HYDERABAD, India, June 21, 2019 /PRNewswire/ -- According to a new market research report by Mordor Intelligence, the market for Thermal Spray Powder is anticipated to register a CAGR of 7.24% during the forecast period 2019-2024. Some of the major factors driving the growth of the market studied are the increasing demand for higher performance customized alloy powders, increasing prominence for plasma spray coatings, and extensive consumption of thermal sprayed tungsten-cobalt (WC-Co) coatings.
Highlights from the report:
The automotive manufacturing sector in the Asia-Pacific region has been increasing at a strong rate, and further growth is expected to be witnessed over the forecast period, owing to the surge in investments and expansion in production facilities in the region, thereby augmenting the growth of the market.
The limited availability of data pertaining to the reliability and consistency of thermal spray coatings, like thermal spray ceramic coatings, pose a potential challenge for manufacturers, and could hinder or slow the growth of the market.
Ceramic and metal composites (cermets), considerably improve several material properties, with regard to that of initial components. Hence, cermets are frequently applied in many technological fields, which are projected to act as an opportunity for the market in the future.
Increasing demand from the aerospace industry is expected to drive the market by 2024.
The extensive consumption of thermal sprayed tungsten-cobalt (WC-Co) coatings will drive the market during the forecast period.
Rising popularity of thermal spray ceramic coatings is expected to hinder the growth of the market studied.
The United States is the world's largest and most powerful economy, with a per capita income of USD 55,900. The economic growth rate was 2.9% in 2018, and is expected to increase to 2.3% in 2019.
It is the second largest automotive manufacturer, after China, and produced 11 314 705 units vehicles in 2018. Over the past five years, the country witnessed a robust growth in automobile production.
Furthermore, the production increased by 1.1% in 2018.
Export of aerospace components to countries, such as France, China, and Germany, along with robust consumer spending in the United States, is driving the manufacturing activities in the aerospace industry.
Industrial gas turbines are likely to play an important role in achieving national objectives related to energy and environment.
The ongoing technical advances make gas turbines the logical choice for power generation and replacement of old thermal facilities operating on coal and oil.
The thermal spray powder market is expected to grow at a steady pace during the forecast period, due to high demand from various end-user industries.
The thermal spray powder market is fragmented, with many of the major players currently dominate the market. Key players in the thermal spray powder market include 5iTECH (AlSher APM, LLC), Global Tungsten & Powders, Höganäs AB, Hunter Chemical LLC, Plasma Powders & Systems Inc., Powder Alloy Corporation, Saint-Gobain SA, Praxair ST Technology Inc., and H C Starck GmbH, among others.
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