Essential processes in manufacturing such as thermal spray coatings have been impacted since the end of 2019. The manufacturing sector is facing substantial supply chain disruptions. In addition, the COVID-19 outbreak has also resulted in a sharp decline in new orders. Further, the pandemic has generated concerns of a recession. These factors are expected to have a negative impact on the thermal spray coatings market in the near term.
The global thermal spray coating market has been projected to expand at a healthy 6.5% CAGR through the end of the forecast period. According to Fact.MR, end user verticals will face major challenges throughout the duration of the pandemic in terms of procuring raw materials, and keeping up supplies, thus impacting short-term demand. However, thermal spray coating applications in production of medical devices will help in partially mitigating the losses in this crisis period.
“Most businesses in the manufacturing sector have been preparing for the impact of COVID-19 on their operations. Reduced investments, low oil prices, and cash flow issues remain key concerns. The slowdown in economic activity and growing number of on-site orders will eat into the demand for thermal spray coatings in the months to come,” says the FACT.MR study.
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Thermal Spray Coatings Market- Key Takeaways
Thermal Spray Coatings Market- Key Driving Factors
Thermal spray coatings Market- Key Restraints
COVID-19 Impact on Thermal Spray Coatings Market
Thermal spray coatings are increasingly finding application in the manufacturing process of numerous healthcare devices such as ventilators, electrocardiographs, and MRI machines among others. Amidst the pandemic, the demand for medical devices has soared, generating demand for thermal spray coatings.
Also, abrasion and corrosion resistance characteristics of thermal spray coatings are key to the production of medical components. This trend will help in partially mitigating losses from the temporary closure of other end user verticals such as the automotive and aerospace and industries.
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The thermal spray coatings market is fairly fragmented, characterized by numerous small and medium scale enterprises. Major players are increasingly investing their resources in customized offerings, to meet the needs of a diverse range of end user verticals. For instance, Sulzer UK has developed spray coating solutions specifically for offshore exploration activities, keeping up high production values, while being in compliance with safety norms.
Metallisation Ltd., Sulzer Ltd., ASB Industries Inc., Praxair Inc., Thermal Spray Technologies Inc., Oerlikon Group, Bodycote plc, and Curtis-Wright Corporation are some of the leading thermal spray coatings producers in the global market.
About the Report
This study offers readers a comprehensive market forecast of the thermal spray coatings market. Global, regional and country-level analysis of the latest industry trends impacting the thermal spray coatings market is covered in this FACT.MR study. The report offers insights on the thermal spray coatings market on the basis of product (ceramics, intermetallic, polymers, carbides, abradables, and others), technology (plasma spray, flame spray, HVOF, electric arc spray, cold spray, and others) and application (aerospace, industrial gas turbine, automotive, medical, printing, oil & gas, steel, pulp & paper, and others), across six regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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