Thermal spray coatings are surfacing materials applied through a cold spraying or flame deposition method to enhance the surface properties of metals, ceramics, polymers and other materials. These coatings provide benefits like wear and corrosion resistance, improved surface hardness, low friction and electrochemical insulation. Components in the automotive, aerospace, industrial gas turbine, electronics, oil & gas and medical industries benefit greatly from thermal spray coatings.
The global Thermal Spray Coatings Market is estimated to be valued at US$ 11424.77 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing demand from the automotive and aerospace industries is accelerating the growth of thermal spray coatings market. Thermal spray coatings play a vital role in reducing the overall weight of vehicles and aircraft while enhancing their performance. These coatings are extensively used in automotive engines and transmission components to increase their lifespan and fuel efficiency. In the aerospace industry, thermal spray coatings provide anti-corrosion, wear and heat resistance to aircraft engine parts, landing gears and hydraulic components. With the rising production of vehicles and aircraft around the world, especially in Asia Pacific, the demand for thermal spray coatings from these end-use industries is expected to surge significantly over the forecast period.
Segment Analysis
The global thermal spray coatings market size is dominated by the metal sub-segment. Thermal spray metal coatings offer properties like high hardness, corrosion and wear resistance. They are extensively used in industries like oil & gas, steel, medical devices etc. for protecting substrates from corrosion and wear & tear.
Key Takeaways
The global thermal spray coatings market is expected to witness high growth over the forecast period. The global Thermal Spray Coatings Market is estimated to be valued at US$ 11424.77 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030.
Regional analysis:
North America region currently accounts for the largest share in the global thermal spray coatings market. The huge manufacturing sector along with increased spending on infrastructure development and power generation plants in the US and Canada is driving the demand for thermal spray coatings in the region. The Asia Pacific region is expected to witness the fastest growth led by countries like China and India. The low manufacturing costs and growing industries like steel, automotive etc. are providing huge opportunities for thermal spray coatings manufacturers in the region.
Key players:
Key players operating in the thermal spray coatings market are Praxair Surface Technologies, Oerlikon Metco, Saint-Gobain Coating Solutions and A&A Thermal Spray Coatings. Praxair Surface Technologies offers thermal spray coatings for applications in industries such as oil & gas, steel, transportation and power generation. Oerlikon Metco provides thermal spray coating solutions and services globally.
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