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The thermal spray coatings market size is forecast to increase by USD 6.09 billion at a CAGR of 6.11% between 2024 and 2028. The market's growth rate relies on various factors, including the growing demand for thermal spray coatings in the healthcare industry, the expansion of power generation plants, and the rising demand for thermal spray coatings from the automotive industry. These elements collectively contribute to shaping market dynamics, reflecting the increasing utilization of thermal spray coatings across diverse sectors. With expanding applications and rising demand across industries, the market anticipates sustained growth opportunities in the foreseeable future. Our report examines historical data from 2018-2022, besides analyzing the current market scenario.
Thermal spray coatings are advanced surface engineering processes used to apply a protective or functional coating to various substrates. These coatings are commonly utilized in industries such as aerospace, automotive, energy, manufacturing, and more.
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The market caters to diverse sectors, such as gas turbines, the automotive industry, and the aerospace industry. With applications in the medical and packaging industries, it offers anti-corrosion solutions and ensures coating consistency. Tailoring properties to meet specific needs, it addresses heat impact in various settings. Particularly crucial in the aerospace and defense industry, coatings offer biocompatibility and antimicrobial properties, ensuring occupational safety. Additionally, they contribute to reducing fossil fuel consumption and carbon dioxide emissions in renewable energy plants, promoting sustainable energy generation through a high-precision surface coating process. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
Growing demand in the healthcare industry is the key factor driving the market. The medical industry undergoes repetitive use and mechanical wear. Thermal spray coatings, known for their excellent wear resistance, enhances the lifespan and performance of medical devices. Medical devices and equipment are often exposed to harsh chemical environments, body fluids, and sterilization processes. Thermal spray coatings provide effective corrosion protection, ensuring the longevity and reliability of medical devices.
Additionally, the materials offer exceptional performance in various harsh conditions, boasting corrosion resistance, fire resistance, moisture-laden conditions tolerance, wear resistance, and protection against abrasion, cavitation, erosive forces, chemical exposure, and electrical insulation. Ongoing advancements, including the development of new materials and coating techniques, contribute to expanding the range of applications in the healthcare sector. Thus, the market is expected to grow significantly during the forecast period.
An increase in demand for advanced materials with improved surface properties is the primary trend shaping the market. Corrosion is a major concern in industries dealing with harsh environments or exposure to corrosive substances. Thermal spray coatings provide a means to enhance the surface properties of materials. Industries such as aerospace, automotive, and healthcare benefit from coatings that offer superior surface characteristics. The versatility of thermal spray coatings allows for customization based on the specific requirements of different applications.
Furthermore, industries facing challenges related to wear and tear, such as manufacturing and mining, demand materials with high wear resistance and durability. They are known for their ability to provide robust protection against wear and extend the lifespan of components and equipment. Coatings with specific electrical and thermal properties contribute to the improved functionality and reliability of electronic components. Thus, such factors will fuel the growth of the market during the forecast period.
The cost of equipment is a major challenge that affects the market expansion. The initial investment required for purchasing and installing thermal spray equipment can be substantial. Small- and medium-sized businesses, in particular, can find the upfront costs prohibitive, limiting their ability to enter the market. In addition to capital expenses, operating and maintenance costs of thermal spray equipment can be significant. Regular maintenance, calibration, and skilled personnel for operating the equipment contribute to ongoing expenses for businesses.
Moreover, advancements in technologies and equipment design lead to the development of more efficient and cost-effective systems. However, businesses are hesitant to upgrade or invest in new equipment if they have recently made substantial investments in existing technology. The cost of equipment may contribute to industry consolidation, with larger companies having the financial capacity to invest in and maintain advanced thermal spray technologies. Thus, such factors will lead to slow growth of the market during the forecast period.
The market share by the combustion flame segment will be significant during the forecast years. Thermal spray coatings serve various purposes like corrosion protection, wear resistance, and thermal insulation. Combustion flame spraying, a thermal spray technique, involves igniting a mixture of combustible gas and oxygen to create a high-temperature flame. The powdered coating material is melted in this flame and propelled onto the substrate, forming a protective layer upon solidification.
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The combustion flame segment accounted for USD 10.48 billion in 2018. Moreover, the powdered coating method is versatile and suitable for metals, ceramics, and certain polymers, making it applicable across industries like aerospace and automotive. Considered cost-effective, combustion flame spraying offers simplicity in equipment and is adaptable to various application scales. Ongoing advancements in equipment and technology enhance its efficiency, contributing to the growth of the market.
The metal and alloys?segment will account for the largest share of this segment.?Metal and alloy selection depends on specific application needs like wear and corrosion resistance. Aluminum, zinc, stainless steel, and nickel coatings offer protection against corrosion, extending component lifespan in marine and industrial settings. These coatings, including tungsten carbide and chromium carbide, enhance wear resistance in industries like mining and oil and gas. Leveraging metal and alloy materials in thermal spray coatings boosts component performance and durability across diverse sectors, driving market growth during the forecast period.
North America is estimated to contribute 35% to the growth of the global market during the projection period.
Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.
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The market in North America is expected to grow rapidly during the forecast period owing to the rising demand from several industries, including the automotive, power generation, and aerospace sectors. Major companies such as General Electric and Pratt and Whitney have invested in advanced coatings, demonstrating broad acceptance in the aerospace sector due to the requirement for increased engine longevity and efficiency. Additionally, prominent producers are expanding their businesses to meet this requirement. As long as end-user industries, including aerospace and automotive, continue to place a high value on high-performance, environmentally friendly coatings, the North American market is expected to rise significantly during the forecast period.
Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches to enhance their presence in the market.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Bodycote Plc, Carpenter Technology Corp., CASTOLIN EUTECTIC, CenterLine Windsor Ltd., Compagnie de Saint Gobain, Curtiss Wright Corp., DURUM Wear Protection GmbH, Fisher Barton, GTV Wear Protection GmbH, Hannecard Group, Hoganas AB, Kennametal Inc., Lincotek Group S.p.A., Linde Plc, MORIMURA BROS. INC., OC Oerlikon Corp. AG, Thermion Inc., TOCALO Co. Ltd., Treibacher Industrie AG, and Wall Colmonoy
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report predicts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018-2028.
The market is driven by demands from the oil & gas industry, aerospace industry, and automotive industries for abrasion resistance, corrosion protection, and thermal barrier properties. These coatings, including ceramic and carbide coatings, enhance engine performance and surface protection in harsh environments, such as coal-fired power plants and offshore structures. With advancements in plasma spray and cold spray technology, industries benefit from high-performance coatings with cavitation and abrasion erosion resistance. Compliance with government rules ensures innovation in technology for sustainable industrial production.
Further, the market addresses diverse sectors such as oil and gas, automotive, and aerospace industries, offering solutions for chemical resistance and corrosion protection. Utilizing methods like plasma spray and high-velocity oxy-fuel (HVOF), coatings ensure adhesion and wear resistance in critical components like gas turbine engines and industrial piston rings. With applications in paper manufacturing, biomedical implants, and modern helicopters, these coatings safeguard against abrasion and hot corrosion, meeting stringent healthcare and safety standards.
Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.11% |
Market Growth 2024-2028 |
USD 6.09 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.69 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 35% |
Key countries |
US, Canada, China, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
APS Materials Inc., Bodycote Plc, Carpenter Technology Corp., CASTOLIN EUTECTIC, CenterLine Windsor Ltd., Compagnie de Saint Gobain, Curtiss Wright Corp., DURUM Wear Protection GmbH, Fisher Barton, GTV Wear Protection GmbH, Hannecard Group, Hoganas AB, Kennametal Inc., Lincotek Group S.p.A., Linde Plc, MORIMURA BROS. INC., OC Oerlikon Corp. AG, Thermion Inc., TOCALO Co. Ltd., Treibacher Industrie AG, and Wall Colmonoy |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Material
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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