Market Size of Thermal Spray Materials Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 2.09 Billion |
| Market Size (2029) | USD 2.67 Billion |
| CAGR (2024 - 2029) | 5.04 % |
| 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 Materials Market Analysis
The Thermal Spray Materials Market size is estimated at USD 2.09 billion in 2024, and is expected to reach USD 2.67 billion by 2029, growing at a CAGR of 5.04% during the forecast period (2024-2029).
COVID-19 negatively impacted the market in 2020 and the first half of 2021. All the manufacturing and other activities were put on hold to curb the spreading of the virus, thereby negatively affecting the market. However, the market is projected to grow steadily post the retraction of the pandemic, owing to increased manufacturing and reinstating demand from the end-user industries, which have become operational at almost full scale.
- The studied market's significant factors include the increasing usage of thermal spray coating in medical device manufacturing, the rising popularity of thermal spray ceramic coatings, extensive consumption in anti-corrosion applications, and evolution in the Asia-Pacific wind power sector.
- On the other hand, the emergence of alternate substitutes is expected to hinder the market's growth.
- The ongoing progress in solution precursor plasma spraying of cermets, recycling of thermal spray processing materials, industrial-scale production of environmental barrier coatings (EBC) thermal spray powders, and growth prospects in the oil and gas industry are the significant opportunities expected to drive the market in the future.
- Asia-Pacific region is expected to dominate the market in the forecast period because of vastly growing economies such as China and India.
