The thermal spray coatings market is estimated to be valued at US$ 11424.77 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Thermal spray coatings are surfacing methods used to apply wear and corrosion resistant coatings onto components such as carbide, ceramic, metal and other composite materials. Thermal spray coatings are used in various end-use industries such as aerospace, automotive, healthcare, steel, etc. for repair and restoration of worn or damaged components as well as for new product finishing.
Market Dynamics:
Increasing demand from aerospace industry is a major factor driving growth of the thermal spray coatings market. Thermal spray coatings are widely used in aircraft engines, landing gear components and hydraulic systems to increase service life of components. For instance, thermal spray aluminum is used to coat landing gear parts and engine components exposed to high temperatures and corrosion. Further, increasing maintenance, repair and overhaul (MRO) activities in the aerospace industry is also propelling market growth. However, stringent environmental regulations regarding VOC emissions from thermal spray coating processes is expected to hinder the market growth.
SWOT Analysis
Strength: Thermal spray coatings offer durability and longevity. They can withstand corrosion and extreme operating temperatures. Thermal spray coatings provide protection to parts from harsh enviroments.
Weakness: Thermal spray coatings require specialized and expensive equipment for application. The application process of thermal spray coatings is time consuming. Incorrect application of thermal spray coatings can reduce their effectiveness.
Opportunity: Increasing demand from industrial gas turbine and automotive industries offers significant growth opportunities. Growing infrastructure development activities in emerging nations boost the demand for thermal spray coatings.
Threats: Stringent environmental regulations regarding usage of hazardous raw materials pose challenges. Volatility in raw material prices can increase production costs.
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 industrial gas turbine and automotive industries. Thermal spray coatings offer durability and protection from corrosion in harsh operating conditions and find wide applicability.
Regional analysis: North America dominated the global thermal spray coatings market in 2023, accounting for around 35% of the total share. Rising demand from gas turbine and automotive industries drives the market in the region. Asia Pacific exhibits the fastest growth and is expected to grow at a CAGR of 6.2% during the forecast period due to increasing industrial activities and expanding manufacturing sector in China and India.
Key players operating in the thermal spray coatings market are Sulzer Ltd, Praxair, Inc., Oerlikon Group, Curtis-Wright Corporation, Bodycote plc., Thermal Spray Technologies Inc., ASB Industries Inc., Abakan Inc., and Metallisation Ltd. The industry leaders are focusing on new product launches, acquisitions and partnerships to gain higher market share.
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