USD 10.73 Billion
Thermal Spray Market Size, Share, Growth Analysis, By Product(Coating materials and thermal spray equipment), By End user(Aerospace, medical devices, and others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15J2045 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
61
|Figures:
75
Thermal Spray Market Insights
Thermal Spray Market size was valued at USD 10.73 Billion in 2021 and is poised to grow from USD 11.25 Billion in 2022 to USD 16.36 Billion by 2030, at a CAGR of 4.8% during the forecast period (2023-2030).
The global thermal spray market has witnessed steady growth in recent years. The market is primarily driven by factors such as increasing demand from industries such as aerospace, automotive, healthcare, and energy. One of the key drivers of the global thermal spray market is the growing demand for coatings that offer enhanced protection and improved performance of components and machinery. Industries such as aerospace and automotive rely on thermal spray coatings to enhance the durability and performance of engine components, turbine blades, and other critical parts. The ability of thermal spray coatings to provide wear resistance, corrosion protection, and thermal insulation contributes to their widespread adoption. Moreover, the increasing need for energy-efficient solutions in various industries is boosting the demand for thermal spray coatings. These coatings can provide thermal barrier properties, reduce friction, and improve energy transfer efficiency in turbines, power generation equipment, and industrial machinery. The push for sustainable and environmentally friendly solutions is further driving the adoption of thermal spray coatings. However, the global thermal spray market also faces certain challenges. One of the major challenges is the high cost associated with thermal spray equipment and materials. The initial investment required for setting up thermal spray facilities and the cost of raw materials can be significant, limiting the adoption of thermal spray coatings, particularly in smaller companies or industries with budget constraints. Another challenge is the complexity of the thermal spray process and the need for skilled operators. Thermal spray coating techniques require expertise in selecting the right materials, optimising process parameters, and ensuring proper coating adhesion and quality. The shortage of skilled personnel can hinder the widespread adoption of thermal spray coatings and affect the quality of coatings produced. Additionally, stringent environmental regulations and concerns about the emission of volatile organic compounds (VOCs) from thermal spray processes pose challenges to the market. Efforts are being made to develop environmentally friendly thermal spray materials and processes to comply with regulations and reduce the environmental impact.
US Thermal Spray Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2023-2030
Global Market Size
Largest Segment
coating materials
Fastest Growth
coating materials
Growth Rate
4.8% CAGR
Global Thermal Spray Market ($ Bn)
Country Share for North America Region (%)
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Thermal Spray Market Segmental Analysis
The global Thermal Spray market is segmented on the basis of product, end user, and region. By product, the market is segmented into coating materials and thermal spray equipment. By end user, the market is segmented into aerospace, medical devices, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Thermal Spray Market Analysis By Product
The global thermal spray market can be segmented by product into coating materials and thermal spray equipment. Among these segments, coating materials are the dominant product in the market, while thermal spray equipment is the fastest-growing segment.
Coating materials hold a dominant position in the global thermal spray market, capturing a significant share. Coating materials play a crucial role in thermal spray processes, as they are melted or heated and then sprayed onto surfaces to form protective and functional coatings. These materials include metals, alloys, ceramics, polymers, and composites. The dominance of coating materials can be attributed to their essential role in providing enhanced surface properties, such as wear resistance, corrosion resistance, thermal insulation, and improved performance characteristics. The wide range of coating materials available and their adaptability to diverse industry requirements contribute to their dominance in the thermal spray market.
On the other hand, the thermal spray equipment segment is experiencing rapid growth and emerges as the fastest-growing segment in the global market. Thermal spray equipment includes spray guns, powder feeders, control systems, and other equipment used in the thermal spray process. The demand for thermal spray equipment is driven by the increasing adoption of thermal spray coatings in various industries, coupled with the need for advanced and efficient spraying techniques. The market is witnessing advancements in thermal spray equipment technology, such as automation, robotic integration, and improved process control systems. These advancements contribute to the growth of the thermal spray equipment segment as companies seek to optimize their coating processes for improved productivity, efficiency, and coating quality.
Thermal Spray Market Analysis By End User
The global thermal spray market can be segmented by end user into aerospace, medical devices, and others. Among these segments, the aerospace industry is the dominant end user, while the medical devices industry is the fastest-growing segment.
The aerospace industry is a major consumer of thermal spray coatings, driving its dominance in the market. Thermal spray coatings play a critical role in aerospace applications by providing protection against wear, corrosion, and heat, as well as enhancing the performance and durability of aircraft components. The aerospace sector demands high-quality coatings that can withstand extreme operating conditions, making it a significant driver for the thermal spray market.
On the other hand, the medical devices industry is experiencing rapid growth and emerges as the fastest-growing segment in the global thermal spray market. Thermal spray coatings find applications in medical devices such as implants, surgical instruments, and dental equipment. These coatings provide biocompatibility, wear resistance, and antimicrobial properties, enhancing the performance and longevity of medical devices. The growing demand for advanced medical devices, driven by factors such as an aging population, increasing prevalence of chronic diseases, and technological advancements, contributes to the fast-paced growth of the thermal spray market in the medical devices industry.
Global Thermal Spray Market By Product
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Thermal Spray Market Regional Insights
North America is the dominant market, while Asia Pacific is the fastest-growing region. North America holds a significant share in the global thermal spray market due to factors such as established industrial infrastructure, technological advancements, and the presence of key market players. The region's dominant position can be attributed to the high demand for thermal spray coatings from industries such as aerospace, automotive, and oil and gas. Additionally, the region is known for its focus on research and development activities, leading to continuous innovation and the adoption of advanced thermal spray technologies. The robust industrial sector and emphasis on quality and performance further contribute to North America's dominance in the thermal spray market.
Asia Pacific, on the other hand, is experiencing rapid growth and emerges as the fastest-growing region in the global thermal spray market. The region's growth can be attributed to factors such as increasing industrialization, growing manufacturing sector, and rising investments in infrastructure development. Countries like China, India, and Japan are witnessing significant demand for thermal spray coatings in industries such as automotive, aerospace, and energy. The region's expanding industrial base, along with the rising awareness of the benefits of thermal spray coatings, is driving the market's growth in Asia Pacific. Additionally, favourable government initiatives and increasing foreign investments in the region further support the growth of the thermal spray market in Asia Pacific.
Global Thermal Spray Market By Region
- Largest
- Fastest
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Thermal Spray Market Dynamics
Thermal Spray Market Drivers
Technological Advancements
- Advances in thermal spray technologies, such as high-velocity oxy-fuel (HVOF) and plasma spraying, have improved coating quality, adhesion, and efficiency. These advancements have expanded the range of materials that can be used for thermal spray coatings and increased their applicability in various industries. Technological innovations drive market growth by offering improved solutions to meet industry requirements.
Expansion of End-Use Industries
- Industries such as aerospace, automotive, oil and gas, and power generation are witnessing substantial growth, driving the demand for thermal spray coatings. The increasing need for high-performance coatings in these sectors, along with the growth of emerging industries such as medical devices and electronics, presents new market opportunities for thermal spray applications.
Thermal Spray Market Restraints
Environmental and Health Concerns
- Thermal spray processes can involve the use of hazardous materials, and the emission of volatile organic compounds (VOCs) during coating application can raise environmental and health concerns. Stringent regulations and the need to comply with environmental standards can pose challenges for the thermal spray market, requiring the development of eco-friendly alternatives and adherence to strict emission control measures.
Skilled Labor Requirement
- Thermal spray processes require skilled operators who can handle the equipment, select appropriate coating materials, and ensure proper application. The shortage of skilled professionals can hinder the adoption and growth of thermal spray coatings, particularly in regions with limited access to specialised training programs.
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Thermal Spray Market Competitive Landscape
The global thermal spray market features a competitive landscape characterised by the presence of various players, including both established companies and emerging players. The market is highly competitive, driven by factors such as product innovation, technological advancements, and strategic partnerships. Key players in the thermal spray market strive to gain a competitive edge through continuous research and development efforts. They focus on developing advanced thermal spray technologies, improving coating materials, and expanding the range of applications. These companies invest in new product development, process optimization, and expanding their geographic presence to strengthen their market position. Technological advancements play a crucial role in shaping the competitive landscape. Companies are constantly exploring innovative solutions to improve coating quality, increase process efficiency, and offer enhanced performance characteristics. Advancements in thermal spray equipment, such as improved spraying techniques, automated systems, and robotic integration, provide a competitive advantage in terms of productivity, accuracy, and cost-effectiveness. Strategic partnerships and collaborations are common in the thermal spray market. Companies collaborate with research institutions, academic centers, and industry associations to foster innovation, exchange knowledge, and develop new coating solutions. These partnerships also enable market players to expand their customer base and enter new markets by leveraging the expertise and resources of their partners. Moreover, customer relationships and service quality are crucial factors in the competitive landscape. Companies focus on providing customised coating solutions, efficient customer support, and reliable after-sales services to build strong relationships with their clients. This approach helps in maintaining customer loyalty and gaining a competitive edge.
Thermal Spray Market Top Player’s Company Profile
- Flame Spray Technologies - Switzerland
- H.C. Starck Surface Technology and Ceramic Powders - Germany
- TST Coatings - US
- ASB Industries - US
- Bodycote - UK
- A&A Coatings - US
- Saint-Gobain Coating Solutions - France
- Thermal Spray Technologies - US
- Arc Spray - France
- Metallisation - UK
- Surface Technology - Germany
- Plasma Powders & Systems Inc. - US
- Eurocoating - Italy
- Metallisation Ltd. - UK
- Metallizing Equipment Co. Pvt. Ltd. - India
- Plasma Spray Processors - US
- Thermion - US
Thermal Spray Market Recent Developments
- In January 2023, Oerlikon Metco announced the launch of its new ArcStream 600 plasma spray system. The system is designed for high-volume production applications and offers a number of features that improve productivity and quality, such as a new powder feed system and a high-power plasma generator.
- In February 2023, Bodycote announced the acquisition of PlasmaTechnik, a German thermal spray company. The acquisition expands Bodycote's thermal spray capabilities and gives it a stronger presence in the European market.
Thermal Spray Key Market Trends
- Strategic Partnerships and Collaborations: Companies in the thermal spray market are engaging in strategic partnerships and collaborations to foster innovation, expand their customer base, and enter new markets. Collaborations with research institutions, universities, and industry associations help in developing new coating solutions and accessing the latest technological advancements. Partnerships also aid in expanding geographical reach and leveraging complementary capabilities to offer comprehensive coating solutions to customers.
- Increasing Focus on Customer Support and Service: Companies are placing a greater emphasis on providing efficient customer support and reliable after-sales services. This focus on customer satisfaction helps build strong relationships and loyalty, particularly in industries where specialised coating solutions and technical expertise are required. Providing tailored coating solutions, quick response times, and efficient troubleshooting contribute to the overall competitiveness of companies in the market.
Thermal Spray Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global Thermal Spray market analysis, North America holds the dominant position in the global thermal spray market, fueled by established industrial infrastructure and technological advancements. Meanwhile, Asia Pacific is the fastest-growing region, driven by industrialization, infrastructure development, and rising demand for thermal spray coatings in various industries. The global thermal spray market is experiencing significant growth and evolution driven by various factors. The demand for high-performance coatings that offer enhanced durability, corrosion resistance, and wear resistance is growing across industries such as aerospace, automotive, energy, and oil and gas. The market is witnessing technological advancements, including improved thermal spray equipment, automated systems, and advancements in spraying techniques, leading to improved coating quality and efficiency. There is a strong focus on developing eco-friendly coating solutions that comply with environmental regulations and reduce the emission of volatile organic compounds (VOCs). Additionally, the expanding applications of thermal spray coatings in emerging industries such as medical devices, electronics, and additive manufacturing present new growth opportunities. Strategic partnerships and collaborations are driving innovation and market expansion, while customer support and service play a crucial role in building strong relationships and customer loyalty. Overall, the global thermal spray market is poised for continued growth, driven by technological advancements, industry demands, and the need for high-performance coatings in a wide range of applications.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 10.73 Billion |
| Market size value in 2030 | USD 16.36 Billion |
| Growth Rate | 4.8% |
| Base year | 2023 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Thermal Spray Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Thermal Spray Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Thermal Spray Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Thermal Spray Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Thermal Spray Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Thermal Spray Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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