Thermal Spray Coatings Market Drivers: Demand from Energy and...

Thermal Spray Coatings Market Drivers: Demand from Energy and Manufacturing Sectors

Posted 2024-10-09 07:05:38

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The global thermal spray coatings market size is expected to reach USD 14.63 billion by 2030, registering a CAGR of 4.8% from 2024 to 2030, according to a new study by Grand View Research, Inc. The global market growth is attributed to the developments in aerospace, automotive, industrial gas turbines, oil & gas, steel, printing, and medical applications. The thermal spray coatings provide electrical/thermal conductivity, enhanced wear resistance, lubricity, chemical resistance, heat resistance, and corrosion resistance to the machine parts. Most of the machine parts are of high value, whose frequent replacement is uneconomical and leads to high costs for the end-user industries.

For example, drilling bits used in mining and offshore drilling operations have to endure the impact of hard terrains and the reaction of undersurface chemicals. The thermal spray coatings provide the required corrosion and wear resistance, which is vital in operations of this magnitude, and can expect a growing consumption due to an increase in metal demand from the automotive and electronics sector. Key manufacturers enter into technological collaborations to enhance the current technologies for better market positioning. For instance, in April 2020, ASB Industries collaborated with the University of Nevada and Akron to develop double-layer coatings on magnesium.

Gather more insights about the market drivers, restrains and growth of the Global Thermal Spray Coatings Market

The company’s current cold-sprayed aluminum coatings on magnesium alloys are highly susceptible to localized corrosion in chloride-containing solutions. The ongoing development of a titanium-aluminum coating layer on magnesium raises micro-hardness, thus lowering the wear rate. Such technological collaborations can increase product demand over the coming years. Players in the market are also investing in expanding their manufacturing capabilities. For instance, in March 2021, Oerlikon Metco Coating Services established a world-class additive manufacturing facility in Huntersville, a suburb of Charlotte, North Carolina, to add thermal spray and laser cladding capabilities under one roof.

Thermal Spray Coatings Market Report Highlights

· Ceramics material segment dominated the market with a revenue share of over 31.0% in 2023. This is attributed to the fact that ceramic coatings have excellent adhesion property, which helps them adhere to the surface and provide a thermal barrier, corrosion protection, dielectric strength, and sliding wear resistance to the coated materials.

· Plasma spray technology segment dominated the market with a revenue share of over 32.0% in 2023. This process provides the advantage of spraying ceramic and metallic materials onto various surfaces with excellent bond strength while minimizing substrate distortion on both large and small components.

· Aerospace in the application segment dominated the market with a revenue share of over 32.0% in 2023. This is attributed that the parts in an aircraft are prone to degradation owing to particle erosion, hot corrosion, metal-to-metal wear, and fretting.

· North America dominated the market with a revenue share of over 28.0% in 2023. This is attributable to North America's demand for thermal spray coatings, driven by the growing demand from key industries, including aerospace, oil & gas, automotive, medical, and power generation.

· Companies are also engaged in partnerships and acquisitions, new product launches, and geographical expansions to gain a competitive edge in the market. For instance, in May 2023, Kymera International completed the acquisition of Thermal Spray Solutions (TSS) to strengthen its position in the thermal spray coatings market

Browse through Grand View Research's Bulk Chemicals Industry Research Reports.

· Agricultural Films And Bonding Market: The global agricultural films and bonding market size was valued at USD 10.13 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 5.3% from 2024 to 2030.

· Automotive Engine Oil Market: The global automotive engine oil market size was valued at USD 41.2 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2030.

Thermal Spray Coatings Market Segmentation

Grand View Research has segmented the global thermal spray coatings market report based on material, technology, application, and region:

Thermal Spray Coatings Material Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

· Metals

· Ceramics

· Intermetallics

· Polymers

· Carbides

· Abradables

· Others

Thermal Spray Coatings Technology Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

· Cold Spray