Tungsten Carbide Coating Market Forecast to Grow at A CAGR of 7.2%

Providing substantial protection to equipment through enhanced corrosion and wear resistance has made high velocity oxygen fuel (HVOF) tungsten carbide coating highly preferred, and it is popular in many end-use industries. Aerospace accounts for a large share of the overall HVOF tungsten carbide (Wc) coating market, followed closely by power generation and automotive.

The global high-speed oxyfuel Wc coating market is estimated to exhibit a healthy compound growth rate (CAGR) of 6% during the forecast period of 2020-2030, doubling in size during the same timeframe.

The high-speed oxyfuel Wc coating market is quite fragmented in nature, with a large number of second- and third-tier players in the market landscape.

North America holds a prominent share in the consumption of HVOF Wc coatings, followed closely by Europe and East Asia. Among all other countries, China's HVOF Wc coating market is expected to grow at a significant rate due to increasing industrialization and a boom in automotive and ancillary industries.

The high-speed oxygen-fueled Wc coating market is expected to achieve more robust year-over-year growth in East Asia and South Pacific compared to other regions of the world.

Increasing demand from the aerospace and automotive sectors is a major factor estimated to boost the demand for HVOF Wc coatings, with minor growth in the medical and aerospace sectors during the forecast period.

Among the various product types, WC-CoCr type composition holds a significant share in the global HVOF Wc coating market.

The global high-speed oxyfuel Wc coating market is quite fragmented at the global and regional levels. Tier 1 manufacturers account for more than one-third of the market share and some of the leading players include Höganäs AB, Buffalo Tungsten, Inc., Praxair Surface Technologies, Inc., Polymet Corporation, Kennametal Inc. Fujimi Corporation, Oerlikon Metco, Castolin Eutectic, ASB Industries, Thermal Spray Technologies, Inframat Advanced Materials. Considering the high growth potential of the HVOF tungsten carbide coating market in the coming years, manufacturers are focusing on research and development activities.

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