Thermal spray coatings are multi-layer coatings applied on various substrates to enhance their properties. These coatings provide excellent corrosion and wear resistance by forming a protective layer on the substrate surface. Thermal spray coatings offer superior adhesion, heat resistance, and electrical conductivity. They are commonly used in engines, turbines, hydraulic equipment, and engine components in aviation and energy industries to improve performance and operational life. The aviation sector extensively relies on thermal spray coatings for critical engine parts such as piston caps, piston rings, cylinder liners, and valves. Coating these components increases engine efficiency by reducing friction between moving parts and protects against corrosion and wear in adverse environmental conditions.
The global Thermal Spray Coatings Market is estimated to be valued at US$ 13161.34 Mn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends gaining traction in the thermal spray coatings market is the development of environment-friendly coatings. Stringent environmental regulations regarding volatile organic compound (VOC) emissions during coating processes are propelling manufacturers to introduce green coating solutions. Companies are actively research to develop waterborne and 100% solids thermal spray coating solutions using biomass and bio-derived raw materials. For instance, Plasma Technology, Inc. offers sustainable thermal spray coatings produced from patented BioPower100 binder technology that utilizes renewable plant-based materials. Such eco-friendly coating offer significant reduction in VOC content compared to conventional coatings. Their adoption is expected to grow rapidly to meet sustainability goals across end-use industries.
Porter’s Analysis
Threat of new entrants: The thermal spray coatings market requires high capital investments for R&D activities and production facilities, thereby limiting the threat of new entrants.
Bargaining power of buyers: The presence of several manufacturers gives buyers moderate bargaining power in the global thermal spray coatings market.
Bargaining power of suppliers: The availability of raw materials from numerous suppliers limits their bargaining power.
Threat of new substitutes: There exists a low threat of substitution as thermal spray coatings have certain proven advantages over alternatives.
Competitive rivalry: The global thermal spray coatings market is highly fragmented with the presence of numerous international and local players.
Key Takeaways
The Global Thermal Spray Coatings Market Demand is expected to witness high growth. The aerospace industry held the largest share of the market in 2022 and is estimated to maintain its lead throughout the forecast period. Rapid infrastructural development and increasing production of aircrafts & engines drive the demand for thermal spray coatings in the aerospace industry. The global Thermal Spray Coatings Market is estimated to be valued at US$ 13161.34 Mn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031.
North America dominated the thermal spray coatings market in 2022 owing to robust aerospace and industrial manufacturing industries in the US and Canada. Asia Pacific is expected to witness the fastest growth during the forecast period. Increasing construction activities along with rapid industrialization are factors encouraging the use of thermal spray coatings in the region.
Key players operating in the thermal spray coatings market are Allan Chemical Corporation, CABB GmbH, Changshu Nanhu Chemical Co., Ltd., Fujian Fukang Pharmaceutical Co., Ltd., Nantong Zhongwang Additives Co., Ltd., Karn Chem Corporation, Niacet Corporation, NOAH Technologies Corporation, Shanxi Xinzhou Chemical Reagent Factory, and Spectrum Chemical Manufacturing Corporation.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
