Market Trends of Middle-East and Africa Thermal Spray Industry
This section covers the major market trends shaping the MEA Thermal Spray Market according to our research experts:
Aerospace Segment Dominates the Market
- The aerospace industry is the market's largest end user of thermal spray materials. Thermal spray coatings are used in the aerospace industry to protect components from extreme temperatures and pressures during flight.
- They provide high thermal resistance and longevity in the protection of engine turbine blades and actuation systems. Revenues from aircraft and their components, artillery tanks, armaments, radar, and other aerospace and military equipment are included in the aerospace and defence market.
- Thermal spray materials provide benefits such as lower hazardous gas emissions, electrical resistance, ease of movement, and wear and corrosion prevention. Expansion in the aerospace industry, particularly civil aviation in emerging nations, is likely to boost market growth due to increasing expenditure on aerospace infrastructure building and commissioning new projects.
- Thermal spray materials are widely utilized as a protective substance in the aerospace industry to preserve aircraft components and repair old ones. They provide excellent temperature resistance and lifespan while protecting engine turbine blades and actuation systems.
- Thermal spray coatings, such as zirconium oxide, aluminum bronze, and cobalt-molybdenum, are used for coating purposes in rocket combustion chambers, compressor air seals, and high-pressure nozzles, respectively.
- Saudi Arabia is allegedly planning to invest SAR 8 billion (USD 2.1 billion) to boost its space program by 2030. According to Reuters, the investment is part of the country's economic diversification strategy. It intends to pique the interest of international firms while also creating numerous job possibilities for people.
- According to the Boeing Commercial Outlook 2022-2041, in the Middle East, around 2,980 new deliveries will be made by 2041, with an aerospace market service value of USD 275 billion and an aerospace market service value in Africa is USD 80 billion. Owing to such new deliveries in the region, the demand for the studied market is likely to rise.
- All the factors above are expected to drive the aerospace industry, enhancing tenhanced for thermal spray during the forecast period.
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Saudi Arabia is Anticipated to Hold a Major Share of the Middle-East and Africa
- Saudi Arabia holds a prominent share of the Middle East and Africa Thermal Spray market in terms of market share and market revenue. The region is set to continue to flourish in its dominance over the forecast period.
- Saudi Arabia's automobile sector is dominated by imports from North American and European manufacturers. However, in the next years, the government hopes to attract investments in vehicle production. Riyadh is renewing its efforts to persuade automakers to establish production lines in the kingdom as part of its larger economic diversification strategy.
- According to the Organization Internationale des Constructeurs d'Automobiles (OICA), in 2021, almost 557 thousand passenger automobiles and commercial vehicles were sold to Saudi buyers. Toyota, Hyundai, and Mazda are the most popular car brands in Saudi Arabia.
- After Venezuela, Saudi Arabia has the world's second-largest proven oil reserves. To meet its export promises, the nation is anticipated to increase its oil and gas production quantities. Oil accounts for over 60% of Saudi Arabia's government revenue.
- Saudi Aramco, the country's dominant oil and gas company, manages more than 90 pipelines and 12,000 miles of crude oil and petroleum product pipelines that connect producing areas to processing facilities, export terminals, and consumption centers. According to British Petroleum (BP), in 2021, Saudi Arabia's oil output was 10.95 million barrels per day, down from 11.04 the previous year.
- According to the General Authority for Statistics (Saudi Arabia), the industry revenue for the 'manufacture of textiles' in Saudi Arabia was USD 2.96 billion in 2021. The revenue from textile manufacturing in Saudi Arabia is expected to reach roughly USD 3.4 billion by 2024.
- Thus, all the above-mentioned factors are likely to provide the increasing demand for the Middle-East and Africa Thermal Spray market during the forecast period.
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