The expansion of the aerospace industry, due to the growing popularity of the aerial mode of transportation, is fueling the demand for thermal spray materials across the world. Additionally, the increasing defense expenditure of countries, such as China, India, Japan, and the U.S., is also predicted to boost the advancement of the aerospace industry. This industry is also expected to surge sharply in the Asia-Pacific (APAC) region in the coming years, on account of the mushrooming population. For example, China is expected to invest more than $1.1 trillion in the development of aircrafts in the next 20 years.
Besides the above-mentioned factor, the rising urbanization rate, surging manufacturing of automobiles and consumer products, and increasing construction activities, especially in the Eastern European and APAC regions, are also expected to fuel the global thermal spray materials market at a CAGR of 7.4% from 2019 to 2024. This is because thermal sprays are extensively used for coatings on turbo-machinery, such as high-pressure turbine seals, bearings, compressor seals, oil seals, engine components, airframe, and rotor-path linings and also on engine parts to prevent wear, mitigate maintenance costs, and improve fluid dynamics and fuel efficiency.
Apart from the aforementioned factors, the rapid advancements being made in the spray technology and the rising use of the cold spray process are also creating lucrative growth opportunities for the players operating in the thermal spray materials market, which is, in turn, expected to propel the value of the market from $1,860.8 million in 2018 to $2,869.2 million by 2024. Wire/rod and powder are the most widely used types of thermal spray materials. Between these, the demand for wire/rod was found to be higher in the past years.
The thermal spray process employs the use of ceramic-based, polymer-based, or metal-based wire/rod. This rod or wire is fed into gun/torch with which it is then heated above its melting point for forming molten droplets. These molten droplets are then released in a stream of gas and projected over substrate for coating. The use of rod/wire as a thermal spray material minimizes the wastage of the substance and helps in achieving high-quality coating.