Market Size of Thermal Spray Industry
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*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.