Thermal Spray Wires Market Report Overview
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The global thermal spray wires market size was USD 1059.4 million in 2021 and is projected to touch USD 2117.56 million by 2031, exhibiting a CAGR of 7.2% during the forecast period.
Thermal spray wires are coated with shielding material. The most shared kind of thermal spray wire is unique, poised of stainless steel which has been covered with copper or nickel-copper alloy comprising great stages of chromium and molybdenum. This covering offers defense against the atmosphere, corrosion, and wears in uses where visible to metal would promptly worsen. Thermal spray wires are not just limited to aerospace applications but they can also be used in applications such as bridge production, real estate growth, and mining.
The increasing demand for metal thermal spray wires in numerous businesses such as automotive and mechanical applications will foster the thermal spray wires market growth in the coming years. Moreover, rising funds in emerging countries will also fuel the development of this market globally.
COVID-19 Impact: Closure of Manufacturing Operations to Hamper Market Growth
The COVID-19 pandemic has adversely affected the upstream procedure of the thermal spray coatings market, due to the guidelines on imports and exports and postponed the lead period for replacement of raw materials. The industry experienced failure in the sector during the COVID-19 pandemic. This is credited to the severe reduction in automotive, industrial, and construction sectors. Moreover, owing to the decline in laborers in light of social distancing standards amid the COVID-19 pandemic, the industry observed substantial reduction in manufacturing.
LATEST TRENDS
"Increasing Demand from Various Applications to Drive Market Trends"
Growth in disposable income and spending power of users and progress in living standards of people across emerging nations such as China and India upsurge the demand for automobiles. The rising aerospace, automotive, heavy machinery and military & civil aircraft has directed an upsurge in use of thermal spray coating equipment. Thermal spray coating is used to coat piston and synchronizer rings in automotive uses. It is also used in aerospace application to coat engine turbine blades and safeguard it from varying temperatures, and confirm augmented dependability for stretched time periods. These coatings are substituting hard chromium coating as the favored coating process to provide enhanced performance. This factor is estimated to drive the progress of the market.
Thermal Spray Wires Market Segmentation
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- By Type Analysis
By type, the market is segmented into Pure Metal Thermal Spray Wires, Alloy Thermal Spray Wires, and Composite Thermal Spray Wires.
- By Application Analysis
Based on application, the market is classified into Mechanical, Aerospace Car and Ship, and Others (Bride Construction, etc.)
DRIVING FACTORS
"Increasing Demand from Aerospace Industry to Foster Market"
Thermal spray wires are widely used in aerospace applications. They are used in industrial coverings, which are practical to numerous parts through the airplane. These coatings bid part permanency. Therefore, decreasing the maintenance charges and growing fuel productivity. Thermal spray materials, such as aluminum bronze, zirconium oxide, and cobalt-molybdenum, are used for coating resolutions in compressor air seals, rocket combustion chambers, and high-pressure nozzles.
"Increasing Adoption from Automotive Sector to Aid Growth"
The growing factors for the thermal spray wire comprise increasing demand in businesses such as aerospace, mechanical, and automotive, which may upsurge investment prospects in this market space. Furthermore, the improvement of original ingredients with multifunctional features that are appropriate for thermally sprayed wires is another factor that may fuel the development of this market.
RESTRAINING FACTORS
"Side Effects to the Chemical to Hamper Growth"
Thermal spray coatings often produce faults such as pores, which are typically round and shaped during the process, blasted particles, and cracks, which are shaped during the reduction of remaining pressures. The foulest faults are produced by unmolded or partly melted particles.
Thermal Spray Wires Market Regional Insights
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"North America to Dominate Due to Rising Product Demand from Aerospace Industry"
North America is projected to hold the maximum part of the thermal spray wires market share. The increasing demand is primarily focused by its aerospace and mechanical uses. Brazil has occurred as one of the important countries owing to its growing automotive sector. The U.S. is anticipated to continue the region's largest market for thermal spray coverings, due to increasing demand for better presentation at economical prices while following all rules and industry standards.
Asia Pacific is anticipated to have a sizable market share. Japan has appeared as a significant driver with augmented demand from the automotive sector owing to its sturdy focus on R&D activities in the region during the forecast period.
KEY INDUSTRY PLAYERS
"Chemical Mixtures by Manufacturers to Increase Market Growth"
Leading manufacturers are concentrated on continuously improving their product line by introducing cutting-edge features to set their products apart from those of other companies. Competitors underline the need of maintaining the market's intense rivalry. The main rivals are using a range of analytical techniques. Major players also place a strong emphasis on expanding their reach through partnerships, agreements, joint ventures, expansions, and investments. The introduction of cutting-edge chemicals is anticipated to boost product demand and promote the expansion of the market. Additionally, the key players are investing more on the development of the product.
List of Market Players Profiled
- Oerlikon Metco (Switzerland)
- Kanthal (U.S.)
- Metallisation (U.K.)
- Polymet Corporation (Canada)
- Tankii (China)
- Parat tech (Germany)
- Flame Spray Technologies BV (Netherlands)
- Praxair Surface Technologies (U.S.)
- Plasma Powders & Systems, Inc. (U.S.)
- United Coating Technology (U.S.)
- Allotech (U.S.)
REPORT COVERAGE
The top five producers of both thermal spray wires account for a sizable portion of the market in their respective domains, indicating that the graphite market is partially concentrated. The graphite sheet market is fragmented, although there are certain significant players who focus on producing particular graphite product types for particular end-user sectors.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 1059.4 Million in 2021 |
Market Size Value By |
US$ 2117.56 Million by 2031 |
Growth Rate |
CAGR of 7.2% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type & Application |
Frequently Asked Questions
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What value is the thermal spray wires market expected to touch by 2031?
Based on our research, the thermal spray wires market is projected to touch USD 2117.56 million by 2031.
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What CAGR is the thermal spray wires market expected to exhibit by 2031?
The thermal spray wires market is expected to exhibit a CAGR of 7.2% by 2031.
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What are the segments of the thermal spray wires market?
By type, the thermal spray wires market is segmented into purity 99% and purity 99.5%. Based on application, the market is classified into fine chemical and pharmaceutical intermediates.
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Which are the driving factors of the thermal spray wires market?
Increasing demand from the aerospace sector and adoption from the automotive industry are the factors driving the thermal spray wires market.
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Which are the top companies operating in the thermal spray wires market?
Oerlikon Metco, Kanthal, Metallisation, Polymet Corporation, Tankii, Parat tech, Flame Spray Technologies BV, Praxair Surface Technologies, Plasma Powders & Systems, Inc., United Coating Technology, Allotech are the top companies operating in the thermal spray wires market.