International. The thermal spray coatings market is projected to reach US$11.44 billion in 2021, at a CAGR of 6.5% from 2016 to 2021. The increasing use of thermal aerosol coatings in various end-use industries such as aerospace, automotive, energy, electronics, and agriculture, among others, is expected to fuel the growth of this market during the forecast period.
The demand for thermal spray coatings is increasing in different industries as these coatings are used to coat engineering components. However, the lack of technical know-how to carry out thermal spray coating processes and the low investments to carry out R&D activities in various end-use industries are the main challenges for the growth of this sector.
The aerospace end-use industry segment is projected to lead the market between 2016 and 2021. Thermal aerosol coatings are increasingly being used in the aerospace industry as they protect engineering components against corrosion and abrasion.
The healthcare end-use industry segment is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increased use of thermal coatings for orthopedic implants, medical instruments and appliances, among others.
