North America and Europe are expected to witness substantial market growth in light of increasing use in the healthcare industryfor the manufacturing of bioceramic coatings used in implants. These coatings are both biocompatible and corrosion resistant, making them ideally suited for use in the application. The replacement of hard chrome by thermal spray coating in various aerospace and automotive applications is expected to result in high growth over the forecast period.
The whole global thermal spray coating market is expected to reach up to $12.29 billion by 2022, according to a recent study by Grand View Research, Inc. An increasing application scope in the medical, textile, and paper industries is expected due to superior properties such as enhanced traction, electrically conducive nature, biocompatibility oxidation, and cavitation.
Ceramic fields are expected to be the fastest-growing segment in terms of revenue, projected to grow at a compound annual growth rate (CAGR) of 7% from 2015 to 2022. Stringent government regulations, particularly in North America and Europe, have led to an increasing need for environmentally friendly and sustainable compounds.
Aerospace was the largest application segment and was valued at $2.55 billion in 2014. Increasing government expenditure, particularly in the civil aviation sector, is expected to propel the thermal spray coating market over the next seven years. Furthermore, the rising need for wear- and corrosion-resistant products that can withstand high temperatures is expected to have a positive impact on the industry over the forecast period,like semiconductor and LED/LCD fields.
North America was the largest regional consumer of thermal spray coatings, with revenue valued at over $2.10 billion in 2014. 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 augment industry growth over the next seven years. In addition, the 10-year “Automobile Mission Plan” introduced by the government of India in 2006 is expected to provide impetus to the automotive industry, which is expected to positively impact demand over the forecast period.