Thermal spray coatings, as the name suggests, is a coating process. It utilizes the powder coating method to cover a surface. These are sprayed at high velocities using a torch, spray gun or other similar equipment onto surfaces by melting the powder-coated material into droplets. This technology has a wide application base ranging from machine tools to aerospace turbines and is also used under adverse environmental conditions.
The Global Thermal Spray Coatings Market was estimated at USD 9.60 billion in the year 2020, and is expected to reach USD 13.90 billion by 2027. The market is growing with a CAGR of 5.4%, in the forecast period (2017-2027).
The thermal spray coatings market is segmented on the basis of material into the following types – Ceramic, Metals & Alloys, and Others. Of these, the ceramics segment led the market in 2019, capturing over 30% in terms of revenue. The lead of ceramics is due to its extensive use in all types of thermal spray coatings and widespread applications in industries such as automotive, aerospace, and industrial gas turbine. Increasing demand from the energy, healthcare, fiber-optic communications, industrial goods, environmental protection sectors will lead to the dominance of this segment during the forecast period.
The metals & alloy segment captured the second-largest market revenue share in 2019 and is projected to be the fastest-growing segment. This growth is a consequence of the properties, characteristics of metals and alloys and is reliant on the demand from the aerospace industry.
On the basis of technology, the market is segmented into – Plasma spray, flame spray, High-Velocity Oxygen Fuel (HVOF), Electric Arc spray, cold spray and Others. Among these, the Plasma spray technology garnered over 30% of the market revenue share in 2019. It dominated the thermal spray coatings market due to its ability to spray on a wide range of materials such as metals and ceramics.
The flame spraying technology is cost-effective, provides corrosion protection, and enhances the performance of the surface. As a result, this technology garnered the second-highest revenue share in 2019.
The aerospace industry dominated the thermal spray coatings market in terms of revenue by the end of 2019. The growth of the aerospace sector will fuel the market expansion. The properties such as wear resistance, corrosion protection, low toxic gas emissions and many more are making thermal spray coatings widely popular in this sector. The expansion in civil aviation will further boost the market growth.
The industrial gas turbine segment is projected to display steady growth during the forecast period. This growth can be attributed to the fact that thermal spray coatings help extend the life of these components besides reducing wear, corrosion and friction. Increased demand from Asia – Pacific is expected to accelerate the market growth.
North America dominated the thermal spray coatings market in 2019. It captured nearly 30% of the global revenue share largely due to the expanding aerospace market. The emergence of aerospace companies and growing oil exploration activities in Mexico, along with the presence of industry giants like Boeing and Airbus in the region, will augment the market growth. Increasing investments and continuous R&D in the automotive sector will further boost the regional market.
The European thermal spray coatings market is expected to be bolstered by the rising R&D expenditure in the pharmaceutical industry. Furthermore, the European part of Russia exhibits huge potential for natural gas and crude oil. Increased deployment for oil recovery will ensure market expansion. The automobile sector especially in Austria, Hungary, Germany and Romania is estimated to augment growth.
Asia – Pacific is expected to register the highest growth rate during the forecast period. The regional market is largely driven by the healthcare, oil & gas exploration, and automotive sector. Economic stability, soaring demand for advanced healthcare facilities and automobiles, rapid urbanization, and growth in disposable income are a few other factors contributing to the significant growth rate of the region.
1. Surge in demand from various Industries
The rapid growth of industries such as packaging, paints and coatings, automotive, aerospace, oil & gas, etc. is the major contributor to the expansion of the thermal spray market. The aerospace and automotive industries are key application areas that drive market growth. The demand generated for these coatings to coat several parts such as engines, fenders, mouldings, suspension systems is creating an upsurge in the global market.
2. Technological Innovations
Advancements in technology to develop cost-effective yet quality products will create a positive impact on the thermal spray coatings market. Technological innovations increase the suitability and thereby improve the application base for these coatings.
3. Physical Properties of coatings
Thermal spray coatings offer several advantages through their physical properties such as wear resistance, corrosion protection, thickness capabilities, electrical resistance, low toxic gas emissions. These are anticipated to drive the market forward.
1. High Initial Cost
Thermal spray coatings require an expensive apparatus which results in a high initial setup cost. This may deter any further investments and may lead to an increased overall product cost.
2. Outbreaks such as COVID-19
Outbreaks severely affect manufacturing activities, create a disruption in the supply chain and the resulted decline in demand has a negative impact on the overall growth of the market. They also create a fluctuation in raw material availability and prices which in turn affects the expansion of the market.
The pandemic has resulted in the stagnation of thermal spray coatings market growth. Closure or temporary halt in manufacturing activities due to worldwide lockdowns has created a reduction in supply while increased product cost post-lockdown has lowered the demand. COVID-19 has negatively impacted major end-use industries such as aerospace and automotive. As a result, the market for thermal spray coatings has witnessed a deceleration in market growth.
The key players operating in the market are:
The research report analyses the ecosystem of the thermal spray coatings market and categorizes it to forecast the revenues and analyze the trends in each of the following below-mentioned market segments.
By Product Type
By Process Type
Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.