The global thermal spray coatings market is estimated to be valued at US$ 11,424.77 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Thermal spray coatings provide protective and corrosion resistance coatings to a variety of materials and components. These coatings enhance surface properties such as wear and abrasion resistance, corrosion protection, and heat resistance. Thermal spray coatings find wide applications in industries such as aerospace, automotive, oil & gas, steel, medical devices and others.
Market key trends:
One of the key trends in the thermal spray coatings market is increasing demand from the aerospace industry. Thermal spray coatings offer strength, corrosion and wear resistance at higher temperatures, making them ideal for applications in the aerospace industry. Coatings help enhance performance, extend life and reduce maintenance costs of aircraft components such as engine parts. Stringent regulations regarding fuel emissions have also driven demand for lightweight and high-performance thermal spray coatings in aerospace.
SWOT Analysis
Strength: Thermal spray coatings can be applied to a variety of substrate materials including metals, ceramics, polymers, composite materials and other coatings. They provide protective coatings and hardfacing applications.
Weakness: Variations in surface quality, lack of uniformity, and lack of adhesion are some of the drawbacks of thermal spray coatings. Changes in surface topography can also create additional stress concentration areas.
Opportunity: The growth of end-use industries such as aerospace, healthcare, automotive and power generation will drive the demand for thermal spray coatings. Protection against corrosion and wear and extending lifespan of components also present opportunities.
Threats: Stringent environmental regulations regarding volatile organic compound emissions during thermal spray processes pose a threat. Competition from alternative coating technologies can also threaten market share.
Key Takeaways
The global Thermal Spray Coatings Market Growth is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing demand from the aerospace and automotive industries. Thermal spray coatings are ideal for jet engines and surgical implants requiring wear and corrosion resistance.
Regional analysis: North America currently dominates the thermal spray coatings market owing to major aerospace and defense companies in the region. Asia Pacific is expected to be the fastest growing market over the forecast period with China and India driving demand.
Key players operating in the thermal spray coatings are Sulzer Ltd, Praxair, Inc., Oerlikon Group, Curtis-Wright Corporation, Bodycote plc., Thermal Spray Technologies Inc., ASB Industries Inc., Abakan Inc., and Metallisation Ltd. Thermal spray coatings producers are focusing on development of nanostructured and functionally graded coatings for critical applications. Partnerships with OEMs are also helping to gain projects and increase market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile iT
