Surface Technology Market Worth USD 4,93297.7 Million by 2030 at 4.98% CAGR

New York, USA, Oct. 03, 2022 (GLOBE NEWSWIRE) — Surface Technology Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Surface Technology Market Information by Type, Application, and Region – Forecast till 2030”, the market is estimated to grow at a 4.98% CAGR to reach USD 4,93,297.7 Million by 2030.

Market Synopsis

Surface technology is a technique that is frequently used to increase the working life of components and shield them from environmental elements like corrosion and abrasion. From coating services, coating and application research, specialized coating sealing technologies, comprehensive fabrication, the supply of coating materials through technology transfer, surface technology goods, and services cover a wide range. The study and characterization of surfaces utilized in cutting-edge technology and innovation in sectors like aerospace, chemicals, pharmaceuticals, health, and electronics depend on surface analysis techniques.

Bodycote Surface Technology, the industry pioneer in thermal processing, has been at the vanguard of surface engineering technologies, creating a superior selection of thermal spray, thermal diffusion, and slurry coatings. Some of the top engineers and technicians oversee our surface technology operations and have the knowledge and skill to offer crucial support and a thorough comprehension of client needs.

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Report Scope:

Report Attribute Details
2030 Market Size USD 4,93,297.7 Million
CAGR 4.98% (2022–2030)
Base Year 2021
Forecast Period 2022–2030
Historical Data 2020
Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Type, Application And Region
Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers High demand in the aerospace and defense industry
Surface technology for additive manufacturing

Market Competitive Landscape:

The eminent contenders in the surface technology market are:

  • Bodycote
  • DOWA Thermotech Co., Ltd.
  • Guangdong Strong Metal Technology Co., Ltd
  • Harterei Reese
  • FPM Heat Treating
  • Paulo, Surface Technology, Inc.
  • Schaeffler Group, Linde Plc
  • Aalberts Surface technology

Market U.S.P. Covered:

Market Drivers:

The aerospace and defense sector is seeing an increase in surface coating technologies and materials due to the rising need for fuel-efficient vehicles. Gas turbine engines, air vessels,  insulating tiles, space shuttles, rocket exhaust cones, structural hardware, and engine components all utilize surface technology. In severe settings, surface coating technologies aid in extending the operating life of the components. Plasma transferred arc (PTA) welding, laser cladding, flame spraying, powder welding,  high-velocity flame spraying (HVOF), and plasma spraying are the most used surface technologies in the aerospace and defense sectors.

The procedure helps reduce maintenance costs by shielding air vessels from ice, pollutants, corrosion, and accidental damage. Additive manufacturing surface technology. Even though additive manufacturing (AM) has become more significant in the manufacturing sector, it is still a developing high-tech business. AM technology has advanced from fast prototyping to rapid manufacturing due to the growing requirement to satisfy customer demands for product quality and variety. Any material, including metals, polymers, and biomaterials, can be manufactured using additive techniques. Metals have long been the preferred materials in the manufacturing industry.

Market Restraints:

For surface technology, coating materials are accessible in metals, alloys, ceramics, polymers, and composites. Surface technology is produced using aluminum, nickel, steel, and copper. Tungsten, chromium, titanium, and nickel carbides are alloys used for surface polishing, whereas zirconia yttria, alumina titanium dioxide, pure alumina, and high-velocity oxygen fuel (HVOF) coatings are employed in various processes. These raw resources’ accessibility is influenced by several variables, including environmental conditions, geopolitical tensions, and mining and processing rules.

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COVID 19 Analysis              

As COVID-19 is generating widespread anxiety and economic hardship for industries and people around the world, it has significantly impacted the industrial sectors like aerospace, cars, food & beverage, building & construction, and others. Many OEM manufacturing companies have seen dramatic decreases in revenue as the demand for Surface technology has decreased due to industrial shutdowns, lockdowns imposed in numerous countries, and interruptions in the supply chain. This has significantly impacted economic activity, leading to layoffs and compensation reductions throughout supplier chains. Cities have been put under lockdown, border crossings have been restricted, and transportation networks have collapsed due to the COVID-19 outbreak. Global manufacturing processes, trade, and supply chains for chemicals and minerals are all expected to impact this significantly. This has drastically reduced market demand for Surface technology and led to serious manufacturing interruptions and trade restrictions.

Market Segmentation

By application, the market consists of building & construction, aerospace, textile, paper & packaging, general industrial, automotive, power generation, oil & gas pipeline, food & beverages, and metallurgy & minerals. By type, the market consists of plasma, ceramic coatings, anodizing, vapor phase aluminate, high-velocity oxygen fuel (HVOF) coatings, and slurry coatings.

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Regional Insights

China, India, and Japan are the main drivers of Asia-Pacific regional consumption, making up the second-largest portion of the global market. The main factor driving the market is the aerospace and automotive sectors’ explosive need for surface technology. The surge in demand for metal-based automotive components and the rising demand for fuel-efficient cars are driving the Asia-Pacific metalworking sector. Increased funding for R&D and technological standardization are anticipated to drive the growth of the surface technology market during the forecast period. Due to technological advancements and the growing acceptance of technology across various sectors, North America retained a sizeable market share.

In addition, rising demand from a variety of end-use industries, especially the aerospace and defense industry, rising adoption of surface technology in the automotive, oil & gas, and power generation industries, rising demand for fuel-efficient vehicles, and swiftly accelerating global industrialization are key growth drivers for the surface technology market. Over the projected period, the expanding automotive sector in the Middle East, Latin America, and Africa will likely present appealing opportunities. A surge in Surface technology demand, particularly in developing nations like Brazil and Mexico, is anticipated to accelerate market expansion. Additionally, the Middle East and Africa region’s soaring need for high-quality metal is anticipated to fuel the market for surface technology. Most of the aerospace and automotive industries use metal.

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