Thermal Spray Market Size

Statistics for the 2023 & 2024 Thermal Spray market size, created by Mordor Intelligence™ Industry Reports. Thermal Spray size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Thermal Spray Industry

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