North America and Europe Dominate Thermal Spray Coatings Market
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.