Thermal Spray Coatings Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Thermal Spray Coatings Market
The thermal spray coatings market size was valued at USD 10.23 billion in 2019, and the market is now projected to be USD 17.63 billion by 2027, exhibiting a CAGR of 7.8% during the forecast period of 2024-2032.
The COVID-19 pandemic created barriers for the thermal spray coatings market growth. The disrupted supply chain has halted the manufacturing sectors. The lack of availability of raw materials has caused difficulty for various industries which has hindered the market growth. The reduced investment and issue of cash flow were major hurdles for the maintaining demand-supply system. Conversely, the implementation of the thermal spray method has slightly lessened the economic loss for making medical devices.
The thermal spray coatings market share globally has increased because of the growing inclination for the product over chrome plating. The oxidation, corrosion protection, tar, and dimensional reclamation properties are making it a preferred choice for chrome plating. The increasing environmental concerns and strict regulation imposed on disposal of chrome-plating process and its by-products and high costs are pushing demand for the thermal coating products as an alternative solution and consequently fuelling the market growth.
The market trend is increasing utilization of the thermal spray coatings in the medical area is propelling the market growth. The spraying process is widely used on devices for instant biological binding, surface roughening, and resemblance in chemical composition for preparing materials. It has advantages such as oxidation resistance and is biocompatible with better implant dentures and it is extensively used as a bioceramic coating.
Comprehensive Analysis of Thermal Spray Coatings Market
The thermal spray coatings market and chemicals & advanced materials industry is growing at an exponential rate due to its market segmentation. This market expansion effectively provides a thorough regional evaluation considering the dominant supply and demand forces that impact the chemicals & advanced materials industry. These segmentations are methodically segregated by material, technology, and application. The materials comprise metal & alloy, ceramic, intermetallic, polymer, and others. The technologies involve flame, high-velocity oxygen fuel (HVOF), electric arc, plasma, cold, and other sprays. The applications are industrial gas turbine, automotive, aerospace, medical, paper & printing, oil & gas, steel, and others.
The North American region is conducive to the global thermal spray coatings market, leading to a recall of USD 3,217.6 million because of the expanding range of usages for instance engineering coating, wear-resistant coating, food processing, and energy fields are boosting demand for the product and propelling the market growth.
The top players in the market play a vital role in the chemicals & advanced materials industry assuring industrial prospectus growth and setting market standards. These players include Oerlikon Metco (Switzerland), Praxair S.T. Technology, Inc. (U.S.), Bodycote (UK), Surface Technology UK (UK), H.C. Starck GmbH (Germany), F.W. Gartner Thermal Spraying (U.S.), Höganäs AB (Sweden), Metallisation Limited (UK), Flame Spray SpA (Italy), BryCoat Inc. (U.S.), Carpenter Technology Corporation (U.S.), A&A Thermal Spray Coatings (U.S.), ASB Industries, Inc. (U.S.), Polymet Corporation (U.S.), TST Coatings Inc. (U.S.), and other key companies, these market players provide a level-playing competitive landscape.
In July 2019, Oerlikon Metco announced that it has signed an agreement to acquire AMT AG, a Swiss company that designs and constructs integrated thermal spray coating systems and the aim of this acquisition is in line with Oerlikon's strategy to concentrate and broaden its surface solution technologies and at the same time as growing consumer accessibility for business applications and services.
Segmentation Table
Global Thermal Spray Coatings Market Scope
ATTRIBUTE DETAILS
Study Period 2016-2027
Base Year 2019
Forecast Period 2020-2027
Historical Period 2016-2018
Unit Value (USD Billion)
Segmentation Material; Technology; Application; and Geography
By Material
Ceramic
Metal & Alloy
Polymer
Intermetallic
Others
By Technology
Flame Spray
High-Velocity Oxygen Fuel (HVOF) Spray
Electric Arc Spray
Plasma Spray
Cold Spray
Others
By Application
Aerospace
Industrial Gas Turbine
Automotive
Medical
Paper & Printing
Oil & Gas
Steel
Others
By Geography
North America (By Material, By Technology, By Application and By Country)
The U.S. (By Application)
Canada (By Application)
Europe By Material, By Technology, By Application and By Country
Germany (By Application)
UK (By Application)
France (By Application)
Italy (By Application)
Spain (By Application)
Russia & CIS (By Application)
Rest of Europe (By Application)
Asia Pacific By Material, By Technology, By Application and By Country
China (By Application)
India (By Application)
Japan (By Application)
South Korea (By Application)
ASEAN (By Application)
Rest of Asia Pacific (By Application)
Latin America By Material, By Technology, By Application and By Country
Brazil (By Application)
Mexico (By Application)
Argentina (By Application)
Rest of Latin America (By Application)
The Middle East & Africa By Material, By Technology, By Application and By Country
GCC (By Application)
The Middle East (By Application)
Africa (By Application)
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