by Thermal spray coatings are applied in various industries to enhance surface properties of components such as wear resistance, corrosion resistance and heat resistance. Thermal spray coatings play a crucial role in improving component life and reducing maintenance costs. They find extensive usage in aerospace, oil & gas, steel, automotive and power generation industries for repairing worn out components and protecting them from adverse environmental conditions. The aerospace industry uses thermal spray coatings on critical engine components such as turbine blades and valves to protect them from high temperature corrosion and erosion at elevated operating temperatures. Rapid aircraft fleet expansion and increasing maintenance, repair and overhaul (MRO) activities in the commercial aviation sector are fueling demand for thermal spray coatings.
The global Thermal Spray Coatings Market is estimated to be valued at US$ 11424.77 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Cold spray technology is gaining momentum in the thermal spray coatings market. Cold spray technology involves spraying powder particles onto a substrate at very high velocities below the melting point of the particles through a supersonic jet of heated gas. It offers advantages over conventional high-temperature thermal spray methods such as minimal oxidation and reduced thermal stresses. Also, cold spray technology is capable of spraying a wide range of materials including pure metals, alloys, ceramics and composites without causing phase changes. Leading players are investing in R&D to develop cold spray technology further for commercial applications. For instance, Cincinnati Thermal Spray Inc. offers Tafa 9210 cold spray system for spraying applications in the transportation, aerospace, defense and industrial equipment industries.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate given the requirement of high initial investment for R&D, raw materials, manufacturing and marketing facilities.
Bargaining power of buyers: The bargaining power of buyers is high owing to the presence of numerous suppliers and product substitution options available in market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as they are dependent on prominent thermal spray coatings manufacturers for bulk orders.
Threat of new substitutes: The threat of new substitutes is moderate as thermal spray coatings have applications in multiple end-use industries like aerospace, automotive, healthcare etc.
Competitive rivalry: The competition in the market is intense due to presence of large global as well as domestic players.
Key Takeaways
The global thermal spray coatings market size is expected to witness high growth during the forecast period. The global Thermal Spray Coatings Market is estimated to be valued at US$ 11424.77 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030.
The Asia Pacific thermal spray coatings market is expected to witness the fastest growth during the forecast period owing to increasing demand from industries like manufacturing, aerospace and automotive in developing economies like China and India.
Key players related content comprises
Key players operating in the thermal spray coatings market are Praxair Surface Technologies, Oerlikon Metco, Platit AG, HC Starck, Wales Oak Thermal Spray and Bodycote.
The global thermal spray coatings market is dominated by some leading manufacturers like Praxair Surface Technologies and Oerlikon Metco. Praxair Surface Technologies provides innovative thermal spray coatings and services for various industries. Oerlikon Metco offers thermal spray solutions for improving performance and service life of industrial components.
