by The Thermal Spray Coatings Market is estimated to be valued at US$ 11,424.77 Mn or in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Thermal spray coatings are applied using various thermal spray technologies such as flame spraying, plasma spraying, High Velocity Oxy-Fuel spraying etc. Thermal spray coatings provide corrosion and wear resistance to components in industries such as oil & gas, steel, aerospace, automotive and power generation. Thermal spray coatings are commonly used to protect components such as turbine blades, cylinder bores, seals etc. from high temperature corrosion and wear.
Market Dynamics:
Rising demand from the aerospace and power generation industries is expected to drive the growth of the thermal spray coatings market over the forecast period. In the aerospace industry, thermal spray coatings are used to protect aircraft engine parts from high temperature corrosion and wear. Similarly, thermal spray coatings are increasingly used in gas turbines and steam turbines in power plants to extend their life. In power plants, these protective coatings help reduce maintenance downtime and repair costs of critical components. Additionally, emerging applications in industries such as oil & gas and automotive are also expected to support market growth during the forecast period. However, availability of alternative coating technologies may hinder the market growth.
Segment Analysis
The global thermal spray coatings market is dominated by the metal and alloy powders sub-segment. Thermal spray coatings made from metal and alloy powders account for over 60% of the market share as they exhibit greater hardness and corrosion resistance properties as compared to other materials like ceramics and polymers. Metal and alloy powders are widely used across industries like aerospace, automotive, medical devices, etc. for applications requiring wear and corrosion protection.
PEST Analysis
Political: Thermal spray coatings find applications across industries with differing government regulations in countries. Favorable government policies supporting the manufacturing sector influence the adoption of these coatings.
Economic: The growing economies globally are investing heavily in the manufacturing, automotive and infrastructure development which drives the demand for thermal spray coatings.
Social: Increased durability and longevity requirements of products and machinery across industries have elevated the use of thermal spray coatings for extended lifecycles.
Technological: Developments in plasma spray and high-velocity oxygen fuel technologies have enhanced coating qualities and optimized application processes. Continuous R&D widens the scope of thermal spray coatings.
Key Takeaways
The global Thermal Spray Coatings Market Growth size was valued at USD 11424.77 Mn in 2023 and is expected to witness high growth, exhibiting a CAGR of 5.1% over the forecast period. Rapid industrialization and manufacturing activities especially in the Asia Pacific region are anticipated to boost the demand for thermal spray coatings.
The Asia Pacific region dominated the thermal spray coatings market in 2023 with a share of over 35%, driven by countries like China, India and Japan. Abundant availability of raw materials and low manufacturing costs have made this region an attractive market for coating manufacturers.
Key players operating in the thermal spray coatings market are Sulzer Ltd, Praxair, Inc., Oerlikon Group, Curtis-Wright Corporation, Bodycote plc., Thermal Spray Technologies Inc., ASB Industries Inc., Abakan Inc., and Metallisation Ltd. Players are focusing on new product launches with advanced qualities and expanding their geographical footprints through strategic collaborations to gain higher market shares.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
