Thermal spray Market Analysis

Global Thermal Spray Market Overview

Thermal Spray Market Size was valued at USD 11.70 Billion in 2023. The Thermal Spray industry is projected to grow from USD 12.64 Billion in 2024 to USD 21.70 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.99% during the forecast period (2024 - 2032). Growing energy and power industries, as well as the oil and gas industry, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Thermal Spray Market Trends

• Growing Preference for Thermal Spray Coatings over Chrome Plating is Driving Market Growth

Market CAGR for thermal spray is being driven by the growing preference for Thermal Spray coatings over chrome plating. Because of its oxidation, corrosion resistance, tear, and dimensional reclamation capabilities, strong chrome plating has been a viable industry solution for many years. It can be done at a fair cost per surface area unit, although it does have some restrictions in component size, thickness build-up, and operational performance. Growing environmental concerns, severe rules imposed on the chrome plating process and disposal of its byproducts, as well as rising costs, are increasing demand for Thermal Spray coatings.

As a result, it has become critical for the industry to develop alternative techniques that produce hard chrome plating with comparable properties but without the associated dangers. Thermal Spraying technology is gradually becoming a viable alternative to this approach, with the potential to provide complementary methods for component safety and reclamation to the chrome plating sector. Thermal coatings last far longer than chrome plating. Furthermore, chrome plating contains micro-cracking inside the plating layer, allowing high or low pH corrosive substances to enter the plating and harm the substrate. Micro-cracking can be seen in the accompanying photomicrograph.

Thermal coatings have substantially higher fatigue resistance than chrome plating. Because high-velocity oxygen fuel (HVOF) coatings apply a compressive load to the substrate, component life is actually extended by resisting fracture start against fatigue failure. Chrome plating introduces tensile pressure onto the surface of the substratum, which triggers fracture formation and may result in premature failure. End-use industries migrating from chrome plating to Thermal Spraying are expected to boost market expansion.

The increasing use of thermal spray coatings in the energy & power industry to protect gas turbines and power generators from erosion, wear, and any type of laceration drives market growth. Wind turbines have several components that are exposed to dust, hail, wear, and atmospheric pollution, such as blades, towers, rotors, yaw drives, and gearboxes. Thermal coatings improve the operation and longevity of equipment and components for a longer period of time and increase the operational life of the equipment. The coating for gas turbines is often applied using High-Velocity Oxygen Fuel (HVOF) and Plasma Spray process techniques. Furthermore, any expansion in the power industry will promote the growth of the Thermal Spray coatings market.

For instance, According to the  Wind Energy Council (GWEC) study published in 2020, it is expected that around 60.4 GW of wind energy capacity was constructed ly in 2019, representing a 19% increase over 2018, and total wind capacity was 651 GW in 2019, representing a 10% increase over 2018. Such high demand for electricity will drive the growth of the energy and power industries, which will in turn drive the growth of the Thermal Spray coating market.

Thermal Spray Market Segment Insights

Thermal Spray Product Insights

The Thermal Spray Market segmentation, based on Product includes Metals, Ceramics, Intermetallics, Polymers, and Carbides. In 2022, the ceramics segment will dominate the market. Ceramic coatings offer high adhesive properties, allowing them to stick to the surface and give corrosion protection, a thermal barrier, dielectric strength, and sliding wear resistance to the coated materials. Ceramics are frequently used in heat insulation applications because to their thermal barrier feature, which improves the operating efficiency of components in high-temperature environments and extends component service life.

Thermal Spray Technology Insights

The Thermal Spray Market segmentation, based on Technology, includes Cold Spray, Flame Spray, Plasma, and Spray. In 2022, the plasma segment will dominate the market. This technique has the benefit of spraying metallic and ceramic materials with outstanding bond strength onto diverse surfaces while minimizing substrate distortion on both big and small components. It gives the substrate surface electrical conductivity, clearance control, wear resistance, and heat and oxidation resistance. Printing rolls, gas turbines, industrial diesel engine piston rings, and oil and gas gear all benefit from plasma Thermal Spray coatings.

Figure1: Thermal Spray Market, by Technology, 2022&2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Thermal Spray Application Insights

The Thermal Spray Market segmentation, based on application, includes Automotive, Oil & Gas, Mining, Aerospace, and Medical. In 2022, the aerospace category accounted for the majority of the worldwide Thermal Spray coating market. Product characteristics including wear and corrosion resistance, minimal harmful gas emissions, and thickness capability are likely to drive segment expansion. The rapid expansion of the aerospace sector, notably civil aviation in India and China, is likely to boost segment growth throughout the projection period due to rising disposable income levels.

Thermal Spray Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America dominated the market in 2022, accounting for more than 45.80% of total revenue. The strong demand for Thermal Spray coatings in North America is primarily driven by high demand from key industries such as aerospace, oil and gas, automotive, medical, and power generation. Furthermore, governments in the United States and Canada are sponsoring studies to produce new coatings that might act as a driving factor for market growth.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: THERMAL SPRAY MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe Thermal Spray Market accounts for the second-largest market share due to major aviation manufacturers such as Airbus establishing production operations in the region and purchasing aircraft components from regional Indian firms such as the Tata Group, Dynamatic Technologies, and Mahindra Group Companies. Further, the German Thermal Spray Market held the largest market share, and the UK Thermal Spray Market was the fastest-growing market in the European region

The Asia-Pacific Thermal Spray Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the rising demand for Thermal Spray coatings in the aerospace and automotive industries in developing countries such as India and China. Moreover, China’s Thermal Spray Market held the largest market share, and the Indian Thermal Spray Market was the fastest-growing market in the Asia-Pacific region.

Thermal Spray Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Thermal Spray Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Thermal Spray industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Thermal Spray industry to benefit clients and increase the market sector. In recent years, the Thermal Spray industry has offered some of the most significant advantages to medicine. Major players in the Thermal Spray Market, including General Magnaplate Corporation (U.S.), Praxair Surface Technologies, Inc. (U.S.), Oerlikon Metco (Switzerland), Plasma-Tec, Inc. (U.S.), Surface Technology Inc (U.K.) and others, are attempting to increase market demand by investing in research and development operations.

Praxair, Inc. was an industrial gas corporation based in the United States. Praxair, founded in 1907, was the largest industrial gas firm in North and South America and the third-largest in the world by revenue. Linde plc was formed in 2018 by the merger of Linde AG and Linde plc. In the United States, the Praxair brand will be phased out. In 2021, Praxair Surface Technologies, Inc. signed a long-term deal to purchase metal powders and Thermal Spray powders from H.C. Starck, a leading supplier of refractory metals, for use in its Thermal Spray coatings business. The arrangement aims to expand Praxair's reach and boost its product offering.

Sulzer Ltd. is a Swiss industrial engineering and manufacturing corporation started in 1775 by Salomon Sulzer-Bernet and incorporated in 1834 as Sulzer Brothers Ltd. in Winterthur, Switzerland. It is now a publicly traded firm with around 180 manufacturing and service sites worldwide. The shares of the corporation are traded on the Swiss Stock Exchange. In 2020, Sulzer Metco announced a collaboration with Interplex Engineered Products, a company based in the United States that specializes in precision Metal Stamping and injection molding. The collaboration sought to develop and manufacture sophisticated Thermal Spray coatings for the aerospace and defense industries.

Key Companies in the Thermal Spray Market include

• A & A Thermal Spray Coatings (U.S.)


• Flame Spray Coating Company (U.S.)


• General Magnaplate Corporation (U.S.)


• Praxair Surface Technologies Inc. (U.S.)


• Oerlikon Metco (Switzerland)


• Plasma-Tec Inc. (U.S.)


• Surface Technology Inc (U.K.)


• C. Starck GmbH (Germany)


• ASB Industries Inc. (U.S.)

Thermal Spray Industry Developments

 July 2019, AMT AG in Kleindöttingen, Switzerland, was acquired by Oerlikon. With this acquisition, Oerlikon gains access to AMT Thermal Spray coating equipment, as well as expanding its surface solution technologies and improving market applications and service accessibility to customers, all of which will promote market growth.

February 2023, Kennametal Inc. debuted a new high-performance turning grade with enhanced coating technology. For steel-turning applications, KCP25C with KENGold is the preferred choice for metal-cutting inserts with improved wear and higher metal removal rates.

In November 2022, Bodycote announced the expansion of its Thermal Spray coatings capabilities throughout the Middle East. Bodycote formed a cooperation with Mathevon Group to expand the business in the area, particularly in Saudi Arabia.

Thermal Spray Market Segmentation

Thermal Spray Market By Product Outlook

• Metals


• Ceramics


• Intermetallics


• Polymers


• Carbides

Thermal Spray Market By Technology Outlook

• Cold Spray


• Flame Spray


• Plasma


• Spray

Thermal Spray Market By Application Outlook

• Automotive


• Oil & Gas


• Mining


• Aerospace


• Medical

Thermal Spray Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America