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SAN FRANCISCO, April 20, 2021 /PRNewswire/ The global thermal spray coatings market size is projected to
reach USD 14.1 billion by 2028, registering a CAGR of 4.1% over the forecast period, according to a new report by Grand View Research, Inc. The global market is anticipated to be driven by the increasing product application scope owing to advantages, such as wear and corrosion protection, low toxic gas emissions, thickness capability, and electrical resistance.
Key suggestions from the report:
The aerospace application segment dominated the market with a revenue share of 32.2% in 2020
The high growth is attributed to the wide product usage in aerospace applications as it helps reduce the high-temperature effects on components and increase their lifespan
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The global thermal spray coatings market size is expected to reach USD 13.6 billion by 2027, expanding at a CAGR of 3.9%
Increasing demand from the aerospace, industrial gas turbines, and a few other application industries is expected to propel market growth. Moreover, the growing demand for corrosion-resistant coatings from these sectors is expected to be a key driver for the market.
Thermal spraying is used to improve or restore the surface of a solid material. It can also be used for applying coatings to a wide range of components and materials for better resistance against cavitation, wear, abrasion erosion, and heat. In addition, it is used for providing insulation or electrical conductivity, chemical resistance, lubricity, sacrificial wear, high or low friction, and several other properties to the coated surfaces.