The worldwide thermal spray materials market is showcasing consistent growth, having escalated from its approximate valuation of US$1.5 billion registered around the conclusion of 2021. This sustained upward trajectory can be attributed to key market drivers and regional factors that are significantly influencing the course of the market through the anticipated period ending in 2027.
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The shift away from chrome plating is serving as a driving force for market expansion. While chrome plating was once preferred for its corrosion resistance and potential for dimensional reclamation, its limitations concerning component size, thickness build-up, and environmental considerations have dampened its appeal. This has led to the emergence of thermal spray materials as an alternative. These materials offer comparable or even superior plating characteristics without the associated performance or environmental limitations. The durability of thermal spray technology and its capacity to prevent micro cracking within coatings have positioned it as a promising substitute for chrome plating, thereby fueling the growth of the thermal spray materials market.
Ceramic materials are also witnessing heightened demand, particularly within the biomedicine sector. Additionally, ceramics are gaining traction across various industries including automotive, aerospace, and manufacturing due to their outstanding heat resistance, corrosion resistance, and cost-effectiveness. These attributes are driving the adoption of ceramic thermal spray materials, making a significant contribution to the overall expansion of the market.
The Asia Pacific region is emerging as a central driver of market growth, buoyed by factors including accessible raw materials, competitive labor and land costs, a burgeoning population, expanding consumer markets, and a conducive business environment. Industries spanning automotive, electronics, healthcare, and aerospace are witnessing noteworthy growth in this region.
Both China and India are leading the charge in the Asia Pacific thermal spray materials market. China’s considerable aircraft production and robust automotive sector position it as a critical influencer in the market’s expansion. Similarly, India’s increasing investments in the aerospace industry, bolstered by significant foreign direct investment (FDI) inflow and ambitious infrastructure development plans, are anticipated to drive market demand.
Key players in the thermal spray materials market are actively engaging in collaborations, acquisitions, and mergers to enhance their competitive positions. Notable instances include Paragon Partners’ acquisition of Castolin Eutectic and Integrated Global Services Inc.’s acquisition of GE Steam Power’s thermal spray coating technology. These strategic moves aim to augment market presence and capabilities. Leading market players include APS Material Inc., Hoganas AB, Kennametal Inc., Linde Plc, Integrated Global Services Inc., KCC Corporation, Coorstek Inc., and Morgan Advanced Materials Plc.
As the global thermal spray materials market sustains its upward trajectory, driven by the shift away from conventional chrome plating and the growing adoption of innovative ceramic materials, the Asia Pacific region, particularly China and India, emerge as crucial contributors to the market’s expansion. Collaborative initiatives and strategic acquisitions are shaping the competitive landscape, further enhancing the industry’s growth momentum. The market is poised for significant advancements in the foreseeable future, offering ample opportunities for businesses operating within the thermal spray materials sector.
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