market over the next seven years. Furthermore, the growing need for wear- and corrosion-resistant products that can withstand high temperatures is expected to have a positive impact on the industry.
North America was the largest regional consumer of thermal spray coatings, with revenue valued at over $2.10 billion in 2014. In Mexico, rapid urbanization as a result of growing population and increasing disposable income is expected to augment the automobile industry in Mexico. This in turn is expected to increase industry growth over the next seven years.
http://www.grandviewresearch.com/industry-analysis/thermal-spray-coatings-market
