Thermal spray coatings are used to enhance the surface properties of materials such as corrosion & wear resistance, electric insulation etc. They find widespread application in aerospace, oil & gas, industrial gas turbine, automotive and other industries. In aerospace industry, thermal spray coatings play a vital role in improving the durability and performance of critical engine components that operate under extreme conditions of high heat and pressure. They are applied on parts such as combustion chambers, turbine blades, vanes and casings to resist corrosion and wear. The coating acts as a barrier, preventing reactive gases and fluids from interacting with the parent material surface.

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 expanding aerospace industry is one of the major drivers for the growth of thermal spray coatings market. According to International Air Transport Association (IATA), passenger traffic in terms of revenue passenger kilometers (RPKs) is expected to grow by 4.0% per annum over the next 20 years. This rapid growth in air passenger traffic is propelling the demand for new aircrafts. The manufacturing of aircraft engines and critical components require thermal spray coatings to increase their durability and performance. Thus, growth in aerospace industry will upsurge the consumption of thermal spray coatings during the forecast period. Another driver is increasing exploration and production activities in oil & gas industry which is expected to drive the demand for thermal spray coatings from this industry. Thermal spray coatings such as zinc, aluminum and their alloys are widely used in oil & gas industry to protect pipelines and storage tanks from corrosion.

SWOT Analysis

Strength: Thermal spray coatings provide corrosion and wear resistance which increases the lifespan of components in various end use industries such as aerospace, automotive, medical devices etc. Thermal spray coatings form a metallurgical bond with the substrate which makes them durable. Thermal spray coating processes such as plasma spraying are environment friendly as they produce minimal waste.

Weakness: Thermal spray coatings require skilled workforce for application and are generally costlier than alternative coating techniques such as PVD, hard chrome plating etc. Variations can occur in coating thickness and properties based on process parameters.

Opportunity: Growing demand from industries such as oil & gas, power generation where components need protection under harsh operating conditions will drive the market. Regulations banning hazardous materials such as chromium and new requirements regarding component life will increase adoption of thermal spray coatings.

Threats: Availability of new coating technologies such as cold spray coatings poses threat to some thermal spray applications. Economic slowdowns can negatively impact end user industries and reduce demand.

Key Takeaways

The global thermal spray coatings market size is expected to witness high growth propelled by rising demand from the aerospace and oil & gas industries. The aerospace industry utilizes thermal spray coatings to form corrosion and wear resistant coatings on engine components that enhance performance and increase lifespan. 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.

North America currently dominates the market owing to presence of major aircraft OEMs and MRO companies. Asia Pacific is expected to witness fastest growth on account of expanding automotive and power industries along with favorable government policies supporting industrial development.

Key players operating in the thermal spray coatings market are Praxair Surface Technologies, Oerlikon Metco, Bodycote, Morgan Advanced Materials, Air Products & Chemicals, Flame Spray Coating Company. These players are focusing on new product development, capacity expansions and mergers & acquisitions to strengthen their market position. For instance, Praxair Surface Technologies acquired Minnesota Thermal Science’s plasma spray business to enhance its thermal spray technologies portfolio.

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