Thermal Spray Coatings Market by Materials (Ceramics and Metals & Alloys), Process (Combustion Flame and Electrical), End-Use Industry (Aerospace, Automotive, Healthcare, Agriculture, Energy & Power and Electronics) and Region - Global Forecast to 2028
Thermal Spray Coatings Market
The global thermal spray coatings market is valued at USD 10.4 billion in 2023 and is projected to reach USD 14.3 billion by 2028, growing at 6.5% cagr during the forecast period. The thermal spray coatings industry has observed stable growth throughout the study period and is expected to continue with the same trend during the forecast period. Thermal spray coatings are used in various industrial applications, including aerospace and defense. The aerospace industry uses Thermal spray coatings for repair and restoration. Components that have suffered wear, corrosion, or damage can be repaired by applying suitable coatings, restoring their functionality, and extending their service life.
Attractive Opportunities in the Thermal Spray Coatings Market
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Thermal Spray Coatings Market Dynamics
Driver: Growing demand from the healthcare industry
The healthcare industry's increasing adoption of thermal spray coatings can be attributed to several driving factors that significantly enhance the performance and safety of medical devices and equipment. One primary factor is the improvement in biocompatibility achieved through these coatings, reducing the risk of adverse reactions and facilitating better integration with the human body when used in medical implants and devices. Moreover, thermal spray coatings offer extended device lifespan by increasing their durability and wear resistance, resulting in longer-lasting and more reliable products. Infection control is another crucial factor, as some thermal spray coatings exhibit antimicrobial properties, helping to minimize the risk of healthcare-associated infections. Thus, the increasing demand for the healthcare industry is expected to enhance the market for thermal spray coatings during the forecast period.
Restraint: Stringent regulations for thermal spray coatings
The thermal spray coating process produces dust filled with finely divided particles that may be explosive and cause inhalation hazards. It also produces phosgene gas when hydrocarbon vapors are exposed to ultraviolet radiation during the coating process. These hazards pose a threat to occupational safety, resulting in the imposition of regulations from different organizations. Governments also enforce strict guidelines to protect workers involved in thermal spray coating from potential hazards. These regulations may cover the use of personal protective equipment (PPE), handling of chemicals and materials, ventilation requirements, and training for workers.
Opportunity: Adoption of new measures to conserve energy & harness renewable energy sources
The growing demand for energy and power has increased fossil fuel consumption, leading to carbon dioxide emissions into the atmosphere and extreme climatic changes. Governments across the globe are setting up renewable energy plants to produce, adapt, and harness energy from renewable sources. These power plants employ various components, such as wind turbines, shafts, and fans. To protect these components from wear and corrosion, thermal spray coatings can be applied to them, which will, in turn, contribute to the growth of the thermal spray coatings industry. Thus, the use of thermal spray coatings in energy generation is expected to propel the thermal spray coatings market.
Challenge: Lack of technical skills
The thermal spray coating process is a high-precision surface coating process. Additionally, customers of this process require the finest quality output. Therefore, technicians in this process need expertise in selecting the most suitable suspension particles to achieve better-nanostructured coatings for advanced applications. The process also employs instruments and sensors to measure particle velocity to obtain high-quality results for substrate materials. Thus, the ability to deal with light alloys at controlled temperatures in heavy engineering projects is a critical skill required for technicians. Such factors can make it challenging to perform thermal spray coatings at scale and can limit its market growth.
Thermal Spray Coatings Market Ecosystem
Prominent companies in this market include well-established financial service providers of thermal spray coatings. These companies have been operating in the market for several years and possess a diversified product portfolio and strong global sales and marketing networks. Prominent companies in this market include Praxair ST Technologies, Inc. (US), H.C Starck Gmbh (Germany), Bodycote (UK), Oerlikon Metco (Switzerland), and Surface Technology (UK).
Based on the process, the combustion flame segment is projected to grow significantly during the forecast period.
The combustion flame segment accounts for the highest share based on the process. The combustion flame process is generally considered a cost-effective thermal spray technique. The equipment and materials used in this process are relatively affordable compared to other methods. Additionally, the combustion flame process can be easily scaled up for large-scale production, making it suitable for industrial applications. Such factors are expected to enhance the market for the segment during the forecast period.
Based on material, the ceramics segment accounts for the largest share of the overall market.
Based on material, the ceramics segment accounts for the highest share. Ceramic coatings are lightweight compared to traditional protective materials like metal alloys. This makes them desirable for applications where weight reduction is essential, such as aerospace and automotive industries. Components can achieve improved performance without adding significant weight by applying ceramic coatings. Thus all these factors are expected to increase the usage of thermal spray coatings in anode making, enhancing the market for thermal spray coatings.
Based on end-use, the aerospace segment accounts for the largest share of the overall market.
Based on material, the ceramics segment accounts for the highest share. Aerospace exterior and interior components are susceptible to corrosion due to exposure to various elements, such as humidity, moisture, and chemicals. Thermal spray coatings with corrosion-resistant properties are applied to protect against corrosion, extend component lifespan, and minimize maintenance requirements. Thus all these factors are expected to increase the usage of thermal spray coatings in anode making, enhancing the market for thermal spray coatings.
North America is expected to account for the largest share of the global market during the forecast period.
Based on the region, North America accounts for the largest share. The oil and gas industry is a significant consumer of thermal spray coatings in North America. These coatings are used for corrosion protection, erosion resistance, and insulation in various oil and gas equipment, including pipelines, valves, pumps, and offshore structures. The region’s continuous exploration and production activities drive this sector’s demand for thermal spray coatings. The US holds a significant share of the North American thermal spray coatings market. Canada is also creating a demand for thermal spray coatings in various applications, including aerospace and automotive.
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Key Market Industry Players
Praxair ST Technologies, Inc. (US), H.C Starck Gmbh (Germany), Bodycote (UK), Oerlikon Metco (Switzerland), BryCoat Inc. (US), Thermal Spray Technologies Engineered Coatings Solution (US), F.W. Gartner Thermal Spraying (US), Arc Spray (Pty) Ltd. (South Africa), Metallisation Limited (UK), Plasma-Tec, Inc. (US), GTV Verschleiss-Schutz (Germany), Surface Technology (UK), and others are among the key players leading the market through their innovative offerings, enhanced production capacities, and efficient distribution channels.
Thermal Spray Coatings Market Report Scope
|
Report Metric |
Details |
|
Market Size Value in 2023 |
USD 10.4 billion |
|
Revenue Forecast in 2028 |
USD 14.3 billion |
|
CAGR |
6.5% |
|
Market Size Available for Years |
2017 to 2028 |
|
Base Year Considered |
2022 |
|
Forecast Period |
2023–2028 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Segments Covered |
Process, Material, End-Use, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
|
Companies Covered |
The major market players include Praxair ST Technologies, Inc. (US), H.C Starck Gmbh (Germany), Bodycote (UK), Oerlikon Metco (Switzerland), BryCoat Inc. (US), Thermal Spray Technologies Engineered Coatings Solution (US), F.W. Gartner Thermal Spraying (US), Arc Spray (Pty) Ltd. (South Africa), Metallisation Limited (UK), Plasma-Tec, Inc. (US), GTV Verschleiss-Schutz (Germany), and others. |
This research report categorizes the thermal spray coatings market based on process, material, end-user, and region.
Based on the process, the thermal spray coatings market has been segmented as follows:
- Combustion flame
- Electrical
Based on material, the thermal spray coatings market industry has been segmented as follows:
- Ceramics
- Metal & Alloys
- Others
Based on the end-use industry, the thermal spray coatings market has been segmented as follows:
- Aerospace
- Automotive
- Healthcare
- Energy & Power
- Agriculture
- Electronics
- Others
Based on the region, the thermal spray coatings market has been segmented as follows:
-
North America
- US
- Canada
-
Europe
- Germany
- UK
- Russia
- France
- Italy
- Belgium
- Rest of Europe (Austria, Switzerland, and Portugal)
-
Asia Pacific
- China
- Japan
- India
- Vietnam
- Rest of Asia Pacific (Thailand, Indonesia and Australia)
-
Latin America
- Mexico
- Argentina
- Brazil
- Columbia
- Rest of Latin America (Chile, Peru, and Costa Rica)
-
Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
- Egypt
- Rest of Middle East & Africa (Iran, Qatar, and Oman)
Recent Developments
- In March 2020, Praxair ST Technology, Inc. agreed with Seimens Gas and Power that aerospace and industrial gas turbines components such as blades, vanes, casings, and discs will be coated by PST’s aluminizing, platinum aluminizing, slurry, and thermal spray processes.
- In March 2021, Oerlikon Metco announced the expansion of its manufacturing facility in Huntersville, North Carolina. This expansion intends to offer pre- and post-coating inspection and machining services.
- In October 2019, Surface Technology announced acquiring a business division of UK-based coating and engineering company Norman Hay plc to strengthen its position in the thermal spray coating market.
Frequently Asked Questions (FAQ):
What is the key driver and opportunity for the thermal spray coatings market?
Growing demand from the healthcare industry and adopting new measures to conserve energy & harness renewable energy sources is the primary driver and opportunity.
Which region is expected to hold the highest market share in the thermal spray coatings market?
The thermal spray coatings market in North America is expected to dominate the market share in 2028, showcasing strong demand from major applications such as aerospace and automotive.
What is the primary end-use industry for thermal spray coatings?
Aerospace and automotive are the major applications of thermal spray coatings.
Who are the major service providers of thermal spray coatings?
The key manufacturers operating in the market include Praxair ST Technologies, Inc. (US), H.C Starck Gmbh (Germany), Bodycote (UK), Oerlikon Metco (Switzerland), and Surface Technology (UK).
What total CAGR is expected for the thermal spray coatings market from 2023 to 2028?
The market is expected to record a CAGR of 6.5% from 2023-2028 .
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The study involved four major activities in estimating the current thermal spray coatings market size—exhaustive secondary research collected information on the market, peer, and parent markets. The next step was to validate these findings, assumptions, and measures with industry experts across the value chain of thermal spray coatings through primary research. Both top-down and bottom-up approaches were employed to estimate the total market size. After that, market breakdown and data triangulation were used to estimate the size of the segments and sub-segments of the market.
Secondary Research
The research methodology used to estimate and forecast the access control market begins with capturing data on the revenues of key vendors in the market through secondary research. In the secondary research process, various secondary sources, such as Hoovers, Bloomberg BusinessWeek, Factiva, World Bank, and Industry Journals, were referred to for identifying and collecting information for this study. These secondary sources included annual reports, press releases & investor presentations of companies; white papers; certified publications; articles by recognized authors; notifications by regulatory bodies; trade directories; and databases. Vendor offerings have also been taken into consideration to determine market segmentation.
Primary Research
The thermal spray coatings market comprises several stakeholders in the supply chain, such as service providers, equipment manufacturers, traders, associations, and regulatory organizations. The demand side of this market is characterized by the development of aerospace, automotive, healthcare, energy & power, electronics, and other end-use industries. Various primary sources from the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakdown of the primary respondents:
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Market Size Estimation
The top-down and bottom-up approaches were used to estimate and validate the total size of the thermal spray coatings market. These methods were also used extensively to determine the market size of various segments. The research methodology used to estimate the market size included the following:
- The key players were identified through extensive primary and secondary research.
- The value chain and market size of the thermal spray coatings market, in terms of value, were determined through primary and secondary research.
- All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.
- All possible parameters that affect the market covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
- The research included the study of reports, reviews, and newsletters of top market players, along with extensive interviews for opinions from key leaders, such as CEOs, directors, and marketing executives.
Global Thermal Spray Coatings Market Size: Bottom-Up Approach
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Global Thermal Spray Coatings Market Size: Top-Down Approach
Data Triangulation
After arriving at the overall market size using the market size estimation processes as explained above, the market was split into several segments and sub-segments. Data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment. The market size was calculated globally by summing up the country-level and regional-level data.
Market Definition
The thermal spray coatings market is a rapidly growing market that involves the application of a coating to a solid surface by the impact of molten or semi-molten particles. The market is driven by the increasing demand for corrosion protection, wear resistance, and heat resistance in various industries. The primary technologies used in thermal spray coatings are flame spray, plasma spray, HVOF, and cold spray. The significant applications of thermal spray coatings are aerospace, automotive, oil & gas, and medical.
Key Stakeholder
- Thermal spray coatings service providers
- Distributors and Suppliers of thermal spray coatings goods.
- Manufacturers of automobiles, medical equipment, and agricultural equipment.
- Associations and Industrial Bodies such as the Occupational Safety and Health Administration (OSHA), European Chemicals Agency (ECHA), National Institute for Occupational Safety and Health (NIOSH), United States Environmental Protection Agency (EPA), International Organization for Standardization (ISO) and Others
- NGOs, Governments, Investment Banks, Venture Capitalists, and Private Equity Firms
Report Objectives:
- To define, describe, and forecast the size of the global thermal spray coatings market in terms of value
- To provide detailed information regarding the key factors, such as drivers, restraints, opportunities, and industry-specific challenges, influencing the growth of the thermal spray coatings market
- To analyze and forecast the size of various segments (process, material, and end-user) of the thermal spray coatings market based on five major regions—North America, Europe, Asia Pacific, Latin America, Middle East & Africa—along with key countries in each of these regions
- To analyze recent developments and competitive strategies, such as expansions, new product developments, partnerships, and acquisitions, to draw the competitive landscape of the market
- To strategically profile the key players in the market and comprehensively analyze their core competencies
Available Customizations:
With the given market data, MarketsandMarkets offers customizations according to client-specific needs.
The following customization options are available for the report:
- Additional country-level analysis of the thermal spray coatings market
- Profiling of additional market players (up to 5)
Product Analysis
- Product matrix, which gives a detailed comparison of the product portfolio of each company.
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