Thermal Spray Coatings Market Size was valued at USD 7.8 billion in 2022 and is poised to grow at a CAGR of 7.1% from 2023-2029. Thermal spray coatings are used on a multitude of tools and components within the Oil and Gas industry. As the demand for oil increases and the historical oil fields are being exhausted, oil companies are having to explore within more violent environments in order to extract from both existing and new reserves. Equipment operating in these harsh conditions are subject to severe degradation. These wear mechanisms include abrasion and/or erosion from drilling muds; corrosion (pitting and crevice attack); and, stress corrosion cracking due to hot acidic conditions. As a result, downhole drilling tools and associated equipment are today required to delve deeper, run hotter, work faster, and last longer than ever before. To counteract this, thermal spray coatings are becoming more widely used by the major manufacturers in their efforts to reduce down time and improve the performance of their tools and equipment. This report studies global thermal spray coatings market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition.
Fastest Growing Market
Some of the key factors influencing the market growth include boom in the aerospace industry, growing demand from the healthcare industry, technological innovations for the development of cost-effective products, increasing product demand from the industrial gas turbines application industry and growing application in the oil & gas industry. However, stringent regulations, lack of technical skills and line-of-sight coatings process in thermal spray coatings are hampering the market growth. Development of substitutes including liquid coatings that holds higher ability to cover inside corners and hard to reach surfaces may hamper business growth. Further, growing concerns to minimize overspray and material wastage may also restrain industry demand.
The key segments covered in the thermal spray coatings market are: by product, process, heat source, application and geography
The thermal spray coatings market keyplayers are: AMETEK Inc., BodyCote, BryCoat Inc., Plasma-TecInc., Metallisation Limited
The thermal spray coatings market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.
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