Thermal Spray Market Size Forecast to reach $14.2 Billion by 2025

Thermal Spray Market Size is forecast to reach $14.2 billion by 2025, after growing at a CAGR of 6.9% during 2020-2025. The growing demand from aerospace and medical device industries, increasing usage of thermal spray ceramic coatings, and the replacement of hard chrome coatings by thermal spray coatings. However, with the development and emergence of hard trivalent chrome coatings in recent years, the overall demand for the thermal spray is expected to increase from year 2022 to 2025.

Key Takeaways

• Recently, various new methods have now been developed to recycle thermal spray processing materials. This acts as one of the major opportunities for the growth of the market.
• Owning to the high demand from the various end-user industries, North America is dominating the thermal spray market globally.
• By Raw Materials - Segment Analysis
• Based on raw material, the thermal spray coatings market is segmented into ceramics, metal and alloys, abradable, polymers and others. The ceramics segment is projected to lead the market during the forecast period. Owning to its cost-effective and specific properties such as thermal resistance and corrosion resistance, ceramics material is highly consumed. These factors are expected to drive the ceramics.

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By Spraying Method - Segment Analysis

Plasma spraying technology led the global market with a revenue share of XX%, in 2019. A major advantage of using this coating is its ability to spray a wide range of materials, such as metals and ceramics, on both large and small component. The process provides corrosion and wear resistance, clearance control, heat and oxidation resistance, temperature management, and electrical conductivity and resistivity to the surface. Plasma process is used on gas turbines, printing rolls, industrial diesel engine piston rings, and oil and gas machinery. On the other hand, thermal spraying is used to improve or restore the surface of a solid material. This process can be used to apply coatings to a wide range of components and materials, to provide better resistance against cavitation, wear, abrasion erosion, heat, and corrosion. In addition, this process is used to provide insulation or electrical conductivity, chemical resistance, lubricity, sacrificial wear, high or low friction, and other desirable properties to the coated surface.

By End-User Industry - Segment Analysis

In 2019, aerospace application segment held the largest share of the global thermal spray coating market. Product properties, such as wear and corrosion protection, low toxic gas emissions, and thickness capability are expected to fuel the segment growth. Rapid expansion of the aerospace sector, particularly civil aviation in India and China, on account of increasing disposable income levels, is expected to have a positive impact on the segment growth over the forecast period. Industrial gas turbines segment also held a significant market share and is expected to witness steady growth over the forecast period. Thermal spray coatings protect gas turbine components from wear, corrosion, and friction. In addition, they help extend the life of these components. High demand for gas turbines in China and India to promote fuel diversification and reduce the dependence on coal plants is expected to drive the segment. 

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Geography - Segment Analysis

North America held the leading market share in 2019 and is expected to continue its dominance during the forecast period. The aerospace market in U.S. is getting declined as aerospace industry have been shut down due to the impact of COVID-19 in 2020, but in 2021, the aerospace industry can catchup its pace steadily and can be seen with high growth in the forecast period. Due to this, major aerospace companies in Mexico is expected to fuel the regional demand for thermal spray coatings. Presence of industry giants like Boeing and Airbus is also expected to augment the growth. Rapidly expanding automobile industry coupled with increased oil exploration activities in Mexico is expected to further drive the market.

Drivers – Thermal Spray Market

• Growing demand from the healthcare industry

Thermal spray coatings are compatible with different medical devices and biomedical implants used in the healthcare industry. These coatings offer good dielectric insulation to medical instruments and provide electromagnetic shielding to prevent interference caused to sensitive equipment. The coatings are also biocompatible and help in controlled bioactivities, thus making them suitable for biological implants. Porous, bio-active coating materials are also able to interact with bone tissues and assist in promoting bone growth. Major applications of thermal spray coatings in the healthcare industry include biomedical implants for femoral stems, knees, elbows, spines, and acetabular cups.

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Challenges – Thermal Spray Market

• Lack of technical skills

The thermal spray coating process is a high-precision surface coating process. Additionally, customers of this process require the finest quality output. Therefore, technicians carrying out this process need to have expertise in selecting the most suitable suspension particles to achieve better-nanostructured coatings for advanced applications. Thus, the ability to deal with light alloys in controlled temperature in heavy engineering projects is a critical skill required for technicians. Thermal spray coatings are also applied through different processes using different materials. To provide better quality, it is also necessary for manufacturers to adequately understand the processes, materials, equipment, and systems used in thermal spray coatings. Moreover, additional knowledge is required to operate the equipment used in the thermal spray coating process. Hence, thermal spray coatings require high-skilled technicians, which the market lacks. Therefore, the lack of technical skills poses a challenge to the growth of the thermal spray coatings market.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Thermal Spray market. Thermal Spray Market top 10 companies Praxair Surface Technologies, Inc,  BodyCote, Oerlikon Metco, Surface Technology, H.C Starck GmbH, F.W. Gartner Thermal Spraying, Arc Spray (Pty) Ltd, Metallisation Limited, Plasma-Tec, Inc., C&M Technologies GmbH, AMETEK Inc., Flame Spray SpA, BryCoat Inc., and Thermal Spray Technologies, Inc. (tst), among others.

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