What Has Been The Evolution of the Thermal Spray Market in Recent Years?
The thermal spray market has seen considerable growth due to a variety of factors.
• The thermal spray market has experienced strong growth in recent years. It will grow from $11.42 billion in 2024 to $12.22 billion in 2025, with a CAGR of 7.0%.
The growth is attributed to advancements in aerospace engineering, increased demand from the automotive industry, innovations in medical implants, higher power generation efficiency needs, corrosion resistance requirements, and the rise of industrial automation.
How Will the Thermal Spray Market?
The thermal spray market is expected to maintain its strong growth trajectory in upcoming years.
• The thermal spray market is set to grow to $15.78 billion by 2029 at a CAGR of 6.6%.
Growth drivers include advances in material science, increased demand for coatings in aerospace and automotive industries, and adoption in healthcare and renewable energy sectors. Trends include innovations in coating materials, the rise of plasma spray techniques, eco-friendly processes, and integration with digital manufacturing technologies.
Which Factors Are Boosting Growth In The Thermal Spray Market?
The expansion of the thermal spray market is anticipated to be fueled by the burgeoning energy and power sectors. These industries encompass sectors that generate, transmit, distribute, and utilize energy resources to fulfill various societal requirements. The ascent of these industries can be attributed to the rise in global electricity demand, advances in renewable energy technologies, and efforts to shift towards cleaner and more sustainable energy forms. Thermal spray coatings are leveraged in this sector to boost turbine efficiency, enhance equipment longevity and reduce corrosion in multiple components. For example, the Office for National Statistics reported in March 2024 that the electricity, gas, steam, and air conditioning supply industry witnessed the greatest turnover in 2022, amounting to £22.0 billion ($31.02 billion). This accounted for 31.7% of the total turnover in the low carbon and renewable energy economy. Remarkably, this sector exhibited the steepest increase, spiking by 59.6% (£8.2 billion ($ 11.562 billion)) from 2021 to 2022. Hence, the escalating energy and power sectors will further boost the thermal spray market.
What Key Areas Define The Segmentation Of The Global Thermal Spray Market?
The thermal spray market covered in this report is segmented –
1) By Product Type: Coatings, Materials, Thermal Spray Equipment
2) By Technology: Cold Spray, Flame Spray, Plasma, Spray
3) By End-User Industry: Aerospace, Industrial Gas Turbines, Automotive, Electronics, Oil And Gas, Medical Devices, Energy And Power
Subsegments:
1) By Coatings: Ceramic Coatings, Metal Coatings, Composite Coatings, Carbide Coatings, Zinc And Aluminum Coatings (For Corrosion Protection), Thermal Barrier Coatings, Wear-Resistant Coatings, Anti-Friction Coatings
2) By Materials: Powder Materials (Metal, Ceramic, Alloy Powders), Wire Materials (Metal Wires For Spray Coating), Rod Materials (For Specific Thermal Spraying Techniques), Bonding Materials (Primers And Adhesives), Gas And Liquid Fuels (Used For Thermal Spray Processes)
3) By Thermal Spray Equipment: Spray Guns (Plasma Spray Guns, Hvof Guns), Plasma Spray Equipment, Flame Spray Equipment, High-Velocity Oxygen Fuel (Hvof) Equipment, Arc Spray Systems, Wire Feeders, Powder Feeders, Control And Monitoring Systems For Thermal Spraying
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Which Emerging Market Trends Are Altering The Thermal Spray Industry?
Leading firms in the thermal spray market are concentrating their efforts on the innovation of superior solutions, including supersonic spraying technology, in an effort to enhance coating quality, boost productivity, and confront novel industry obstacles. The term supersonic spraying technology in thermal spray denotes a technique in which particles are sped up to speeds exceeding that of sound, yielding superior coating quality and improved efficiency. For example, Castolin Eutectic, a Germany-based organization offering surface protection solutions, introduced a novel thermal spraying service that utilizes supersonic spraying technology known as XupersoniClad in June 2023. This service aims to provide an efficient solution for the fresh generation of high entropy alloy (HEA) coatings that fuse five or more elements to outperform classic materials. This warm spray procedure operates at cooler temperatures and greater velocities than conventional high-velocity oxy-fuel (HVOF) processes, making it more productive and successful.
Who Are the Key Players In The Thermal Spray Market?
Major companies operating in the thermal spray market are:
• Saint-Gobain Group
• Linde plc
• Sandvik AB
• Aimtek Inc.
• OC Oerlikon Corporation AG
• Curtiss-Wright Corporation
• Kennametal Inc.
• Castolin Eutectic GmbH
• Bodycote plc
• Hoganas AB
• Chromalloy Gas Turbine LLC
• H.C. Starck Inc.
• FM Industries Inc.
• Fisher-Barton Group Inc.
• APS Materials Inc.
• Polymet Corporation
• HAI Inc.
• Powder Alloy Corporation
• ASB Industries Inc.
• Aisher APM LLC
• Hunter Chemical LLC
• Thermion Inc.
• C&M Technologies GmbH
• Supersonic Spray Technologies
• Metallizing Equipment Co. Pvt. Ltd
What Is The Most Dominant Region In The Thermal Spray Market?
North America was the largest region in the thermal spray market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the thermal spray market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
