The global thermal spray coatings market is expected to showcase an exponential growth by reaching USD 17,631.2 million by 2027. This is attributable to the growing aerospace industry and the increasing demand for weight reduction in aircraft to improve performance and fuel efficiency that propels the demand for innovative thermal spray coatings across the globe. Fortune Business Insights, in its latest report, observes that the market stood at USD 10,235.2 million in 2019 and is projected to exhibit a CAGR of 7.8% between 2020 and 2027.
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect market growth. In addition to this, the report provides insights into the regional analysis. It includes the competitive landscape that involves leading companies and novel products as well as major collaborations. The research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Increasing Adoption of Thermal Spray Coatings inn Aerospace to Favor Growth
The growing demand to improve fuel efficiency and performance of aircraft is driving the demand for innovative thermal spray coatings across the aerospace industry. These coating protect turbine blades of engines from extreme temperatures, while ensuring high reliability of the components for longer duration. In addition to this, the increasing refurbishment activities to replace old components of the aircraft are expected to propel the demand for these coatings across the globe. Therefore, the growing aerospace sector backed by rising travel globally is expected to drive the global thermal spray coatings market in the forthcoming years.
Ceramic Segment Held a Major Market Share in 2019
The ceramic segment, based on material, held a major market share in 2019 and is expected to experience an exponential growth owing to the increasing adoption of ceramic coatings by biomedicine industry across the globe.