|Study Period:||2016 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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The market for thermal spray coatings is expected to register a CAGR of more than 6% during the forecast period. The market’s growth is primarily driven by the extensive usage of thermal spray coatings in the aerospace sector, primarily for components, such as jet engine components, landing gear, and turbine blades, along with the increasing usage of components, such as cylinders, engine parts, transmission components, and suspension systems (to enhance their thermal efficiency, coefficient of friction, sliding wear and corrosion resistance power, and the longevity of the components) in the automotive industry.
- The increasing applications in the oil and gas industry, advancements in spraying technology, and recycling of thermal spray processing materials are expected to provide numerous opportunities for the manufacturers in the market studied.
- The aerospace segment accounted for the largest share, contributing 35% in terms of revenue.
Scope of the Report
The thermal spray coatings market report includes:
|Powder Coating Materials|
|Polymers and Other Powder Coating Materials|
|Industrial Gas Turbines|
|Oil and Gas|
|Energy and Power|
|Other End-user Industries|
Key Market Trends
Increasing Demand from the Aerospace Industry
- In the aerospace sector, thermal spray coatings are extensively used as protective coatings to protect aircraft components and repair the old ones. The usage of thermal spray coatings for aircraft gas turbines provides various advantages, such as better corrosion resistance, resistance from contaminants, improved thermal efficiency, reduced emissions of nitrogen oxide (NOX), actuation systems, and to provide high thermal resistance and increased component life.
- Thermal sprays are largely employed for several purposes in jet engine components, such as crank shafts, piston rings, cylinders, valves, etc. In addition to these, they are also applied in the coating of landing gears (bearings and axles inside the landing gear), to withstand the forces during landing and take-off.
- Most superalloy materials used for the manufacture of aircraft components and equipment possess good oxidation characteristics, but are not corrosion and erosion resistant. Aviation components are subjected to harsh environments, exceptionally high heat, pressures, and abrasive chemicals. Thermal spray coatings play a huge role in protecting expensive engine components, by extending the component life and improved performance.
- Thermal spray coatings, such as zirconium oxide, aluminum bronze, and cobalt-molybdenum, are used for coating purposes in rocket combustion chambers, compressor air seals, and high pressure nozzles, respectively. In addition, coatings of chromium cobalt, aluminum oxide, and chromium carbide, are employed in turbine air seals, fuel nozzles, and turbine vanes. High velocity oxy-fuel (HVOF) spray and plasma spray processes are the majorly used processes in this sector.
- The aerospace industry is growing at a steady rate with the global aircraft fleet expected to grow by 3.5% (as shown in the following graph) and the air traffic growth to be around 4.7% between 2016-2036, according to the estimates by Boeing.
- Asia-Pacific and the Middle East & African regions are expected to witness rapid expansion in the aviation sector, owing to rising consumer incomes and investments in transportation infrastructure in near future.
- All the above-mentioned factors are expected to boost the consumption of thermal spray coatings in the aerospace industry during the forecast period.
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North America to Dominate the Market
- North America represented the largest regional market for global thermal spray coatings market. The United States is expected to remain the major market for thermal spray coatings in the region, owing to the increasing demand for improved performance at competitive costs and meeting all the regulations and industry standards.
- The United States is the second-largest producer of automobiles in the world. The production of automobiles in the country recorded a robust growth till 2016.
- However, in 2018, the total production of automobiles in the country registered a growth of 1.1% y-o-y over 2017, reaching a total of 1,13,14,705 vehicles.
- Additionally, strong exports of aerospace components to countries, such as France, China, and Germany along with robust consumer spending in the United States is driving the manufacturing activities in the aerospace industry.
- According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 8,270 by 2037 from 7,397 in 2018, owing to the growth in air cargo. Also, the US mainliner carrier fleet is expected to grow at a rate of 54 aircrafts per year, due to the existing fleet getting older.
- The Canadian aerospace industry contributed around USD 25.5 billion to the country’s GDP in 2018. The Canadian aerospace industry exports over 70% of its products to over 190 countries, across six continents.
- Such aforementioned factors, in turn, increase the demand for thermal spray coatings in the region during the forecast period.
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The global thermal spray coatings market is fragmented in nature, with intense competition among the top players to capture the major share in the global market. Most of the market leaders are vertically integrated, with a broad product portfolio of materials and equipment that are a part of the overall thermal spray coatings market. Major players in the market include OC Oerlikon Management AG, Praxair S.T. Technologies Inc. (Linde PLC), Chromalloy Gas Turbine LLC, Kennametal Inc., and TOCALO Co. Ltd, amongst others.
- In January 2021, Hannecard has acquired ASB Industries Inc. located in Barberton, Ohio, United States. ASB Industries Inc. engaged in industrial coating services like thermal spray including HVOF, flame spray, plasma spray, electric arc spray, and other techniques. Moreover, through this acquisition, the French company Hannecard has settled in the American continent after Africa, Europe, Asia, and South America.
- In January 2020, the parent company of Euro Coatings SPA, i.e. United Coatings Group, finalized its rebranding process to Lincotek group, in January 2020. The thermal spray coatings solutions for the thermal spray are now part of Lincotek Equipment.
- In December 2019, Bodycote entered into an agreement to acquire Ellison Surface Technologies (Ellison), creating one of the world’s largest providers of thermal spray and engineered coating surface technology services to the aerospace industry.
- In July 2019, Oerlikon announced that an agreement has been signed to acquire AMT AG in Kleindöttingen, Switzerland. The move is in line with complimenting its existing Thermal Spray segment.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Increased Usage of Thermal Spray Coatings in Medical Devices
4.1.2 Rising Popularity of Thermal Spray Ceramic Coatings
4.2.1 Issues Regarding Process Reliability and Consistency
4.2.2 Stringent Government Regulations for Thermal Spray Coatings
4.3 Industry Value-chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Powder Coating Materials
5.1.1 Ceramic Oxides
5.1.4 Polymers and Other Powder Coating Materials
5.2.2 Electric Energy
5.3 End-user Industry
5.3.2 Industrial Gas Turbines
5.3.5 Oil and Gas
5.3.6 Medical Devices
5.3.7 Energy and Power
5.3.8 Other End-user Industries
188.8.131.52 South Korea
184.108.40.206 Australia & New Zealand
220.127.116.11 Rest of Asia-Pacific
5.4.2 North America
18.104.22.168 United States
22.214.171.124 Rest of North America
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
5.4.4 South America
184.108.40.206 Rest of South America
5.4.5 Middle East & Africa
220.127.116.11 Saudi Arabia
18.104.22.168 South Africa
22.214.171.124 Rest of Middle East & Africa (MEA)
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Ranking Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 APS Materials Inc.
6.4.2 ASB Industries Inc.
6.4.3 Bodycote PLC
6.4.4 Chromalloy Gas Turbine LLC
6.4.5 Chromalloy Gas Turbine LLC
6.4.6 Eurocoating SpA
6.4.7 FM Industries Inc.
6.4.8 FW Gartner Thermal Spraying (Curtis-Wright)
6.4.9 Kennametal Inc.
6.4.10 Oerlikon Metco
6.4.11 Praxair S.T. Technology, Inc.
6.4.12 The Fisher Barton Group (Thermal Spray Technologies)
6.4.14 TOCALO Co. Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Applications in the Oil and Gas Industry
7.2 Advancements in Spraying Technology (Cold Spray Process)
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Frequently Asked Questions
What is the study period of this market?
The Thermal Spray Coatings Market market is studied from 2016 - 2026.
What is the growth rate of Thermal Spray Coatings Market?
The Thermal Spray Coatings Market is growing at a CAGR of >6% over the next 5 years.
Which region has highest growth rate in Thermal Spray Coatings Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Thermal Spray Coatings Market?
North America holds highest share in 2020.
Who are the key players in Thermal Spray Coatings Market?
OC Oerlikon Management AG, Praxair S.T. Technologies Inc. (Linde PLC), Chromalloy Gas Turbine LLC, Kennametal Inc., TOCALO Co. Ltd are the major companies operating in Thermal Spray Coatings Market.