Thermal Spray Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Global Thermal Spray Market Analysis Report is segmented by Product Type (Coatings, Materials, and Thermal Spray Equipment), Thermal Spray Coatings and Finishes (Combustion and Electric Energy), End-user Industry (Aerospace, Industrial Gas Turbines, Automotive, Electronics, Oil and Gas, Medical Devices, Energy and Power, Steel Making, Textile, and Printing and Paper), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecast for Thermal Spray in terms of revenue (USD million) for all the above segments.

Thermal Spray Market Size

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Thermal Spray Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 11.37 Billion
Market Size (2029) USD 13.98 Billion
CAGR (2024 - 2029) 4.22 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific

Major Players

Thermal Spray Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Thermal Spray Market Analysis

The Thermal Spray Market size is estimated at USD 11.37 billion in 2024, and is expected to reach USD 13.98 billion by 2029, growing at a CAGR of 4.22% during the forecast period (2024-2029).

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 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.
Thermal Spray Market: Number of Boeing Aircrafts Added to Fleet, In Units, By Manufacturer, Global, 2015-2021

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.
Thermal Spray Market - Growth Rate by Region, 2023-2028

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

  1. Linde plc

  2. OC Oerlikon Management AG

  3. Kennametal Inc.

  4. Chromalloy Gas Turbine LLC

  5. Bodycote

*Disclaimer: Major Players sorted in no particular order

Thermal Spray Market Concentration
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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. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Usage of Thermal Spray Coatings in Medical Devices

      2. 4.1.2 Rising Popularity of Thermal Spray Ceramic Coatings

      3. 4.1.3 Replacement of Hard Chrome Coating

      4. 4.1.4 Rising Use of Thermal Spray Coatings in the Aerospace Industry

    2. 4.2 Restraints

      1. 4.2.1 Emergence of Hard Trivalent Chrome Coatings

      2. 4.2.2 Issues Regarding Process Reliability and Consistency

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Value)

    1. 5.1 Product Type

      1. 5.1.1 Coatings

      2. 5.1.2 Materials

        1. 5.1.2.1 Coating Material

          1. 5.1.2.1.1 Powders

            1. 5.1.2.1.1.1 Ceramics

            2. 5.1.2.1.1.2 Metal

            3. 5.1.2.1.1.3 Polymers and Other Powders

          2. 5.1.2.1.2 Wires/Rods

          3. 5.1.2.1.3 Other Coating Materials (Liquids)

        2. 5.1.2.2 Supplementary Materials (Auxiliary Material)

      3. 5.1.3 Thermal Spray Equipment

        1. 5.1.3.1 Thermal Spray Coating System

        2. 5.1.3.2 Dust Collection Equipment

        3. 5.1.3.3 Spray Gun and Nozzle

        4. 5.1.3.4 Feeder Equipment

        5. 5.1.3.5 Spare Parts

        6. 5.1.3.6 Noise-reducing Enclosures

        7. 5.1.3.7 Other Thermal Spray Equipment

    2. 5.2 Thermal Spray Coatings and Finishes

      1. 5.2.1 Combustion

      2. 5.2.2 Electric Energy

    3. 5.3 End-user Industry

      1. 5.3.1 Aerospace

      2. 5.3.2 Industrial Gas Turbines

      3. 5.3.3 Automotive

      4. 5.3.4 Electronics

      5. 5.3.5 Oil and Gas

      6. 5.3.6 Medical Devices

      7. 5.3.7 Energy and Power

      8. 5.3.8 Steel Making

      9. 5.3.9 Textile

      10. 5.3.10 Printing and Paper

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. 5.4.1.1 China

        2. 5.4.1.2 India

        3. 5.4.1.3 Japan

        4. 5.4.1.4 South Korea

        5. 5.4.1.5 ASEAN Countries

        6. 5.4.1.6 Rest of Asia-Pacific

      2. 5.4.2 North America

        1. 5.4.2.1 United States

        2. 5.4.2.2 Canada

        3. 5.4.2.3 Mexico

      3. 5.4.3 Europe

        1. 5.4.3.1 Germany

        2. 5.4.3.2 United Kingdom

        3. 5.4.3.3 France

        4. 5.4.3.4 Italy

        5. 5.4.3.5 Rest of the Europe

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle-East and Africa

        1. 5.4.5.1 South Africa

        2. 5.4.5.2 Saudi Arabia

        3. 5.4.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%) Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Thermal Spray Material Companies

        1. 6.4.1.1 Aisher APM LLC

        2. 6.4.1.2 AMETEK Inc.

        3. 6.4.1.3 Aimtek Inc.

        4. 6.4.1.4 C&M Technologies GmbH

        5. 6.4.1.5 Castolin Eutectic GmbH

        6. 6.4.1.6 CENTERLINE (WINDSOR) LIMITED (Supersonic Spray Technologies)

        7. 6.4.1.7 CRS Holdings LLC

        8. 6.4.1.8 Global Tungsten & Powders Corp.

        9. 6.4.1.9 H.C. Starck Inc.

        10. 6.4.1.10 HAI Inc.

        11. 6.4.1.11 Hoganas AB

        12. 6.4.1.12 Hunter Chemical LLC

        13. 6.4.1.13 Kennametal Inc.

        14. 6.4.1.14 LSN Diffusion Limited

        15. 6.4.1.15 Linde PLC

        16. 6.4.1.16 Metallisation Limited

        17. 6.4.1.17 Metallizing Equipment Co. Pvt. Ltd

        18. 6.4.1.18 OC Oerlikon Management AG

        19. 6.4.1.19 Polymet

        20. 6.4.1.20 Powder Alloy Corporation

        21. 6.4.1.21 Saint-Gobain

        22. 6.4.1.22 Sandvik AB

        23. 6.4.1.23 Fisher Barton

        24. 6.4.1.24 Thermion

      2. 6.4.2 Thermal Spray Coatings Companies

        1. 6.4.2.1 APS Materials Inc.

        2. 6.4.2.2 ASB Industries Inc.

        3. 6.4.2.3 Bodycote

        4. 6.4.2.4 Chromalloy Gas Turbine LLC

        5. 6.4.2.5 FM Industries Inc.

        6. 6.4.2.6 FW Gartner Thermal Spraying (Curtis-Wright)

        7. 6.4.2.7 Fisher Barton (Thermal Spray Technologies)

        8. 6.4.2.8 Thermion

        9. 6.4.2.9 TOCALO Co. Ltd

        10. 6.4.2.10 Lincotek Trento SpA

        11. 6.4.2.11 Linde PLC (Praxair ST Technologies Inc.)

        12. 6.4.2.12 OC Oerlikon Management AG

      3. 6.4.3 Thermal Spray Equipment Companies

        1. 6.4.3.1 Air Products and Chemicals Inc.

        2. 6.4.3.2 Arzell Inc.

        3. 6.4.3.3 ASB Industries Inc.

        4. 6.4.3.4 Bay State Surface Technologies Inc. (Aimtek Inc.)

        5. 6.4.3.5 Camfil Air Pollution Control (APC)

        6. 6.4.3.6 Castolin Eutectic

        7. 6.4.3.7 Centerline (Windsor) Ltd (SUPERSONIC SPRAY TECHNOLOGIES)

        8. 6.4.3.8 Donaldson Company Inc.

        9. 6.4.3.9 Flame Spray Technologies BV

        10. 6.4.3.10 GTV Verschleibschutz GmbH

        11. 6.4.3.11 HAI Inc.

        12. 6.4.3.12 Imperial Systems Inc.

        13. 6.4.3.13 Kennametal Inc.

        14. 6.4.3.14 Lincotek Equipment SpA

        15. 6.4.3.15 Linde PLC

        16. 6.4.3.16 Metallisation Limited

        17. 6.4.3.17 Metallizing Equipment Co. Pvt. Ltd

        18. 6.4.3.18 OC Oerlikon Management AG

        19. 6.4.3.19 Plasma Powders

        20. 6.4.3.20 Powder Feed Dynamics Inc.

        21. 6.4.3.21 Progressive Surface

        22. 6.4.3.22 Saint-Gobain

        23. 6.4.3.23 Thermion

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Advancements in Spraying Technology (Cold Spray Process)

    2. 7.2 Recycling of Thermal Spray Processing Materials

    3. 7.3 Increasing Demand Frome The Oil and Gas Industry

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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).

Product Type
Coatings
Materials
Coating Material
Powders
Ceramics
Metal
Polymers and Other Powders
Wires/Rods
Other Coating Materials (Liquids)
Supplementary Materials (Auxiliary Material)
Thermal Spray Equipment
Thermal Spray Coating System
Dust Collection Equipment
Spray Gun and Nozzle
Feeder Equipment
Spare Parts
Noise-reducing Enclosures
Other Thermal Spray Equipment
Thermal Spray Coatings and Finishes
Combustion
Electric Energy
End-user Industry
Aerospace
Industrial Gas Turbines
Automotive
Electronics
Oil and Gas
Medical Devices
Energy and Power
Steel Making
Textile
Printing and Paper
Geography
Asia-Pacific
China
India
Japan
South Korea
ASEAN Countries
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of the Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
South Africa
Saudi Arabia
Rest of Middle-East and Africa
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Thermal Spray Market Research FAQs

The Thermal Spray Market size is expected to reach USD 11.37 billion in 2024 and grow at a CAGR of 4.22% to reach USD 13.98 billion by 2029.

In 2024, the Thermal Spray Market size is expected to reach USD 11.37 billion.

Linde plc, OC Oerlikon Management AG , Kennametal Inc., Chromalloy Gas Turbine LLC and Bodycote are the major companies operating in the Thermal Spray Market.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia-Pacific accounts for the largest market share in Thermal Spray Market.

In 2023, the Thermal Spray Market size was estimated at USD 10.91 billion. The report covers the Thermal Spray Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Thermal Spray Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Thermal Spray Industry Report

Statistics for the 2024 Thermal Spray market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Thermal Spray analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Thermal Spray Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)