Cold Spray Technology Market Size & Share to Surpass $1.8 Billion by 2030

WASHINGTON, June 09, 2023 (GLOBE NEWSWIRE) -- Global Cold Spray Technology Market is valued at USD 1.2 Billion in 2022 and is projected to reach a value of USD 1.8 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 6.2% over the forecast period 2023-2030.

Market Overview

Over the projected period, the industry is anticipated to grow in demand as a repair method for lightweight aircraft alloys in the aerospace sector. The demand for Cold Spray Technology will also increase throughout the forecast period due to the expansion of the electrical and electronics industries in the Asia Pacific region.

We forecast that the aluminum category in Cold Spray Technology market sales will account for more than 28% of the market share by 2030. Cold-sprayed aluminum alloys with pure aluminum also catch the attention of many researchers due to their excellent qualities. For instance, alloys consisting of silicon and aluminum have excellent anti-friction properties and give high strength with little thermal expansion.

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Market Dynamics

Cost-Effectiveness of Cold Spay Technology will Support Market Expansion The use of Cold Spray Technology is being pushed by cost-effectiveness in many industries. Because of the high cost of tools, materials, and labor, traditional techniques of coating and repairing materials can be costly. In contrast, Cold Spray Technology provides a more cost-effective option by eliminating expensive, high-temperature chemicals and equipment requirements. Cold Spray Technology saves money in part because it eliminates the need for additional finishing stages. The method creates coatings of a high caliber that require less post-processing, which can assist in shortening production times and boosting overall output.

Advancements in R&D of Cold Spray Technology to Boost Market Expansion The market for Cold Spray Technology is growing significantly due to improvements in research and development. Cold Spray Technology is increasingly being used and invested in due to new potential and applications being found in the field of study. The efficiency and effectiveness of cold spray technologies are always being worked on, as well as their capabilities. For instance, scientists are investigating the use of novel materials for cold spray coatings, like composites, which can improve the coatings' characteristics and make them better suited for particular applications. Furthermore, developing new tools and methods to enhance the quality of coatings and process efficiency has also been facilitated by improving our knowledge of the cold spray process's physics.

Top Players in the Global Cold Spray Technology Market

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Top Trends in Global Cold Spray Technology Market

Top Report Findings

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Recent Developments in the Global Cold Spray Technology Market

Cold Spray Coatings Category of the Service Segment of the Cold Spray Technology Market Forecast to Generate Moare than Half the Total Global Segment Revenue in the Projected Period For a better understanding, based on the Service, the Cold Spray Technology market is divided into Cold Spray Additive Manufacturing and Cold Spray Coatings.

The Cold Spray Coatings segment is expected to dominate the market for Cold Spray Technology. Tensile residual stresses, oxidation, and harmful chemical reactions are all prevented by cold spray coatings. Cold spraying is a cutting-edge method for applying coatings and doing additive manufacturing on structures. This low-temperature process allows for the production of coatings with an unattainable quality by any other means employing various metallic or metallic-ceramic materials. These elements will boost the need for cold spray coatings.

On the other hand, the Cold Spray Additive Manufacturing category is anticipated to be the fastest-growing category in the Cold Spray Technology market. It is a cutting-edge, high-potential technique used to create engineering parts that perform better across various surfaces, sub-surfaces, and interfaces. Most recent advancements in cold spray additive manufacturing technology have been concentrated on electric motors used in the automotive sector to lower carbon dioxide emissions from the vehicles in which these motors are to be employed.

North America Region of the Global Cold Spray Technology Market Expected to Generate a Substantial Revenue and Dominate the Global Market North America dominates the market throughout the projection period. North America's thriving aerospace & defense, electronics, and automotive sectors are driving the demand for cold spray technologies. Additionally, it is anticipated that over the course of the forecast period, ongoing research projects to investigate the application of Cold Spray Technology for damage and dimensional repair of various components used in military vehicles and aircraft as well as marine vessels will propel the regional market's growth.

The Asia Pacific is expected to be the fastest growing region in the Cold Spray Technology market. A large concentration of electronic businesses in China, South Korea, Japan, and Taiwan is anticipated to present chances for cold spray manufacturers to have sustained growth. Additionally, it is anticipated that beneficial government initiatives like Make in India and Digital India will promote the manufacture of electronics in India. Because most of these components are used in producing electronic products, the need for circuit boards, electrical connections, electric motors and generators, and semiconductors and displays is growing along with the electrical and electronics industry.

Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on Cold Spray Technology Market Forecast Report (2023-2030).

Global Cold Spray Technology Market Segmentation

By Material

By Service

By End-Use

By Region

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