NEW YORK - According to a report by Persistence Market Research, Global Market Study on Thermal Spray Coatings: Industry Analysis and Forecast, 2016–2024, the thermal spray coatings market is expected to reach $7.6 billion at the end of 2016, rising at a CAGR of 5.9%. According to the report, the market was valued at $7.56 billion in 2015. Europe and North America are expected to account for over 50% of the market by the end of 2016, as these regions are expected to dominate the global market through the forecast period.

Hard chrome plating and medical device coatings are key applications responsible for a major share of revenue generation in the global market for thermal spray coatings. Conventional methods had a critical impact on the environment, leading companies to seek alternative solutions, which include the adoption of the thermal spray coating technique.

The demand for thermal spray coatings is expected to rise as companies look for superior surface property to extend the life of products. On the other hand, the line-of-sight coating process has its limitations, coating only the surface that is in-line with the coating system. Complexity involving the use of robots and the need for frequent adjustments are expected to restrict the market through the forecast period, owing to high operating costs.

On the basis of material type, the global thermal spray coatings market is segmented into metals, alloys, carbides, ceramics, intermetallics and others. The metals, alloys and carbides segments are expected to account for over 50% of value share at the end of 2016. The ceramics segment is expected to dominate the global market in terms of revenue through the forecast period.

In terms of process type, the global market for thermal spray coatings is segmented into conventional flame spray, plasma spray, high-oxygen-oxy-fuel (HVOF), and cold spray. The cold-spray segment is expected to grow with double-digit CAGR through the forecast period, due to its ability to deposit a wide range of materials on the substrate, especially temperature-sensitive materials.

In terms of application, the global thermal spray coatings market is segmented into aerospace, industrial gas turbines, automotive, medical and others. The aerospace segment is expected to reach a value of $4.7 billion at the end of 2024 with a market share of 37.4%. The industrial gas turbines segment is expected to grow the fastest through the forecast period, due to rising demand for high-performance turbines and engines.

On the basis of region, the market is segmented into North America, Asia-Pacific, Latin America, Europe, and the Middle East and Africa. North America was the dominating region with over 29.3% of volume share in the global market in 2015. Europe accounted for 25% market share in 2015, following North America with the second-highest market share. Asia-Pacific is expected to be the fastest growing region in terms of value at the end of the forecast period.

Major players in the global thermal spray coatings market include Metallisation Ltd., Praxair Inc., Bodycote Plc., Oerlikon Group, ASB Industries Inc., Abakan Inc., Sulzer Ltd., Curtis-Wright Corp. and Thermal Spray Technologies Inc.

For more information about the report, visit http://www.persistencemarketresearch.com/market-research/thermal-spray-coatings-market.asp.