Global Thermal Spray Coatings Market

Thermal Spray Coatings Market Size, Share, Growth Analysis, By Type(Flame Spray and Plasma Spray), By Material(Metal and Alloys, and Ceramics), By Region - Industry Forecast 2024-2031


Report ID: SQMIG15E2200 | Region: Global | Published Date: March, 2024
Pages: 184 | Tables: 60 | Figures: 75

Thermal Spray Coatings Market Insights

Global Thermal Spray Coatings Market size was valued at USD 11.30 billion in 2022 and is poised to grow from USD 11.87 billion in 2023 to USD 17.53 billion by 2031, growing at a CAGR of 5.0% during the forecast period (2024-2031).

The utilization of thermal spray coatings in various industries such as automotive, aerospace, medical, industrial gas turbine, printing, steel, and pulp & papers plays a significant role in driving market growth. The increasing application of gas turbines in helicopter engines, tanks, ships, and locomotives is projected to boost the demand for thermal spray coatings. These coatings possess excellent resistance to high temperatures and corrosion, providing protection against fire in environments characterized by elevated temperatures and moisture levels. Furthermore, these offer desirable properties such as resistance to wear caused by abrasion, cavitation, and erosive forces, as well as chemical resistance, electrical insulation, and improved adhesion between substrate and components' top layers. The strict regulations implemented by regulatory bodies like the U.S. Environmental Protection Agency (EPA), Registration, Evaluation, Authorization and Restriction of Chemicals (REACH), and Occupational Safety and Health Administration (OSHA) have compelled coating manufacturers to adopt sustainable solutions. This shift away from hard chrome plating, which generates a carcinogenic byproduct, has resulted in an increased adoption of thermal spray coatings across various industries. In terms of regional market revenue, the United States holds the largest share in North America attributed to the substantial demand for industrial gas turbines from power generation plants. The U.S. government's policy transition towards replacing coal with natural gas for electricity generation is expected to drive the demand for gas turbines. Additionally, the growing elderly population and advancements in healthcare services in the U.S. are anticipated to contribute to the expansion of the orthopaedic implant market, particularly for kneecap replacement surgery.

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Global Thermal Spray Coatings Market size was valued at USD 11.30 billion in 2022 and is poised to grow from USD 11.87 billion in 2023 to USD 17.53 billion by 2031, growing at a CAGR of 5.0% during the forecast period (2024-2031).

The global thermal spray coating market is characterized by a diverse range of companies offering thermal spray coating solutions. These companies are focused on research and development activities to enhance coating technologies and expand their product portfolios. Market players are also increasingly emphasizing sustainability, driving the adoption of eco-friendly coating solutions. Moreover, strategic collaborations, partnerships, and mergers and acquisitions are prevalent in the market, allowing companies to expand their geographical presence, strengthen their market position, and cater to a wider customer base. 'Praxair Surface Technologies (US)', 'Oerlikon Metco (Switzerland)', 'Bodycote PLC (UK)', 'H.C. Starck (Germany)', 'Surface Technology International Ltd (UK)', 'ASB Industries Inc. (US)', 'A&A Coatings (US)', 'Flame Spray Technologies (Norway)', 'Metallisation Ltd (UK)', 'TWI Ltd (UK)', 'Metallizing Equipment Co. Pvt. Ltd. (India)', 'Plasma-Tec, Inc. (US)', 'Integrated Global Services (US)', 'TST Coatings, Inc. (US)', 'Progressive Surface (US)', 'FST Coatings Inc. (Canada)', 'Thermion Inc. (US)', 'Oerlikon Balzers (Liechtenstein)', 'Tafa Incorporated (US)', 'Metallizing Equipment Co. Pvt. Ltd. (India)'

North America dominated the global market, and it is expected to continue its dominance during the forecast period. The region's growth can be attributed to the significant demand for thermal spray coatings from various end-use industries, such as automotive, aerospace, and power generation. Moreover, the increasing adoption of sustainable solutions due to stringent regulations by regulatory bodies like the EPA and OSHA is also driving the growth of the thermal spray coating market in the region. 

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Global Thermal Spray Coatings Market

Report ID: SQMIG15E2200

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