Thermal Spray Coatings Industry Overview
The global thermal spray coatings market was valued at USD 10.73 billion in 2021 and is anticipated to reach USD 15.41 billion by 2030, growing at a CAGR of 4.8% over the forecast period. The growth of thermal spray coatings depends on its use in various end-use industries like automotive, aerospace, medical, industrial gas turbine, printing, steel, and pulp & papers. The rising use of gas turbines in helicopter engines, tanks, ships, and locomotives is expected to help augment the demand for thermal spray coatings due to their high temperature and corrosion resistance which protects the parts against fire in high-temperature and moisture-laden conditions.
The properties provided by thermal spray coatings include wear resistance against abrasion, cavitation, and erosive forces, chemical resistance, electrical insulation, and better adhesion between the substrate and top layer of components. The stringent regulations by U.S. EPA, REACH, and OSHA regarding the curtailment of hard chrome plating, which produces a byproduct recognized as a carcinogen, influence the coating manufacturers to adopt sustainable solutions that can further propel the market for thermal spray coatings in various end-use industries.
Gather more insights about the market drivers, restrains and growth of the Global Thermal Spray Coatings market
In North America, the U.S. accounted for the largest share of the regional market revenue in 2021. This is attributed to the high demand from power generation plants for industrial gas turbines, which are expected to witness a surge in gas turbine demand due to the policy transition of the U.S. government towards replacing coal with natural gas for electricity generation. According to the Rural Health Information Hub, there are currently 46 million adults over the age of 65 years living in the U.S., which is expected to grow to 90 million by 2050. The rising geriatric population and improved healthcare services in the U.S. are expected to drive the market for orthopedic implants required in knee cap replacement surgery and are anticipated to grow the market in the region.
Thermal Spray Coatings Market Segmentation
Based on the Product Insights, the market is segmented into Metals, Ceramics, Intermetallics, Polymers, Carbides, Abradables, and Others.
Based on the Technology Insights, the market is segmented into Cold Spray, Flame Spray, Plasma Spray, HVOF, Electric Arc Spray, and Others.
Based on the Application Insights, the market is segmented into Aerospace, Industrial Gas Turbine, Automotive, Medical, Printing, Oil & Gas, Steel, Pulp & Paper, and Others.
Based on the Thermal Spray Coatings Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, & Middle East & Africa.
Market Share Insights:
Key Companies Profile:
Established players are establishing contracts with major end-user companies to strengthen their market position.
Some of the prominent players operating in the global thermal spray coatings market are:
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