Market Leaders & New Revenue Pockets - Thermal Spray Coatings Market

MARKET LEADER

Thermal spray coating process is a method used to surface and resurface engineered components. Thermal spray coating process provides surface protection to substrate materials and prevents them from wearing and corrosion. The major companies operating in the thermal spray coatings market are A & A Coatings (U.S.), Flame Spray Coating Company (U.S.), General Magnaplate Corporation (U.S.), Praxair Surface Technologies, Inc. (U.S.), Oerlikon Metco (Switzerland), Plasma-Tec, Inc. (U.S.), Surface Technology (U.K.), H.C. Starck GmbH (Germany), and ASB Industries, Inc. (U.S.), among others.

Thermal spray coatings are widely used in various industries, such as aerospace, automotive, healthcare, energy & power, electronics, agricultural machinery, and others, owing to excellent properties offered by them, which include improved surface protection, resistance to corrosion and abrasion, protection against scuff, and heat insulation, among  others.

Some of the important strategies adopted by key companies to scale up their activities in the thermal spray coatings market are expansions, partnerships & joint ventures, acquisitions, and new product launches. These key companies are also investing in R&D activities to strengthen their product portfolios and enhance their position in the thermal spray coatings market.

Founded in 1907 and based in the U.S., Praxair Surface Technologies, Inc. is a manufacturer and supplier of surface-enhancing materials and processes. The company provides components, materials & equipment, and coating services to diverse industries, which include aviation, metal production, automotive & transportation, glass, bakeware, oil & gas, chemicals & pharmaceuticals, paper, plastics, and food & beverages. The company has adopted various strategies, such as joint ventures and new product launches to enhance its surface technology business. For instance, in October 2016, Praxair Surface Technologies, Inc. (U.S.) entered into a joint venture with GE Aviation (U.S.) to form PG Technologies, LLC. This joint venture aims at enabling PG Technologies to offer support for specialized coatings of GE Aviation. The company offers various products and services for surface protection, which include cold sprays, detonation gun & super D-gun, flame sprays, high-velocity oxy-fuel (HVOF), plasma sprays, wire arc sprays, carbide powders, ceramic powders, MCrALY, and pure metals and alloys.

Another leading player in the thermal spray coatings market is Oerlikon Metco, which was founded in 1994 and is headquartered in Switzerland. It is a leading provider of surface solutions and serves diverse industries through its surface enhancement technologies and advanced coatings. The company offers various core technologies and products, such as Metco, Amdry, and Durabrade. The company focuses on strengthening its customer base and increasing its market shares through partnerships, acquisitions, and new product launches. For instance, in May 2016, Oerlikon Metco launched UniCoatPro, a new thermal spray system platform for its customers to obtain a better understanding of coating consistency so as to enhance quality control for thermal spray applications.

NEW REVENUE POCKETS

Thermal spray coatings are widely used for various engineered components, owing to the excellent property of surface protection offered by them. The thermal spray coatings market is projected to reach USD 11.44 billion by 2021, at a CAGR of 6.5% from 2016 to 2021. The growth of this market is mainly attributed to the increasing demand for thermal spray coatings from various industries, such as aerospace, automotive, healthcare, energy & power, electronics, and agriculture, among others. The increased use of thermal spray coatings in varied industries is due to a number of properties offered by them, which include high resistance to corrosion, abrasion, and wearing.

On the basis of end-use industries, the thermal spray coatings market has been classified into aerospace, automotive, healthcare, energy & power, electronics, agricultural machinery, and others. Among end-use industries, the healthcare segment of the thermal spray coatings market is projected to grow at the highest CAGR during the forecast period. The growth of the healthcare segment of the market is mainly attributed to the significant use of thermal spray coatings in various applications, which include orthopedic implants, medical instruments, and apparatuses, among others.

On the basis of process, the thermal spray coatings market has been classified into combustion flame process and electrical energy. The combustion flame segment of the thermal spray coatings market is projected to grow at the highest CAGR between 2016 and 2021. Combustion flame spraying process is highly suitable for coating large areas.

On the basis of material, the thermal spray coatings market has been segmented into ceramic, metals & alloys, and others. The ceramic material segment of the thermal spray coatings market is projected to grow at the highest CAGR during the forecast period. The growth of the ceramic segment of the market is attributed to the excellent adhesion property offered by the ceramic materials. The major substrates of ceramic powder material used in thermal spray coatings are alumina, zirconia, and yttria.

The Asia-Pacific thermal spray coatings market is projected to grow at the highest CAGR between 2016 and 2021. The thermal spray coatings market in the Asia-Pacific region has been studied for countries such as China, Japan, India, South Korea, and Vietnam, among others. The market in this region is witnessing increased use of thermal spray coatings in the automotive, energy & power, healthcare, and agriculture sectors. The increasing investments in the automotive industry of the Asia-Pacific region have led to increased demand for vehicles, thereby leading towards increased use of thermal spray coatings in automobiles. This, in turn, is expected to fuel the growth of the Asia-Pacific thermal spray coatings market during the forecast period.

The thermal spray coatings market is highly fragmented and competitive with the presence of a large number of prominent players. Key manufacturers of thermal spray coatings are mainly located in the North American and European regions. The U.S. is the largest market for thermal spray coatings in the North American region. Increased demand for advanced machinery, high growth of the aerospace industry, and increased demand for vehicles in the North American region are some of the major drivers for the growth of the North America thermal spray coatings market.

A & A Coatings (U.S.), Flame Spray Coating Company (U.S.), General Magnaplate Corporation (U.S.), Praxair Surface Technologies, Inc. (U.S.), Oerlikon Metco (Switzerland), Plasma-Tec, Inc. (U.S.), Surface Technology (U.K.), H.C. Starck GmbH (Germany), and ASB Industries, Inc. (U.S.), among others are the key players operating in the thermal spray coatings market.

OEM Coatings Market Leaders & Revenue Pockets

Market Leaders

The OEM coatings market is projected to reach USD 69.28 billion by 2022, at a CAGR of 4.7% from 2017 to 2022. The growth of the OEM coatings market can be attributed to increased demand for OEM coatings from various end-use industries, such as transportation, consumer products, and heavy equipment & machinery, among others.

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The strategy of new product launches was the key strategy adopted by the leading players to strengthen their position in the OEM coatings market. The growth of the OEM coatings market can be attributed to increased demand for protective and decorative coatings for OEM parts from various end-use industries. New product launches, expansions, and mergers & acquisitions are the key growth strategies undertaken by the market players to enhance their position in the OEM coatings market. The leading players operating in this market are also focusing on joint ventures and partnerships to increase their market shares.

Major manufacturers of OEM coatings, which include PPG Industries, Inc. (U.S.), Akzo Nobel N.V. (Netherlands), The Sherwin-Williams Company (U.S.), The Valspar Corporation (U.S.), Axalta Coating Systems Ltd. (U.S.), Jotun (Norway), BASF SE (Germany), Nippon Paints Holdings Co., Ltd. (Japan), 3M Company (U.S.), and Kansai Paints Co., Ltd. (Japan) have been profiled in this report on the OEM coatings market. These companies have adopted both, organic and inorganic growth strategies to strengthen their position in the OEM coatings market.

PPG Industries, Inc. (U.S.) is the most active player in the OEM coatings market. It develops various types of OEM coatings to cater to the different requirements of different end-use industries. The company has adopted the strategies of mergers & acquisitions, expansions, and new product launches to enhance its position in the market. As a part of its strategy, PPG Industries, Inc. has expanded its reach to various countries, such as China, Mexico, Spain, Brazil, and Germany to distribute and promote sales of its products.

Akzo Nobel N.V. (Netherlands) is another company that has established a strong foothold in the OEM coatings market. The company has adopted the strategies of expansions, partnerships, and mergers & acquisitions to facilitate the availability of OEM coatings manufactured by the company in the emerging economies. The company has increased its reach to countries, such as the U.K., China, India, the U.S., and Sweden, among others. In December 2016, Akzo Nobel N.V. (Netherlands) acquired the global industrial coatings business of BASF SE (Germany) to supply a range of products for various industries, such as construction, domestic appliances, wind energy, and commercial transport.

Revenue Pockets

The OEM coatings market is projected to reach USD 69.28 billion by 2022, at a CAGR of 4.7% from 2017 to 2022. The major driver for the growth of the OEM coatings market across the globe includes the high growth of the global automotive industry, along with increasing number of technological advancements taking place in the field of OEM coatings.

The major challenge for the growth of the OEM coatings market is the stringent implementation of various regulations regarding the amount of volatile organic compounds (VOCs) present in OEM coatings. Hence, powder coatings and water-borne coatings are being adopted by various end-use industries across the globe to comply with the environmental regulations and to reduce the effect of volatile organic compounds (VOCs) on the environment.

The Asia-Pacific region is the leading market for OEM coatings, in terms of value and volume. Countries, such as the China, India, Japan, and South Korea, among others of the Asia-Pacific region are witnessing a gradual increase in the use of OEM coatings in various end-use industries, such as transportation, consumer products, and heavy equipment & machinery, among others. The Asia-Pacific OEM coatings market is projected to grow at the highest CAGR during the forecast period from 2017 to 2022. The growth of the Asia-Pacific OEM coatings market can be attributed to the high demand for OEM coatings from the automotive and consumer products industries of the region. Moreover, the increase in the number of automobiles in the region is also driving the growth of the Asia-Pacific OEM coatings market.

China is leading the Asia-Pacific OEM coatings market. The growth of the Asia-Pacific OEM coatings market is due to increase in the use of OEM coatings in various end-use industries, such as transportation, consumer products, and heavy equipment & machinery, among others. The growth of the consumer products industry is expected to drive the growth of the OEM coatings market in China and India during the forecast period. The increased use of OEM coatings in packaging and furniture & fixture applications in the consumer products industry is also contributing towards the growth of the Asia-Pacific OEM coatings market.

The powder coatings segment is the largest segment of the OEM coatings market. This segment of the market is projected to grow at the highest CAGR during the forecast period. The growth of the powder coatings segment of the OEM coatings market can be attributed to the eco-friendly nature of powder coatings as they emit minimal to negligible volatile organic compounds (VOCs) into the environment. These coatings are cost-effective and durable and can be used for various applications.

PPG Industries, Inc. (U.S.), Akzo Nobel N.V. (Netherlands), The Sherwin-Williams Company (U.S.), The Valspar Corporation (U.S.), and Axalta Coating Systems Ltd. (U.S.), among others, are the leading players in the OEM coatings market.