Thermal Spray Coatings Market Size, Share & Trends Analysis Report By Technology (Plasma Spray, HVOF), By Product (Ceramics, Abradables), By Application (Medical, Aerospace), By Region, And Segment Forecasts, 2023 - 2030

Thermal Spray Coatings Market Size, Share & Trends Analysis Report By Technology (Plasma Spray, HVOF), By Product (Ceramics, Abradables), By Application (Medical, Aerospace), By Region, And Segment Forecasts, 2023 - 2030

Thermal Spray Coatings Market Growth & Trends

The global thermal spray coatings market size is expected to reach USD 14.6 billion by 2030, registering a CAGR of 4.8% over the forecast period, according to a new study by Grand View Research, Inc. The global market growth is attributed to the developments in aerospace, automotive, industrial gas turbines, oil & gas, steel, printing, and medical applications. The thermal spray coatings provide electrical/thermal conductivity, enhanced wear resistance, lubricity, chemical resistance, heat resistance, and corrosion resistance to the machine parts. Most of the machine parts are of high value, whose frequent replacement is uneconomical and leads to high costs for the end-user industries.

For example, drilling bits used in mining and offshore drilling operations have to endure the impact of hard terrains and the reaction of undersurface chemicals. The thermal spray coatings provide the required corrosion and wear resistance, which is vital in operations of this magnitude, and can expect a growing consumption due to an increase in metal demand from the automotive and electronics sector. Key manufacturers enter into technological collaborations to enhance the current technologies for better market positioning. For instance, in April 2020, ASB Industries collaborated with the University of Nevada and Akron to develop double-layer coatings on magnesium.

The company’s current cold-sprayed aluminum coatings on magnesium alloys are highly susceptible to localized corrosion in chloride-containing solutions. The ongoing development of a titanium-aluminum coating layer on magnesium raises micro-hardness, thus lowering the wear rate. Such technological collaborations can increase product demand over the coming years. Players in the market are also investing in expanding their manufacturing capabilities. For instance, in March 2021, Oerlikon Metco Coating Services established a world-class additive manufacturing facility in Huntersville, a suburb of Charlotte, North Carolina, to add thermal spray and laser cladding capabilities under one roof.

Thermal Spray Coatings Market Report Highlights

• The ceramics materials segment is anticipated to witness a CAGR of 5.3% from 2023 to 2030. The ceramics product segment dominated the market in 2021 due to the stringent government regulations, mainly in North America and Europe that drive the demand for eco-friendly products, thereby augmenting the market growth
• The plasma spray coatings technology segment is anticipated to witness growth with a CAGR of 5.6% from 2023 to 2030. The growth is attributed to the wide use of plasma spray coating technology in orthopedic, dental, and cardiovascular implants, which are witnessing a rise on account of the increasing geriatric population & injuries associated with the growing popularity of mixed martial arts competitions
• Thermal spray coatings offer an impressive array of attributes that align with the stringent requirements of the aerospace industry. Their exceptional thermal insulation helps the components to withstand extreme temperatures during flight, ensuring the reliability and longevity of vital parts
• Governments across various countries have implemented stringent regulations against the usage of coal-fired power plants and are shifting toward gas-fired power plants, which can boost the demand for industrial gas turbines for power generation and contribute to the market growth
• Companies are also engaged in partnerships and acquisitions, new product launches, and geographical expansions to gain a competitive edge in the market. For instance, in May 2023, Kymera International completed the acquisition of Thermal Spray Solutions (TSS) to strengthen its position in the thermal spray coatings market

Please note The report will be delivered in 2-3 business days upon order notification.