Discover the Growth of the Thermal Spray Coatings Market 2019 to 2029
Verfasser: ashwani_kailiya on Wednesday, 24 June 2020Essential processes in manufacturing such as thermal spray coatings have been impacted since the end of 2019. The manufacturing sector is facing substantial supply chain disruptions. In addition, the COVID-19 outbreak has also resulted in a sharp decline in new orders. Further, the pandemic has generated concerns of a recession. These factors are expected to have a negative impact on the thermal spray coatings market in the near term.
The global thermal spray coating market has been projected to expand at a healthy 6.5% CAGR through the end of the forecast period. According to Fact.MR, end user verticals will face major challenges throughout the duration of the pandemic in terms of procuring raw materials, and keeping up supplies, thus impacting short-term demand. However, thermal spray coating applications in production of medical devices will help in partially mitigating the losses in this crisis period.
“Most businesses in the manufacturing sector have been preparing for the impact of COVID-19 on their operations. Reduced investments, low oil prices, and cash flow issues remain key concerns. The slowdown in economic activity and growing number of on-site orders will eat into the demand for thermal spray coatings in the months to come,” says the FACT.MR study.