Thermal Spray Coatings Market: By Product, By Process, Plasma, Powder Spray and Others), By Heat Source, By Application and Geography
Thermal Spray Coatings Market Size was valued at US$ 7.8 billion in 2022 and is poised to grow at a CAGR of 7.1% from 2023-2029. Thermal spray coatings are used on a multitude of tools and components within the Oil and Gas industry. As the demand for oil increases and the historical oil fields are being exhausted, oil companies are having to explore within more violent environments in order to extract from both existing and new reserves. Equipment operating in these harsh conditions are subject to severe degradation. These wear mechanisms include abrasion and/or erosion from drilling muds; corrosion (pitting and crevice attack); and, stress corrosion cracking due to hot acidic conditions. As a result, downhole drilling tools and associated equipment are today required to delve deeper, run hotter, work faster, and last longer than ever before. To counteract this, thermal spray coatings are becoming more widely used by the major manufacturers in their efforts to reduce down time and improve the performance of their tools and equipment. This report studies global thermal spray coatings market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition.
Study Period
2024-2030Base Year
2023CAGR
7.1%Largest Market
Asia PacificFastest Growing Market
North America
Some of the key factors influencing the market growth include boom in the aerospace industry, growing demand from the healthcare industry, technological innovations for the development of cost-effective products, increasing product demand from the industrial gas turbines application industry and growing application in the oil & gas industry. However, stringent regulations, lack of technical skills and line-of-sight coatings process in thermal spray coatings are hampering the market growth. Development of substitutes including liquid coatings that holds higher ability to cover inside corners and hard to reach surfaces may hamper business growth. Further, growing concerns to minimize overspray and material wastage may also restrain industry demand.
Asia Pacific accounted for larger revenue share in global market with considerable CAGR. The growth in this region can be attributed to the increasing urbanization & modernization, rowing demand from numerous end-use industries, growing population and increasing personal disposable income. Moreover, as the region is a manufacturing hub regional manufacturers must meet international rules to export goods, which will drive the demand for high-quality and environment-friendly coated products. Hence, increasing the market demand as there is an increasing consumer demand for low weight components and personalized designs is another key factor fueling the market growth.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2022 |
US$ 7.8 billion |
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Market CAGR |
7.1% |
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By Product Type |
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By Process |
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By Application |
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The key segments covered in the thermal spray coatings market are: by product, process, heat source, application and geography
The thermal spray coatings market keyplayers are: AMETEK Inc., BodyCote, BryCoat Inc., Plasma-TecInc., Metallisation Limited
The thermal spray coatings market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.
Table of Content
Key Market Players
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand forecasting, and pricing analysis, I am able to make precise projections. I have extensive practical knowledge in Time Series Analysis (TSA), Simple Linear Regression (SLR), Multiple Linear Regression (MLR), Seasonality & Trend Forecasting, and Forecasting Models for New Products, among others. Additionally, I have hands-on experience with tools such as Power BI and SQL. I am highly committed, self-motivated, and possess a strong entrepreneurial spirit. Over the past 8 years, my team and I have built a robust clientele in various sectors, including Packaging, Pharma, Medical Devices, Oil & Gas, and Chemicals & Materials. We have provided a wide range of services, from management consulting to market forecasting and survey-related projects. I am particularly proud to have provided consulting services to one of the industry’s leading COVID-19 vaccine manufacturers for a packaging-related project. In the packaging space, I have served clients across a range of segments, including packaging printing, consumer packaging, flexible packaging, rigid packaging, and pharmaceutical packaging, to name a few. I deeply appreciate the efforts of my team and am grateful to our clients for their continued trust.
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