Industry: Chemicals and Materials
Published Date: August-2024
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 180
Report ID: PMRREP11173
The global thermal spray coatings market is estimated to value at US$18.25 Bn by the end of 2031 from US$12.09 Bn recorded in 2024. The market is expected to secure a CAGR of 6.1 % in the forthcoming years from 2024 to 2031.
Key Highlights of the Market
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Market Attributes |
Key Insights |
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Thermal Spray Coatings Market Size (2024E) |
US$12.09 Bn |
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Projected Market Value (2031F) |
US$18.25 Bn |
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Forecast Growth Rate (CAGR 2024 to 2031) |
6.1 % |
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Historical Growth Rate (CAGR 2019 to 2024) |
5.4 % |
North America Leads with Strong Sector Demand and Funding
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Region |
CAGR through 2031 |
|
North America |
5.5 % |
North America dominated the market with a 33.6% revenue share in 2023, fueled by strong demand in aerospace, oil & gas, automotive, medical, and power generation sectors. Government initiatives in the US, and Canada, which fund innovative coating projects, further bolster the expansion of the thermal spray coatings market in the region.
The Canadian government announced in February 2022 that it would allocate US$18.92 Mn (CAD 24 million) through the New Frontiers in Research Fund to a project aimed at creating novel molecular coatings that could reduce maintenance costs in a variety of industries, including consumer electronics, healthcare, automotive, aerospace, and infrastructure.
Aerospace Demand Drives MRO Growth and Product Need
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Category |
Projected CAGR Through 2031 |
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End-Use Industry - Aerospace |
4.7% |
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Process - Plasma Spray |
3.8% |
In 2023, aerospace held a dominant revenue share of over 37.3% in the application segment of the thermal spray coatings market. Because aircraft parts are susceptible to deterioration from hot corrosion, fretting, particle erosion, and metal-to-metal wear, this is explained by the high demand for aerospace products.
Many aircraft manufacturers are looking for new aftermarket services income prospects because of the pandemic's impact on customer demand and pricing pressure. The demand for products in aerospace applications may rise because of the anticipated growth in maintenance, repair, and overhaul (MRO) operations.
Plasma Spray Technology Excels in Diverse, High-Performance Coatings
In 2023, the market was dominated by the plasma spray technology segment, which held a revenue share of approximately 32.0%. The reason for this is that the technique minimizes substrate deformation on both big and tiny components while having the benefit of spraying metallic and ceramic materials onto diverse surfaces with great binding strength.
offers the substrate surface electrical conductivity, wear resistance, clearance control, and heat and oxidation resistance. Printing rolls, gas turbines, industrial diesel engine piston rings, and oil and gas gear are all coated using a plasma thermal spray method.
Furthermore, because this technique can generate a dense and porous surface layer, surface roughness, and microstructure of the coatings based on the demand, it is widely used in the coating of orthopedic and dental implants.
The thermal spray coatings market involves the application of coatings to surfaces using a heat source to enhance properties such as wear resistance, corrosion resistance, and thermal protection. This technology is widely utilized across various industries, including aerospace, automotive, healthcare, energy, and manufacturing.
The market is driven by increasing demand for durable and high-performance coatings, advancements in coating technologies, and the growing need for protective solutions in industrial applications.
Key innovations include environmentally friendly coatings, precision automation, AI integration, and enhanced durability solutions, positioning the market for robust future expansion and diversification.
The thermal spray coatings market is seeing advancements in technology, including the use of nanotechnology and high-velocity oxy-fuel (HVOF) coatings for improved performance and durability. There is a growing trend toward eco-friendly and low-emission coatings, driven by environmental regulations.
Innovations in materials, such as advanced ceramic and metallic coatings, are enhancing resistance to extreme temperatures and corrosion. Additionally, automation and digitalization are streamlining application processes, leading to increased efficiency and precision in coating applications.
Innovations such as environmentally friendly coatings, automation, and AI integration are further propelling market growth. Despite challenges like high equipment costs and stringent environmental regulations, the market presents significant opportunities with the expansion of renewable energy projects, 3D printing applications, and emerging markets in developing economies.
The thermal spray coatings market has experienced notable growth, particularly in aerospace and automotive industries, due to the increasing need for enhanced wear and corrosion resistance.
Technological advancements like high-velocity oxy-fuel (HVOF), and plasma spray techniques have significantly boosted the market. Additionally, the rise in industrial applications and automation in manufacturing processes has further fueled expansion, despite challenges such as high costs and technical complexities.
The market is set for robust growth driven by innovations in coating materials, sustainable solutions, and AI integration. The expansion of renewable energy projects, healthcare industry's adoption of biocompatible coatings, and emerging markets in developing economies will provide substantial opportunities.
Addressing challenges in form of fluctuating raw material prices, and environmental regulations will be crucial for sustained growth.
Environmental Sustainability Concerns
Environmental sustainability concerns are a significant growth driver for the thermal spray coatings market. As awareness of the environmental impact of traditional meat production increases, including greenhouse gas emissions, deforestation, and water usage, consumers are seeking eco-friendlier alternatives.
Thermal spray coatings offer a solution by requiring fewer natural resources and generating lower emissions compared to animal farming. This shift towards sustainable consumption is particularly appealing to environmentally conscious consumers who prioritize reducing their carbon footprint and preserving natural ecosystems.
The demand for thermal spray coating products is thus on the rise, driven by their perceived benefits in promoting environmental sustainability and ecological balance.
Promotion of Plant-Based Diets Through Systems Social Media and Influencer Marketing
Social media and influencer marketing play a crucial role in promoting plant-based diets, driving growth in the thermal spray coatings market. Platforms like Instagram, YouTube, and TikTok are filled with influencers and content creators who share recipes, health benefits, and environmental impacts of plant-based eating.
Such influencers reach diverse and broad audiences, creating trends and fostering a community around plant-based lifestyles. Their endorsements and engaging content make plant-based diets more appealing and accessible, encouraging followers to try and adopt these diets.
Additionally, social media campaigns by Thermal Spray Coatings companies amplify their reach, providing information and enticing visuals that resonate with younger, health-conscious consumers, thus boosting market demand and growth.
Environmental Regulations
Stringent environmental regulations are a significant factor impeding the growth of the thermal spray coatings market. Regulations restrict the use of certain coating materials due to their environmental impact, such as high levels of volatile organic compounds (VOCs) or hazardous chemicals.
Compliance with these regulations often requires expensive modifications to existing formulations or the development of new, eco-friendly alternatives. These constraints can lead to increased production costs and slower innovation, potentially limiting market expansion and making it challenging for companies to meet both regulatory requirements, and customer demands.
High Equipment Costs
High equipment costs are a major barrier to the widespread adoption and implementation of thermal spray coatings. The technology requires specialized, expensive equipment for applying and controlling the coatings, which can be a significant financial burden for smaller companies or new market entrants.
The initial capital investment needed for purchasing and maintaining such equipment can limit access and slow down adoption, especially in developing regions.
In addition, high costs can lead to longer return on investment periods, making it less attractive for businesses to invest in thermal spray technology. This financial constraint impedes market growth by restricting the expansion and accessibility of advanced coating solutions.
Advancements in Automation for Precision Thermal Spray Applications
Advancements in automation present significant future opportunities for thermal spray coatings companies. Automation technologies, such as robotic arms and computer-controlled systems, enhance the precision and consistency of thermal spray applications.
Such innovations reduce human error, increase production efficiency, and allow for complex coating geometries that were previously challenging to achieve. As automation improves, companies can offer more reliable and high-quality coatings across various industries.
Additionally, automation can lower operational costs and improve scalability, making advanced coatings more accessible and attractive to a broader range of industries and applications.
Expansion in Renewable Energy Sector for Protective Coatings Applications
The expansion in the renewable energy sector presents promising future opportunities for thermal spray coatings companies. As renewable energy technologies, such as wind turbines, solar panels, and hydroelectric systems, become more prevalent, the demand for protective coatings to enhance durability and performance grows.
Thermal spray coatings can provide essential protection against environmental factors like corrosion, wear, and extreme temperatures, which are critical for maintaining the efficiency and longevity of renewable energy infrastructure.
With the sector’s rapid growth and increasing investment, there is a rising need for advanced coatings that can withstand harsh conditions and extend equipment life.
This market trend offers thermal spray coatings companies the chance to develop and supply specialized solutions tailored to the renewable energy market, driving innovation and market expansion.
The competitive landscape of the thermal spray coatings market is characterized by a mix of established players and emerging companies. Key players, such as Oerlikon Metco, Praxair Surface Technologies, and Chromalloy, dominate with advanced technologies and extensive portfolios.
These companies focus on innovation, quality, and expanding applications to maintain market leadership. Emerging companies are leveraging new technologies and specialized coatings to capture niche segments.
Strategic partnerships, acquisitions, and R&D investments are common strategies to enhance capabilities and market reach. The market is also witnessing increased competition due to growing demand in aerospace, automotive, and industrial sectors.
Recent Industry Developments
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Attributes |
Details |
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Forecast Period |
2024 to 2031 |
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Historical Data Available for |
2018 to 2023 |
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Market Analysis |
US$ Million for Value |
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Key Regions Covered |
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Key Market Segments Covered |
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Key Companies Profiled in the Report |
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Report Coverage |
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Customization & Pricing |
Available upon request |
By Types of Coatings
By Process
By End-Use Industry
By Region
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Rising demand for thermal spray coatings is driven by their superior durability, corrosion resistance, and thermal protection, coupled with advancements in technology and increasing use in aerospace, automotive, and industrial applications.
Some of the key players operating in the market are Praxair Surface Technologies, Bodycote, Oerlikon Metco, Curtiss-Wright Surface Technologies, and Sulzer.
Aerospace segment records the significant market share.
A compelling opportunity in the thermal spray coatings market lies in the growing aerospace sector, where advanced coatings can enhance performance and longevity of components exposed to extreme conditions and stress.
North America to account for the significant share in the market.
