Thermal Spray Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The global thermal spray equipment market was valued at USD 357. 97 million in 2021, and is expected to register a CAGR of 4. 99%, during the forecast period of 2022-2027. The growth is largely fueled by its extensive usage in the aerospace sector, in components, such as jet engine components, landing gear, and turbine blades, along with the rising demand from the medical devices industry.
New York, April 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Thermal Spray Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06271861/?utm_source=GNW
Key Highlights
Major factors driving the market studied are the rising popularity of thermal spray ceramic coatings, the rising use of thermal spray coatings in the aerospace industry, and the evolution in the power sector.
The aerospace industry is expected to dominate the global market during the forecast period.
On the flip side, issues regarding process reliability and consistency, are hindering the growth of the market studied.
Current progress in solution precursor plasma spraying of cermets, advancements in cold spray process, the emergence of HVOF coatings and systems, and growth prospects for twin wire arch thermal spraying systems are expected to offer various opportunities for the growth of the market studied.
Key Market Trends
Rising Application in the Aerospace Industry
Thermal sprays equipment are largely employed for several purposes in jet engines components, such as crankshafts, piston rings, cylinders, valves, and so on. In addition to these, they are also applied in the coating of landing gear, in order to withstand the forces during landing and take-off.
Thermal spray coatings systems are used for coating purposes in rocket combustion chambers, compressor air seals, and high-pressure nozzles, respectively. Coatings of chromium cobalt, aluminum oxide, and chromium carbide are employed in turbine air seals, fuel nozzles, and turbine vanes, respectively.
Boeing led the aerospace industry in adapting and implementing the use of thermal spray equipment as an alternative for hard chromium plating on numerous structural components. According to Boeing Commercial Market Outlook 2021–2040, 43,610 aircraft are expected to be delivered during 2021-2040, with a market service value of USD 9,540 billion.
In North America, according to the Boeing Commercial Outlook 2021-2040, the total deliveries of new airplanes will be 9,160 units by 2040, with a market service value of USD 2,070 billion. Moreover, in the United States, according to the Federal Aviation Administration (FAA), the commercial fleet is expected to increase to 8,756 by 2041, an average annual growth rate of 2%. Additionally, the total general aviation fleet is expected to increase to 208,790 units by 2041. Furthermore, the total United States mainline air carrier is expected to reach 5,101 units by 2041.??
All in all, there is a promising growth for the demand of thermal spray equipment in the aerospace industry, over the forecast period.
China to Dominate the Demand in Asia-Pacific Region
The thermal spray equipment market in China is experiencing healthy growth, mirroring the manufacturing section of aerospace and automotive industry of the country.
China is one of the largest producers of steel, and steel mills use thermal spray coatings for protection. In the steel industry, mainly coatings of processing rolls by HVOF, spray fusing, plasma spraying, and plasma-transferred arc overlaying welding are used.
The Chinese aerospace policy represents one of the most comprehensive attempts to enter the top levels of aerospace development and production. China has the second-largest domestic aviation market in the world. It also has the world’s fastest-growing domestic aviation industry, with passenger traffic increasing at the rate of 6.6% per year.
According to the International Organization of Motor Vehicle Manufacturers (OICA), China is the largest producer of automobiles. The production of vehicles for 2021 accounted for 2,60.82,220 units.
A growth of 106% in battery-plugged electric vehicles was witnessed in November 2021 compared to the same period in 2020. The country’s sales of electric vehicles reached around 413,094 units for November 2021. In addition, the market share also increased to 19%, including 15% of all-electric and 4% of plug-in hybrid cars.
Therefore, the demand for thermal spray equipment is expected to increase significantly in the country in the upcoming years.
Competitive Landscape
The global thermal spray equipment market is partially consolidated in nature. The major players in the market studied include (not in any particular order) Oerlikon, Linde, GTV Verschleibschutz GmbH, Kennametal, and Saint-Gobain amongst others.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06271861/?utm_source=GNW
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