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
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