Thermal Spray Market - Forecast(2024 - 2030)

Report Code: CMR 31091 Report Format: PDF + Excel
Thermal Spray Market size is forecast to reach $14.2 billion by 2025, after growing at a CAGR of 6.9% during 2020-2025. The growing demand from aerospace and medical device industries, increasing usage of thermal spray ceramic coatings, and the replacement of hard chrome coatings by thermal spray coatings. However, with the development and emergence of hard trivalent chrome coatings in recent years, the overall demand for the thermal spray is expected to increase from year 2022 to 2025.

Key Takeaways
  • Recently, various new methods have now been developed to recycle thermal spray processing materials. This acts as one of the major opportunities for the growth of the market.
  • Owning to the high demand from the various end-user industries, North America is dominating the thermal spray market globally.
  • By Raw Materials - Segment Analysis
  • Based on raw material, the thermal spray coatings market is segmented into ceramics, metal and alloys, abradable, polymers and others. The ceramics segment is projected to lead the market during the forecast period. Owning to its cost-effective and specific properties such as thermal resistance and corrosion resistance, ceramics material is highly consumed. These factors are expected to drive the ceramics.

By Spraying Method - Segment Analysis
Plasma spraying technology led the global market with a revenue share of XX%, in 2019. A major advantage of using this coating is its ability to spray a wide range of materials, such as metals and ceramics, on both large and small component. The process provides corrosion and wear resistance, clearance control, heat and oxidation resistance, temperature management, and electrical conductivity and resistivity to the surface. Plasma process is used on gas turbines, printing rolls, industrial diesel engine piston rings, and oil and gas machinery. On the other hand, thermal spraying is used to improve or restore the surface of a solid material. This process can be used to apply coatings to a wide range of components and materials, to provide better resistance against cavitation, wear, abrasion erosion, heat, and corrosion. In addition, this process is used to provide insulation or electrical conductivity, chemical resistance, lubricity, sacrificial wear, high or low friction, and other desirable properties to the coated surface.

By End-User Industry - Segment Analysis
In 2019, aerospace application segment held the largest share of the global thermal spray coating market. Product properties, such as wear and corrosion protection, low toxic gas emissions, and thickness capability are expected to fuel the segment growth. Rapid expansion of the aerospace sector, particularly civil aviation in India and China, on account of increasing disposable income levels, is expected to have a positive impact on the segment growth over the forecast period. Industrial gas turbines segment also held a significant market share and is expected to witness steady growth over the forecast period. Thermal spray coatings protect gas turbine components from wear, corrosion, and friction. In addition, they help extend the life of these components. High demand for gas turbines in China and India to promote fuel diversification and reduce the dependence on coal plants is expected to drive the segment. 

Geography - Segment Analysis
North America held the leading market share in 2019 and is expected to continue its dominance during the forecast period. The aerospace market in U.S. is getting declined as aerospace industry have been shut down due to the impact of COVID-19 in 2020, but in 2021, the aerospace industry can catchup its pace steadily and can be seen with high growth in forecast period. Due to this, major aerospace companies in Mexico is expected to fuel the regional demand for thermal spray coatings. Presence of industry giants like Boeing and Airbus is also expected to augment the growth. Rapidly expanding automobile industry coupled with increased oil exploration activities in Mexico is expected to further drive the market.

Drivers – Thermal Spray Market

  • Growing demand from the healthcare industry
Thermal spray coatings are compatible with different medical devices and biomedical implants used in the healthcare industry. These coatings offer good dielectric insulation to medical instruments and provide electromagnetic shielding to prevent interference caused to sensitive equipment. The coatings are also biocompatible and help in controlled bioactivities, thus making them suitable for biological implants. Porous, bio-active coating materials are also able to interact with bone tissues and assist in promoting bone growth. Major applications of thermal spray coatings in the healthcare industry include biomedical implants for femoral stems, knees, elbows, spines, and acetabular caps.

Challenges – Thermal Spray Market

  • Lack of technical skills
The thermal spray coating process is a high-precision surface coating process. Additionally, customers of this process require the finest quality output. Therefore, technicians carrying out this process need to have expertise in selecting the most suitable suspension particles to achieve better-nanostructured coatings for advanced applications. Thus, the ability to deal with light alloys in controlled temperature in heavy engineering projects is a critical skill required for technicians. Thermal spray coatings are also applied through different processes using different materials. To provide better quality, it is also necessary for manufacturers to adequately understand the processes, materials, equipment, and systems used in thermal spray coatings. Moreover, additional knowledge is required to operate the equipment used in the thermal spray coating process. Hence, thermal spray coatings require high-skilled technicians, which the market lacks. Therefore, the lack of technical skills poses a challenge to the growth of the thermal spray coatings market.

Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Thermal Spray market. In 2019, the market of Thermal Spray has been consolidated by the top five players accounting for xx% of the share. Thermal Spray Market top 10 companies Praxair Surface Technologies, Inc,  BodyCote, Oerlikon Metco, Surface Technology, H.C Starck GmbH, F.W. Gartner Thermal Spraying, Arc Spray (Pty) Ltd, Metallisation Limited, Plasma-Tec, Inc., C&M Technologies GmbH, AMETEK Inc., Flame Spray SpA, BryCoat Inc., and Thermal Spray Technologies, Inc. (tst), among others.

1. Thermal Spray Market - Overview
        1.1 Definitions and Scope
2. Thermal Spray Market - Executive summary
        2.1 Market Revenue, Market Size and Key Trends by Company
        2.2 Key Trends by type of Application
        2.3 Key Trends segmented by Geography
3. Thermal Spray Market
        3.1 Comparative analysis
            3.1.1 Product Benchmarking - Top 10 companies
            3.1.2 Top 5 Financials Analysis
            3.1.3 Market Value split by Top 10 companies
            3.1.4 Patent Analysis - Top 10 companies
            3.1.5 Pricing Analysis
4. Thermal Spray Market - Startup companies Scenario Premium
        4.1 Top 10 startup company Analysis by
            4.1.1 Investment
            4.1.2 Revenue
            4.1.3 Market Shares
            4.1.4 Market Size and Application Analysis
            4.1.5 Venture Capital and Funding Scenario
5. Thermal Spray Market - Industry Market Entry Scenario Premium
        5.1 Regulatory Framework Overview
        5.2 New Business and Ease of Doing business index
        5.3 Case studies of successful ventures
        5.4 Customer Analysis - Top 10 companies
6. Thermal Spray Market Forces
        6.1 Drivers
        6.2 Constraints
        6.3 Challenges
        6.4 Porters five force model
            6.4.1 Bargaining power of suppliers
            6.4.2 Bargaining powers of customers
            6.4.3 Threat of new entrants
            6.4.4 Rivalry among existing players
            6.4.5 Threat of substitutes
7. Thermal Spray Market - Strategic analysis
        7.1 Value chain analysis
        7.2 Opportunities analysis
        7.3 Product life cycle
        7.4 Suppliers and distributors Market Share
8. Thermal Spray Market - By Product Type (Market Size -$Million / $Billion)
8.1 Coatings                               
8.2 Material
8.2.1 Coating Material Powder Ceramics Metal Polymer and Others Wire/Rod Others (Liquid)
8.2.2 Supplementary Material (Auxiliary Material)
8.3 Thermal Spray Equipment
8.3.1 Thermal Spray Coating System
8.3.2 Dust Collection Equipment
8.3.3 Spray Gun & Nozzle
8.3.4 Feeder Equipment
8.3.5 Spare Parts 
8.3.6 Noise-reducing Enclosure
8.3.7 Others
9. Thermal Spray Market - By Process Type (Market Size -$Million / $Billion)
9.1 Combustion
9.2 Electric Energy
10. Thermal Spray - By End-user Industry (Market Size -$Million / $Billion)
        10.1 Aerospace
        10.2 Industrial Gas Turbines
        10.3 Automotive
10.4 Electronics
10.5 Oil & Gas
10.6 Medical Devices
10.7 Energy & Power
10.8 Others
11. Thermal Spray - By Geography (Market Size -$Million / $Billion)
        11.1 Thermal Spray Market - North America Segment Research
        11.2 North America Market Research (Million / $Billion)
            11.2.1 Segment type Size and Market Size Analysis
            11.2.2 Revenue and Trends
            11.2.3 Application Revenue and Trends by type of Application
            11.2.4 Company Revenue and Product Analysis
            11.2.5 North America Product type and Application Market Size
         Rest of North America
        11.3 Thermal Spray- South America Segment Research
        11.4 South America Market Research (Market Size -$Million / $Billion)
            11.4.1 Segment type Size and Market Size Analysis
            11.4.2 Revenue and Trends
            11.4.3 Application Revenue and Trends by type of Application
            11.4.4 Company Revenue and Product Analysis
            11.4.5 South America Product type and Application Market Size
         Costa Rica
         Rest of South America
        11.5 Thermal Spray- Europe Segment Research
        11.6 Europe Market Research (Market Size -$Million / $Billion)
            11.6.1 Segment type Size and Market Size Analysis
            11.6.2 Revenue and Trends
            11.6.3 Application Revenue and Trends by type of Application
            11.6.4 Company Revenue and Product Analysis
            11.6.5 Europe Segment Product type and Application Market Size
         Rest of Europe
        11.7 Thermal Spray - APAC Segment Research
        11.8 APAC Market Research (Market Size -$Million / $Billion)
            11.8.1 Segment type Size and Market Size Analysis
            11.8.2 Revenue and Trends
            11.8.3 Application Revenue and Trends by type of Application
            11.8.4 Company Revenue and Product Analysis
            11.8.5 APAC Segment - Product type and Application Market Size
         South Korea
         Hong kong
         Rest of APAC
        11.9 Thermal Spray - Middle East Segment and Africa Segment Research
        11.10 Middle East & Africa Market Research (Market Size -$Million / $Billion)
            11.10.1 Segment type Size and Market Size Analysis
            11.10.2 Revenue and Trend Analysis
            11.10.3 Application Revenue and Trends by type of Application
            11.10.4 Company Revenue and Product Analysis
            11.10.5 Middle East Segment Product type and Application Market Size
         Saudi Arabia
            11.10.6 Africa Segment Analysis
         South Africa
         Rest of Middle East & Africa
12. Thermal Spray Market - Entropy
        12.1 New product launches
        12.2 M&A s, collaborations, JVs and partnerships
13. Thermal Spray Market - Industry / Segment Competition landscape Premium
        13.1 Market Share Analysis
            13.1.1 Market Share by Country- Top companies
            13.1.2 Market Share by Region- Top 10 companies
            13.1.3 Market Share by type of Application - Top 10 companies
            13.1.4 Market Share by type of Product / Product category- Top 10 companies
            13.1.5 Market Share at global level - Top 10 companies
            13.1.6 Best Practises for companies
14. Thermal Spray Market - Key Company List by Country Premium
15. Thermal Spray Market Company Analysis
        15.1 Market Share, Company Revenue, Products, M&A, Developments
        15.2 Berger Paint Limited
        15.3 Dowdupont Inc
        15.4 Nippon Paint Holding Co , Ltd
        15.5 Thermal Spray Coating Company
            15.5.1 Benjamin Moore Co
            15.5.2 Chromalloy Gas Turbine Llc
            15.5.3 Masco Corporation
            15.5.4 Pamarco
            15.5.5 Tocalo Co. Ltd
        15.6 Thermal Spray Equipment Company
            15.6.1 Asb Industry Inc
            15.6.2 Camfil Air Pollution Control
            15.6.3 Donaldson Company Inc
            15.6.4 Flame Spray Technology Pte Ltd
            15.6.5 Gtv Verschleiss-Schutz
            15.6.6 Integrated Service
            15.6.7 Kurt Lesker Shanghai Trading Company
            15.6.8 Lincoln Electric Holding Inc
            15.6.9 Thermion Inc
        15.7 Thermal Spray Powder Company
            15.7.1 Advanced Metallizing Supply Ltd
            15.7.2 Air Product Chemical
            15.7.3 Ametek
            15.7.4 Carpenter Technology
            15.7.5 Castolin Eutectic
            15.7.6 Cm Technology Gmbh
            15.7.7 Diffusion Engineer Ltd
            15.7.8 Fujimi
            15.7.9 H.C. Starck
            15.7.10 Hoganas Ab
            15.7.11 Kennametl Stellite
            15.7.12 Metallisation Ltd
            15.7.13 Metallizing Equipment Co. Pvt. Ltd
            15.7.14 Oerlikon Metco
            15.7.15 Praxair Surface Technology
            15.7.16 Saint Gobain
            15.7.17 Sandvik Material Technology
            15.7.18 The Fisher Barton Group
            15.7.19 The Linde Group
            15.7.20 Thermion
            15.7.21 Treibacher Industrie Ag
        15.8 Company 8
        15.9 Company 9 & More
*Financials would be provided on a best efforts basis for private companies
16. Thermal Spray Market - Appendix
        16.1 Abbreviations
        16.2 Sources
17. Thermal Spray Market - Methodology
        17.1 Research Methodology
            17.1.1 Company Expert Interviews
            17.1.2 Industry Databases
            17.1.3 Associations
            17.1.4 Company News
            17.1.5 Company Annual Reports
            17.1.6 Application Trends
            17.1.7 New Products and Product database
            17.1.8 Company Transcripts
            17.1.9 R&D Trends
            17.1.10 Key Opinion Leaders Interviews
            17.1.11 Supply and Demand Trends