Newark, Sept. 18, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global thermal spray coatings market is expected to grow from USD 10.06 Billion in 2022 to USD 18.86 Billion by 2032, at a CAGR of 6.50% during the forecast period 2023-2032.
Thermal spray coatings are generally used because of their features like anti-corrosion and enhanced coating consistency. This coating helps in making the materials last longer. It helps with corrosion and wear, along with reducing maintenance costs. Hence, cost-effectiveness, tailoring properties, versatility across materials, efficiency and uniform applications are some of the properties fueling the growth of the thermal spray coatings market.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 10.06 Billion |
| Market Size in 2032 | USD 18.86 Billion |
| CAGR | 6.50% |
| No. of Pages in Report | 232 |
| Segments Covered | Product, Technology and Application |
| Drivers | Growing use in the aerospace sector |
| Opportunities | Innovation in technology |
| Restraints | Lack of awareness |
Competitive Strategy
To enhance their market position in the global thermal spray coatings market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In March 2018, Hoganas AB completed the acquisition of the surface coating division of HC Starck. This acquisition has given the organization access to new markets and product groups in the premium surface coating and additive manufacturing segment. Hence, it helped the organization expand its market share in the thermal spray coatings market.
Market Growth & Trends
Thermal spray coatings offer enhanced surface protection to the engineered products and components, providing corrosion protection, abrasion resistance, and protection against scuff and erosion. Ceramic thermal spray coatings are broadly used in cylinders, valves, rollers and blades for paper manufacturing, hydraulic cylinders, biomedical implants, combustion liners, vanes, etc. Ceramic coatings provide corrosion protection of the surfaces, electrical insulations, and thermal insulation and help in making substrates more wear-resistant. Also, there is a surge in the demand for coating applications in niche sectors like gas turbines, modern helicopters and locomotives. All these factors are driving the growth of thermal spray coatings. For instance, the extensive space exploration by organizations like SpaceX fuels the use of thermal spray carbide coating in advanced landing gears. Thermal spray coatings are also majorly driven by medical device coatings and hard chrome plating. There is an advancement in material science and thermal spray technologies, propelling the market in the future. There is a growing demand for enhancing the resistance against wear, cavitation, chemical resistance and abrasion erosion, further fueling the market's growth. There is an increase in the consumption of thermal spray coatings from sectors like automotive and aerospace.
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Key Findings
• In 2022, the ceramics segment dominated the market with the largest market share of 30.12% and market revenue of USD 3.03 Billion.
The product segment is divided into metals, ceramics, polymers, intermetallics, abradables, carbides and others. In 2022, the ceramics segment dominated the market with the largest market share of 30.12% and market revenue of USD 3.03 Billion. Ceramics coating has excellent insulation properties. Hence, they are broadly used in applications where the minimization of electrical conductivity or insulation is required.
• In 2022, the plasma spray segment dominated the market with the largest market share of 33.45% and market revenue of USD 3.36 Billion.
The technology segment is divided into flame spray, plasma spray, cold spray, electric arc spray and others. In 2022, the plasma spray segment dominated the market with the largest market share of 33.45% and market revenue of USD 3.36 Billion. Plasma spray coating process is broadly used in gas turbines, oil & gas machinery, and printing rolls, among others.
• In 2022, the aerospace segment dominated the market with the largest market share of 31.33% and market revenue of USD 3.15 Billion.
The application segment is divided into aerospace, automotive, medical, oil & gas, steel and others. In 2022, the aerospace segment dominated the market with the largest market share of 31.33% and market revenue of USD 3.15 Billion. This market share is attributed to its broad application in aircraft engines, aerospace structures, turbine blades and defence equipment.
Regional Segment Analysis of the Thermal Spray Coatings Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region occurred as the largest market for the global thermal spray coatings industry, with a market share of 32.67% and a market value of around USD 3.29 billion in 2022. This region has a high demand for such coatings, particularly for the aerospace sector, as there is a presence of leading aerospace manufacturers and their requirement for corrosion-resistant, lightweight and high-performance coatings. This region has substantial potential for thermal spray coatings due to its extensive industrial bases. For instance, manufacturers like Boeing, which has a significant share in the aerospace sector, are anticipated to increase their production capacity due to demand backlog. This factor will eventually drive the thermal spray coatings market in the forecasting period.
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Key players operating in the global thermal spray coatings market are:
• Carpenter Technology Corp.
• Saint-Gobain S.A.
• Praxair Surface Technologies, Inc.
• Höganäs AB
• Powder Alloy Corp.
• Castolin Eutectic
• H.C. Starck Inc.
• Fujimi Incorporated
• Durum Verschleiss-Schutz GmbH
• Wall Colmonoy Corp.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global thermal spray coatings market based on below mentioned segments:
Global Thermal Spray Coatings Market by Product:
• Metals
• Ceramics
• Polymers
• Intermetallics
• Abradables
• Carbides
• Others
Global Thermal Spray Coatings Market by Technology:
• Flame Spray
• Plasma Spray
• Cold Spray
• Electric Arc Spray
• Others
Global Thermal Spray Coatings Market by Application:
• Aerospace
• Automotive
• Medical
• Oil & Gas
• Steel
• Others
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About the report:
The global thermal spray coatings market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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