Thermal spray coatings, also known as metallized coatings, are applied using thermal spraying technologies such as plasma spraying, HVOF spraying and electric arc spraying. Thermal spray coatings are widely used in industries such as aerospace, automotive, healthcare, energy and fabrication due to their corrosion and wear resistant properties. Thermal spray coatings are used to restore worn components, protect components against corrosion and wear, provide abradable coatings and electrically insulate components. In the aerospace industry, thermal spray coatings are commonly applied to aircraft engine components such as turbine blades, shrouds and seals to enhance durability and withstand extreme operating temperatures.
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 Dynamics:
The rising demand from the aerospace industry is expected to drive the growth of the thermal spray coatings market over the forecast period. The introduction of new aircraft programs and fleet expansion by airlines is increasing the demand for aircraft engines and components. Thermal spray coatings play a crucial role in improving the performance and lifetime of aircraft engine parts. For instance, thermal barrier coatings applied on turbine blades allow engines to operate at higher combustion gas temperatures, thus improving fuel efficiency. In addition, the flourishing electric vehicles industry is promoting the use of thermal sprayed ceramic coatings on motor components to reduce friction and improve efficiency. Ceramic coatings increase the service life of electric motors by providing thermal, wear and corrosion protection.
Segment Analysis
The global thermal spray coatings market size is segmented into metal, ceramic, intermetallic and others. The metal sub-segment dominates the market and accounts for over 60% share owing to widespread applications in various end-use industries like oil & gas, steel, aerospace and others. Thermal sprayed metals like aluminium, copper, zinc provide excellent corrosion and wear resistance.
PEST Analysis
Political: Thermal spray coatings find applications in defence sector for repairs and coating on aircraft bodies, engines etc. Supportive government policies and budget allocation influence the demand.
Economic: Growth of end-use industries like oil & gas, power generation, automotive influences the market. Economic development and industrialization in emerging nations boost the consumption.
Social: Rise in incomes increases disposable spending on consumer goods with thermal spray coatings. Social trends impact demand from sectors like medical devices, environmental protection systems.
Technological: Developments in materials, plasma spraying and high velocity oxy-fuel spraying processes widen applications. Advanced nano-structured coatings improve mechanical properties and longevity.
Key Takeaways
The global thermal spray coatings market is expected to witness high growth owing to increasing consumption from various end-use industries. 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 indicates Asia Pacific dominates with over 35% share led by China, India and Japan. Growth will be driven by increasing industrial and construction activities.
Key players operating in the thermal spray coatings market are Praxair Surface Technologies, Oerlikon Metco, Bodycote, Surface Technology, H.C. Starck, Flame Spray Coating Company and others. Key players focus on developing advanced technologies for applications in aviation, oil and gas, power generation, steel and others.