The global Thermal Spray Coatings Market is estimated to be valued at US$ 11,424.77 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Thermal spray coatings are applied using a process known as thermal spraying where partially molten or fully melted metallic or non-metallic materials are sprayed onto a surface to form protective and corrosion resistant coatings. Thermal spray coatings offer advantages such as high bond strength, resistance to corrosion & wear, lower coating costs and faster production time. Thermal spray coatings find wide applications in industries such as aerospace, healthcare, automotive, energy & power and oil & gas to protect critical components from high temperatures, corrosion and wear.
Market key trends:
Thermal spray coatings witness increasing demand from aerospace industry due to need for high temperature resistant coatings for jet engine components and airframes. Growing shale gas exploration and oil & gas projects is another key trend driving market growth as thermal spray coatings enhances life of wells and pipelines. Increasing adoption of plasma spray technique over traditional wire arc and flame spray method is also observed in various end use industries owing to its ability to coat temperature sensitive substrates and deposit amorphous coatings. Efforts by market players to develop coating solutions using advanced materials such as thermal barrier coatings (TBC) for gas turbines is anticipated to further expand market reach during the forecast period.
Porter’s Analysis
Threat of new entrants: The thermal spray coatings market requires high R&D investments to develop new technologies and remains a specialized field, limiting threats from new entrants.
Bargaining power of buyers: The presence of multiple coating service providers and product manufacturers limits buyer power in this market.
Bargaining power of suppliers: The availability of a variety of raw material suppliers and coating equipment vendors makes supplier power weak in this industry.
Threat of new substitutes: There exists few close substitutes for the functional properties offered by thermal spray coatings such as corrosion and wear resistance, limiting threats from new substitutes.
Competitive rivalry: The thermal spray coatings market remains consolidated with a few major global players and regional players leading to high competitive rivalry.
Key Takeaways
The global Thermal Spray Coatings Market Growth is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing demand from industries such as aerospace, healthcare, automotive and power generation where thermal spray coatings are extensively used to enhance component’s life.
North America dominated the global thermal spray coatings market in 2023, owing to presence of major end use industries in the region. However, Asia Pacific is expected to be the fastest growing market during the forecast period, mainly driven by increasing investments in various end use industries and rapid industrialization in countries such as China and India.
Key players operating in the thermal spray coatings market are Sulzer Ltd, Praxair, Inc., Oerlikon Group, Curtis-Wright Corporation, Bodycote plc., Thermal Spray Technologies Inc., ASB Industries Inc., Abakan Inc., and Metallisation Ltd. Sulzer Ltd is the global leader in the thermal spray coatings market with expertise in design, development and application of innovative thermal spray coatings.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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