The global thermal spray wires market is experiencing growth due to several factors such as an increase in demand in the automotive industry where thermal spray coatings to improve the performance and longevity of engine components, brake systems, and other parts. The push towards lightweight and durable materials in vehicles enhances the market for thermal spray wires.
WILMINGTON, Del., Aug. 23, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Thermal Spray Wire Market by Material Type (Nickel-Based Alloys, Cobalt-Based Alloys, Aluminum Alloys, Stainless Steel and Others), Process Type (Flame Spray, Cold Spray, Arc Spray, Plasma Spray and Others), and End-Use (Aerospace, Automotive, Oil & Gas, Power Generation and Others): Global Opportunity Analysis and Industry Forecast, 2024-2029". According to the report, the thermal spray wire market was valued at $1.2 billion in 2023, and is estimated to reach $1.9 billion by 2029, growing at a CAGR of 7.5% from 2024 to 2029.
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Prime determinants of growth
The global thermal spray wire market is experiencing growth due to several factors such as enhancement of wear and corrosion resistance, thermal spray wire significantly enhances the wear and corrosion resistance of these components, boosting the market for thermal spray wires. However, Availability of substitutes is expected to restraint the growth of thermal spray wire market during the forecast period. Moreover, expansion in the medical and electronics sectors offers remunerative opportunities for the global thermal spray wire market.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2024-2029 |
Base Year | 2023 |
Market Size in 2023 | $1.2 billion |
Market Size in 2029 | $1.9 billion |
CAGR | 7.5 % |
No. of Pages in Report | 300 |
Segments Covered | Material Type, Process Type, End-Use and Region. |
Drivers |
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Opportunities |
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Restraint |
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The nickel-based alloys segment is expected to remain the largest type throughout the forecast period.
Nickel-based alloys are highly resistant to corrosion, making them ideal for protective coatings in harsh environments such as chemical processing plants, marine environments, and oil and gas industries. These alloys maintain their strength and integrity at high temperatures, making them suitable for applications in aerospace, power generation turbines, and other high-temperature industrial processes. Thermal spray coatings of nickel-based alloys can provide excellent wear resistance, extending the life of components subjected to abrasive and erosive conditions.
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The arc spray segment is expected to lead throughout the forecast period.
The arc spray process offers several advantages, including high deposition efficiency, excellent bond strength, and the ability to apply coatings over large areas quickly. Additionally, thermal spray coatings can be applied to a wide range of substrates, including metals, ceramics, and plastics, making it a versatile surface protection technique. However, proper surface preparation and application parameters are crucial to ensure the quality and performance of the thermal spray coating.
The aerospace segment dominated the thermal spray wires market throughout the forecast period.
In the aerospace sector, thermal spray wire is extensively utilized in the production of thermal barrier coatings (TBCs) for turbine engine components. These coatings are applied to critical parts such as turbine blades and vanes to protect them from high temperatures encountered during engine operation. By using specialized thermal spray wires, engineers can tailor coatings to withstand extreme heat and thermal cycling, enhancing engine efficiency and longevity.
Asia-Pacific to maintain its dominance by 2033.
In countries such as China, Japan, South Korea, and India, thermal spray has extensive application in sectors such as aerospace, automotive, energy, and manufacturing. China, being one of the largest consumers of thermal spray wire in the region, utilizes it in the automotive industry for coating engine components to enhance wear resistance and corrosion protection. Additionally, the growing aerospace sector in China demands thermal spray coatings for turbine blades, combustion chambers, and other critical components, further driving the demand for thermal spray wire.
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Players: -
- Astro Alloys Inc
- THERMION
- OC Oerlikon Management AG
- Höganäs AB
- Metallisation Limited
- Polymet, Parat Tech
- Flame Spray Technologies B.V.
- Praxair S.T. Technology
- Shanghai AlloTech Industrial Co., Ltd.
The report provides a detailed analysis of these key players in the global thermal spray wire market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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