Tungsten Carbide (WC) Based Thermal Spray Coating Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2031

Global Tungsten Carbide (WC) Based Thermal Spray Coating Market is estimated to witness a rise in revenue from US$ 708.4 Mn in 2021 to US$ 1,436.8 Mn by 2031. The market is registering a CAGR of 7.3% during the forecast period 2022-2031. 

Thermal spraying is a general term for a coating method in which a consumable is applied as a spray of finely separated molten or semi-molten droplets. When Tungsten Carbide Coating is applied to a substrate, it forms an instant bond with the surface, resulting in high bond strength and excellent wear resistance. Thus, have high adoption in various end use applications including automotive, aerospace & aviation, power generation, chemicals & petrochemicals, electronics, metals & metallurgy, oil & gas, healthcare & medical devices and others.

Market Dynamics

The global tungsten carbide (WC) based thermal spray coating is attributed to drive over the forecast period due to the high penetration of tungsten carbide (WC) based thermal spray coating in various end use application. Factors such as rising demand for high-velocity oxy-fuel (HVOF) tungsten carbide spraying across various industries, surging demand for tungsten carbide (WC)-based thermal spray coating in the mining and oil & gas and tungsten carbide-based coatings as alternatives to electrodeposited liard chromium are responsible for driving the market’s growth. Moreover, the advancement in technology such as HVAF spraying, and its positive features as compared to HVOF creates a lucrative growth opportunity for the market over the forecast period. However, high cost of HVOF tungsten carbide coating based thermal spray coating may hamper the market’s growth. 

Report Summary

The study of the Global Tungsten Carbide (WC) Based Thermal Spray Coating Market considers various market determinants, industry value chain analysis and competitor analysis of the market. The report discusses the analysis of the industrial gears industry for the period 2016-2031, where the base year is 2021 and the forecast period is 2022-2031. The report provides a detailed analysis of the global industrial gears market across 14 Chapters and 192 pages. The report includes data presentation across 67 tables and 63 statistical figures. 

The subsequent section provides details of the market analysis based on different segments such as composition type, end use and region. The report includes detailed study of value chain of the industry. It includes tungsten carbide/metal powder providers, manufacturers and tungsten technology providers. The report also covers extensively about the key competitors in the market for global tungsten carbide (WC) based thermal spray coating. 

Impact of Regulation

According to the U. S. Environmental Protection Agency (EPA) Federal Facilities Restoration and Reuse Office (FFRRO), provides a summary for tungsten, including physical and chemical properties, environmental and health impacts, existing federal and state guidelines, detection and treatment methods and additional sources of information. Moreover, they also provide basic information on tungsten to site managers and other field personnel who may address tungsten contamination at cleanup sites. Tungsten was originally considered a stable metal in soil that does not dissolve easily in water. However, tungsten-contaminated environmental media are now a growing concern to the EPA and the U.S. Department of Defense (DoD) because recent research indicates that tungsten may not be as stable as was indicated in earlier studies.

Impact of COVID-19 on Global Tungsten Carbide (WC) Based Thermal Spray Coating Market 

The COVID-19 pandemic outbreak had a negative impact on the global tungsten carbide (WC) based thermal spray coating market. Many project schedules were changed or postponed due to lockdown and stringent controls implemented by governments. Industrial activities and plant construction projects across all industries were also hindered as a result of these interruptions. Moreover, due to decreased demand and supply chain disruptions, in the near term at least, the global HVOF tungsten carbide coating market will witness stunted growth.

Key Takeaways from the Global Tungsten Carbide (WC) Based Thermal Spray Coating Market 

• In terms of composition type, the WC-CrCNi segment held the largest market share in the market in 2021. Whereas WC-Ni segment is expected to grow at the highest CAGR during the forecast period as it is used as high-temperature wear and in corrosion-resistant coating.
• On the basis of end use, the aerospace & aviation segment holds the largest market share in 2021 and is also expected to grow with the highest CAGR over the forecast period. They are used in the protection of engine turbine blades and actuation systems, in order to provide high thermal resistance and longevity.
• By region, Europe accounted for the largest share of the Tungsten Carbide (WC) Based Thermal Spray Coating Market in 2021 owing to increasing urbanization & modernization, increasing personal disposable income and growing demand from various end-use industries such as aerospace. Whereas South Asia Pacific is anticipated to project the highest CAGR of 8.7% over the forecast period.

Competitive Landscape

The key players in the Global Tungsten Carbide (WC) Based Thermal Spray Coating Market are Hoganas AB, Buffalo Tungsten Inc., Praxiar Surface Technologies, Polymet Corp., Kennametal Corp., Fujimi Incorporated, Oerlikon Metco., Castolin Eutecti, Inframat Advanced Materials, ASB Industries Inc. and A & A Thermal Spray Coatings among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip of emerging market. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.

Segmentation Overview 

Global Tungsten Carbide (WC) Based Thermal Spray Coating Market is segmented based on composition type, end use and region. The industry trends in the global tungsten carbide (WC) based thermal spray coating market are sub-divided into different categories in order to get a holistic view of the global marketplace.

Following are the different segments of the Global Tungsten Carbide (WC) Based Thermal Spray Coating Market:

By Composition Type segment of the Global Tungsten Carbide (WC) Based Thermal Spray Coating Market is sub-segmented into:

• WC-Co
• WC-COCr
• WC-NiCr
• WC-Ni
• WC-CrCNi

By End Use segment of the Global Tungsten Carbide (WC) Based Thermal Spray Coating Market is sub-segmented into:

• Aerospace & Aviation
• Automotive
• Power Generation
• Chemical & Petrochemical
• Electronics
• Metals & Metallurgy
• Oil &Gas
• Healthcare & Medical devices
• Others

By Region segment of the Global Tungsten Carbide (WC) Based Thermal Spray Coating Market is sub-segmented into:

• North America
  • The U.S.
  • Canada
• Europe
  • The UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• South Asia Pacific
  • India
  • ASEAN
  • Australia & New Zealand
  • Rest of South Asia
• Middle East & Africa (MEA)
  • GCC Countries
  • Turkey
  • South Africa
  • North Africa
  • Rest of MEA
• Latin America
  • Brazil
  • Mexico
  • Rest of LATAM
• East Asia
  • China
  • Japan
  • South Korea