Thermal Spray Market Size
|Study Period:||2018 - 2028|
|Fastest Growing Market:||Asia-Pacific|
|CAGR:||> 4 %|
*Disclaimer: Major Players sorted in no particular order
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Thermal Spray Market Analysis
The Global Thermal Spray Market size is expected to grow from USD 10,446.48 million in 2022 to USD 13,410.66 million by 2028, at a CAGR of 4.22% during the forecast period (2023-2028).
The market was negatively affected by the COVID-19 pandemic in 2020. The lockdown disrupted manufacturing activities and supply chains, and many scheduled projects were changed or postponed. However, the sector has been recovering since restrictions were lifted owing to the rising demand from various end-use industries, such as aerospace, turbines, automotive, electronics, oil and gas, medical devices, etc.
- Over the short term, the increasing usage of thermal spray coatings in medical devices, the rising popularity of thermal spray ceramic coatings, the replacement of hard chrome coatings, and the rising use of thermal spray coatings in the aerospace industry are some factors driving the market demand.
- However, issues regarding process reliability and consistency and the emergence of hard trivalent chrome coatings in recent years may hinder the market's growth.
- Advancements in spraying technology (cold spray process), recycling of thermal spray processing materials, and increasing demand from the oil and gas industry will likely create lucrative growth opportunities for the market in the coming years.
- The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
Thermal Spray Industry Segmentation
Thermal spraying is an industrial coating process that applies a consumable as a spray of finely divided semi-molten or molten droplets to produce coatings and deposits them onto a surface. It is a technology that improves or restores the surface of a solid material. The process can apply coatings to various materials and components to resist wear, corrosion, cavitation, abrasion, or heat. The thermal spray market is segmented by product type, thermal spray coatings and finishes, end-user industry, and geography. The market is segmented by product type: coatings, materials, and thermal spray equipment. By thermal spray coatings and finishes, the market is segmented into combustion and electric energy. The market is segmented by end-user industry: aerospace, industrial gas turbines, automotive, electronics, oil and gas, medical devices, energy and power, steel making, textile, printing, and paper. The report also covers the market sizes and forecasts for the thermal spray market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD million).
|Thermal Spray Coatings and Finishes|
|Industrial Gas Turbines|
|Oil and Gas|
|Energy and Power|
|Printing and Paper|
Thermal Spray Market Trends
This section covers the major market trends shaping the Thermal Spray Market according to our research experts:
Increasing Usage in the Aerospace Industry
- The aerospace industry is the largest end-user of the thermal spray material market. Thermal spray coatings are used in the aerospace industry to protect components from extreme temperatures and pressures during flight.
- In addition to providing high thermal resistance and longevity, they are designed to protect engine turbine blades and actuation systems. Thermal sprays are primarily employed in jet engine components, such as crankshafts, piston rings, cylinders, valves, etc. Additionally, they are used in coating landing gear (bearings and axles inside landing gear) to withstand forces during landing and takeoff.
- Apart from enhanced service life, thermal spray coatings offer improved fuel efficiency, reduced maintenance cost, and higher speed in aircraft and rotorcraft engines and related components.
- As per the Japan Aircraft Development Corporation data, the number of Boeing aircraft added to the global aircraft fleet was 340 units in 2021, compared to 157 units in 2020.
- In the Asian-Pacific region (excluding China), according to the Boeing Commercial Outlook 2021-2040, around 8,945 new deliveries may be made by 2040, with a market service value of USD 1,945 billion. Moreover, around 8,700 new deliveries may be made in China alone by 2040, with a market service value of USD 1,800 billion.
- Additionally, South Korea is one of the largest markets for the US aerospace industry. The Korean government plans to invest USD 17 billion in the KF-X program until 2025. In November 2018, the domestic airline, Jeju Air, ordered forty 737 MAX 8 airplanes worth USD 4.4 billion. The orders are projected to be completed between 2022 and 2026.
- According to the Federal Aviation Administration (FAA), the United States’ total commercial aircraft fleet is expected to reach 8,270 in 2037 due to air cargo growth. Also, the United States mainliner carrier fleet is expected to grow at a rate of 54 aircraft per year due to the age of the existing fleet.
- The German aerospace industry includes more than 2,300 firms across the country, with northern Germany recording the highest concentration of firms. The country hosts many aircraft interior components and materials production bases, mainly in Bavaria, Bremen, Baden-Württemberg, and Mecklenburg-Vorpommern.
- The above factors are expected to support the consumption of thermal spray in the aerospace industry during the forecast period.
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Asia-Pacific Region to Dominate the Market
- In the Asia-Pacific region, China is the largest economy in terms of GDP. China and India are among the fastest-growing economies in the world.
- According to the Civil Aviation Administration of China (CAAC), China is one of the largest aircraft manufacturers and markets for domestic air passengers. Moreover, the aircraft parts and assembly manufacturing sector has been growing rapidly, with over 200 small aircraft parts manufacturers. Moreover, Chinese airline companies are planning to purchase about 7,690 new aircraft in the next 20 years, valued at approximately USD 1.2 trillion, which is further expected to raise the market demand for the thermal spray market.
- China is the largest base for electronics production in the world. China is actively engaged in the manufacturing of electronic products, such as smartphones, TVs, wires, cables, portable computing devices, gaming systems, and other personal electronic devices. In 2021, an increment of nearly 11.4% was witnessed in the export value of Chinese electronics products with respect to the previous year. The revenues of major manufacturers expanded by 16.2% on a year-on-year basis due to the consistent demand from the international market.
- China is the largest producer of crude steel globally. According to the World Steel Association, in 2021, China accounted for more than 50% of global production. In 2021, the country's annual production capacity of crude steel stood at 1,032.8 million tons, declining by 3% compared to 1064.7 million tons produced in 2020 due to some policy changes. the country still reminas the largest steel producer globally.
- The automotive industry in India is an important indicator of how well the Indian economy is performing, as this sector plays a vital role in both technological advancements and macroeconomic expansion. In 2021, the Indian passenger car market was valued at USD 32.70 billion, and it is likely to reach a value of USD 54.84 billion by 2027, registering a CAGR of more than 9% between 2022-2027, according to IBEF (Indian Brand Equity Foundation).
- The electrical and electronics industry in Japan is one of the world’s leading industries. The country is a world leader in terms of the production of computers, gaming stations, cell phones, and various other key computer components. Consumer electronics account for one-third of the Japanese economic output. According to the data released by the Japan Electronics and Information Technology Industries Association (JEITA), in 2021, the total production value of the electronics industry in Japan amounted to around JPY 10,954,346 million showcasing a rise of nearly 10% from the previous year.
- Owing to the rise of these end-user industries in the United States and Canada, North America is projected to dominate the market during the forecast period.
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Thermal Spray Industry Overview
The global thermal spray market is fragmented in nature. Some of the major players in the market include OC Oerlikon Management AG, Linde plc, Chromalloy Gas Turbine LLC, Bodycote, and Kennametal Inc., among others (not in any particular order).
Thermal Spray Market Leaders
OC Oerlikon Management AG
Chromalloy Gas Turbine LLC
*Disclaimer: Major Players sorted in no particular order
Thermal Spray Market News
- In February 2022, OC Oerlikon Management AG expanded its online ordering service in European countries through the Oerlikon Metco e-commerce site after a positive response from United States customers. The online site offers various services, including thermal spray. This type of expansion helps the company gain consumer attraction in the market.
- In January 2022, OC Oerlikon Management AG expanded its production capacity by introducing a new laser cladding center in Huntersville, NC.
- In August 2021, Lincotek Equipment and Uniquecoat Technologies LLC partnered to further the growth of HVAF coatings across the European market. Uniquecoat Technologies LLC is focused on developing thermal processes and manufactures a broad range of thermal spray systems and supporting equipment.
Thermal Spray Market Report - 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 Increasing Usage of Thermal Spray Coatings in Medical Devices
4.1.2 Rising Popularity of Thermal Spray Ceramic Coatings
4.1.3 Replacement of Hard Chrome Coating
4.1.4 Rising Use of Thermal Spray Coatings in the Aerospace Industry
4.2.1 Emergence of Hard Trivalent Chrome Coatings
4.2.2 Issues Regarding Process Reliability and Consistency
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 Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Product Type
126.96.36.199 Coating Material
188.8.131.52.1.3 Polymers and Other Powders
184.108.40.206.3 Other Coating Materials (Liquids)
220.127.116.11 Supplementary Materials (Auxiliary Material)
5.1.3 Thermal Spray Equipment
18.104.22.168 Thermal Spray Coating System
22.214.171.124 Dust Collection Equipment
126.96.36.199 Spray Gun and Nozzle
188.8.131.52 Feeder Equipment
184.108.40.206 Spare Parts
220.127.116.11 Noise-reducing Enclosures
18.104.22.168 Other Thermal Spray Equipment
5.2 Thermal Spray Coatings and Finishes
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 Steel Making
5.3.10 Printing and Paper
22.214.171.124 South Korea
126.96.36.199 ASEAN Countries
188.8.131.52 Rest of Asia-Pacific
5.4.2 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of the Europe
5.4.4 South America
22.214.171.124 Rest of South America
5.4.5 Middle-East and Africa
126.96.36.199 South Africa
188.8.131.52 Saudi Arabia
184.108.40.206 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Thermal Spray Material Companies
220.127.116.11 Aisher APM LLC
18.104.22.168 AMETEK Inc.
22.214.171.124 Aimtek Inc.
126.96.36.199 C&M Technologies GmbH
188.8.131.52 Castolin Eutectic GmbH
184.108.40.206 CENTERLINE (WINDSOR) LIMITED (Supersonic Spray Technologies)
220.127.116.11 CRS Holdings LLC
18.104.22.168 Global Tungsten & Powders Corp.
22.214.171.124 H.C. Starck Inc.
126.96.36.199 HAI Inc.
188.8.131.52 Hoganas AB
184.108.40.206 Hunter Chemical LLC
220.127.116.11 Kennametal Inc.
18.104.22.168 LSN Diffusion Limited
22.214.171.124 Linde PLC
126.96.36.199 Metallisation Limited
188.8.131.52 Metallizing Equipment Co. Pvt. Ltd
184.108.40.206 OC Oerlikon Management AG
220.127.116.11 Powder Alloy Corporation
18.104.22.168 Sandvik AB
22.214.171.124 Fisher Barton
6.4.2 Thermal Spray Coatings Companies
126.96.36.199 APS Materials Inc.
188.8.131.52 ASB Industries Inc.
184.108.40.206 Chromalloy Gas Turbine LLC
220.127.116.11 FM Industries Inc.
18.104.22.168 FW Gartner Thermal Spraying (Curtis-Wright)
22.214.171.124 Fisher Barton (Thermal Spray Technologies)
126.96.36.199 TOCALO Co. Ltd
188.8.131.52 Lincotek Trento SpA
184.108.40.206 Linde PLC (Praxair ST Technologies Inc.)
220.127.116.11 OC Oerlikon Management AG
6.4.3 Thermal Spray Equipment Companies
18.104.22.168 Air Products and Chemicals Inc.
22.214.171.124 Arzell Inc.
126.96.36.199 ASB Industries Inc.
188.8.131.52 Bay State Surface Technologies Inc. (Aimtek Inc.)
184.108.40.206 Camfil Air Pollution Control (APC)
220.127.116.11 Castolin Eutectic
18.104.22.168 Centerline (Windsor) Ltd (SUPERSONIC SPRAY TECHNOLOGIES)
22.214.171.124 Donaldson Company Inc.
126.96.36.199 Flame Spray Technologies BV
188.8.131.52 GTV Verschleibschutz GmbH
184.108.40.206 HAI Inc.
220.127.116.11 Imperial Systems Inc.
18.104.22.168 Kennametal Inc.
22.214.171.124 Lincotek Equipment SpA
126.96.36.199 Linde PLC
188.8.131.52 Metallisation Limited
184.108.40.206 Metallizing Equipment Co. Pvt. Ltd
220.127.116.11 OC Oerlikon Management AG
18.104.22.168 Plasma Powders
22.214.171.124 Powder Feed Dynamics Inc.
126.96.36.199 Progressive Surface
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Advancements in Spraying Technology (Cold Spray Process)
7.2 Recycling of Thermal Spray Processing Materials
7.3 Increasing Demand Frome The Oil and Gas Industry
Thermal Spray Market Research FAQs
What is the study period of this market?
The Thermal Spray Market is studied from 2018 - 2028.
What is the growth rate of Thermal Spray Market?
The Thermal Spray Market is growing at a CAGR of >4% over the next 5 years.
Which region has highest growth rate in Thermal Spray Market?
Asia-Pacific is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Thermal Spray Market?
Asia-Pacific holds highest share in 2022.
Who are the key players in Thermal Spray Market?
Linde plc, OC Oerlikon Management AG , Kennametal Inc., Chromalloy Gas Turbine LLC, Bodycote are the major companies operating in Thermal Spray Market.
Thermal Spray Industry Report
Statistics for the 2023 Thermal Spray market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Thermal Spray analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.