The global market report on the thermal spray includes a proper study of various factors like enhanced engineering performance, low cost, and better shelf life among the traits of the product. These traits ensure that the market receives traction from various end-users like aerospace, automotive, and medical sector, among many. The rising investment in research for the aerospace industry to curb costs is expected to bolster the market growth. Market Research Future (MRFR), in its latest report on the market, revealed the market has a chance to surpass a substantial valuation during the forecast period of 2018 to 2023.
The global study on the thermal spray market has been segmented into application, product, and technology. MRFR's analysis of the market includes various traits and factors that can influence decisions. These data are also backed by figures, on the basis of volume-wise and value-wise studies, charts, graphs, and others, which makes the data more credible.
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By product type, the global study of the thermal spray market has been segmented into ceramics, metals, polymers, carbides, abradable, intermetallic, and others. The ceramics segment would be leading the global market from the front and it will also display the highest CAGR during the forecast period.
By technology, the global market study on thermal spray has been segmented into flame spray, plasma spray, cold spray, electric arc spray, HVOF, and others.
By application, the report concentrates on segments like pulp & paper, industrial gas turbine, automotive, aerospace, oil & gas, steel, medical, printing, and others. The aerospace segment earns the maximum market share.
Asia Pacific is expected to register the fastest CAGR during the forecast period. China and India are pegged to play crucial roles in taking the global market forward. The North American aerospace industry would inspire transformation in the market.
Flame Spray Coating Company (U.S.), A & A Thermal Spray Coatings (U.S.), Praxair Surface Technologies, Inc. (U.S.), General Magnaplate Corporation (U.S.), Surface Technology Inc (U.K.), H.C. Starck GmbH (Germany), Oerlikon Metco (Switzerland), Plasma-Tec, Inc. (U.S.), and ASB Industries, Inc. (U.S.) others are some of the major trendsetters for the global market. These companies are impacting the market outcome with their plans involving mergers, tie-ups, innovations, branding, the price hike for research and development-related activities, the launching of new products, acquisitions, and others. MRFR ensured that their recent steps are listed in the report to make sure a proper understanding of the flow. This flow would help in planning for better market outcomes.
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In June 2020, Quintus Technologies declared that its Hot Isostatic Press (HIP) would help Flame Spray SpA, an eminent name in the advanced thermal spray industry, to respond to a surge in demand for procedures like densification and heat treatment as additive manufacturing (AM). This method is increasingly becoming popular in the production of various aerospace parts. This will also be bolstered by the growing investment in the aerospace sector to accommodate the latest technologies that can significantly transform the market.
The COVID-19 pandemic has arrested the growth of several industries as countries were forced to introduce lockdowns and limit the production rate of the manufacturing sector. The automotive segment has lost a substantial amount of revenue and to counter that they have reduced their intake of resources, which would adversely impact the thermal spray market. However, the medical sector is getting boosted by the rising demand for the manufacturing of several healthcare components, which might create a balance for the market.
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