The thermal spray coatings market is estimated to be valued at USD 11.11 billion in 2024, growing at a CAGR of 6.7% over the forecast period (2024-2031). Furthermore, the increasing adoption of thermal spray coatings in various end-use industries like energy & power, aerospace, automotive, and healthcare are fueling the market growth.
The thermal spray coatings market is driven by the growing demand from the energy & power sector and increasing aircraft deliveries. Thermal spray coatings are extensively used in various components of gas turbines, steam turbines, engines, etc. used in power plants to prevent corrosion and wear & tear. Similarly, in aircraft engines and components, thermal spray coatings provide protection from erosion and corrosion at high operating temperatures. In addition, lightweight and durable coatings reduce overall aircraft weight and improve fuel efficiency.
Increasing Demand from the Energy Sector is Driving Growth in the Thermal Spray Coatings Market
The energy sector, which includes oil and gas, power generation, and others, is one of the largest end-users of thermal spray coatings. Thermal spray coatings are widely used in the energy sector to protect critical components that operate under high temperatures and corrosive conditions. Coatings help extend the life of parts like gas turbine blades, steam turbine components, nuclear reactor vessels, and pipelines. With rising energy demand globally and investments in new power plants and pipelines, the demand for thermal spray coatings from the energy sector is increasing steadily. Thermal spray coatings play a vital role in improving efficiency, reducing maintenance costs, and extending equipment lifetime in the energy sector.
Growing Use of Thermal Spray Coatings in the Aerospace Industry is Propelling Market Growth
The aerospace industry is another major consumer of thermal spray coatings. Thermal barrier coatings find widespread application in aircraft jet engines to shield superalloy engine parts from hot exhaust gases. These coatings help improve fuel efficiency and extend the time between engine overhauls. Other aircraft components like landing gears, aircraft brakes, and structural parts also use thermal spray coatings for protection against corrosion, wear, and heat. With increasing air passenger traffic globally, tremendous investments are being made to expand aircraft fleets and build new airports.
Stringent Environmental Regulations are limiting the Use of Some Thermal Spray Materials
Thermal spray coatings contain certain materials like chromates, cadmium, and other heavy metals that are potentially hazardous to human health and the environment. Stringent environmental regulations worldwide are restricting the use of these hazardous materials in industrial applications. For example, the Chrome VI directive in Europe has limited the use of chromates in thermal spray coatings. Similarly, restrictions on cadmium are prompting a shift to alternative zinc-based coatings. Complying with these evolving environmental norms requires thermal spray equipment manufacturers to develop new coating materials that are environment-friendly. The associated research, compliance costs and shift towards newer materials act as a restraint on the larger adoption of thermal spray coatings.
High Capital Cost of Thermal Spray Equipment Hampers the Market Growth
Thermal spray equipment used for industrial coating applications involves plasma spray guns, flame spray torches, and other heating devices. This specialized equipment has a relatively high capital cost, which can range from a few thousand to millions of dollars depending on the type and size. The high initial investment required to set up thermal spray coating lines limits its adoption among small and medium scale industrial manufacturers. Additionally, the need for frequent replacement of consumables like spray materials and nozzles further adds to the operating expenses. The high capital and maintenance costs associated with thermal spray equipment act as a barrier, especially for low-volume users.
Growing Demand from the Medical Industry Offers New Opportunities
The medical industry has emerged as a lucrative end user of thermal spray coatings in recent years. Coatings are increasingly used in implants, surgical tools, and devices to improve biocompatibility, inhibit corrosion, and reduce friction. Thermal sprayed pure titanium and hydroxyapatite coatings enhance the longevity of metal implants by preventing ion leaching and protecting from corrosion in the body. With an aging global population and rising investments in medical infrastructure, the demand for implants and surgical instruments is rising rapidly. This growing medical device market presents substantial opportunities for thermal spray coating manufacturers. Technologies like plasma spraying allow the deposition of ultra-thin, nanostructured coatings required by the stringent regulations and complex product designs in the medical industry.
Advances in Thermal Spray Technology are Creating New Possibilities
Continuous innovations in thermal spray systems, materials, and process parameters are expanding the application scope of these coatings. New technologies like solutions precursor plasma spraying (SPPS) allows the deposition of coatings not possible through conventional methods. Advancements like hybrid plasma spraying integrating robotics enable the coating of complex internal surfaces. Nanoscale coatings with tailored properties manufactured using advanced thermal spray systems open up opportunities in new high-growth industries like microelectronics. The evolving thermal spray technologies are helping address industry-specific challenges better while facilitating entry into non-traditional markets like sensors and coatings.
Link - https://www.coherentmarketinsights.com/market-insight/thermal-spray-coatings-market-3275
Key Developments
- In March 2024, Hardide Coatings launched a new range of components with copper nozzles for High-Velocity Oxy Fuel (HVOF) thermal spray coating
- In 2023, Applied Materials India collaborated with IIT Ropar to establish a Centre of Excellence in thermal spray coatings
- In 2023, OC Oerlikon Management AG announced advancements in thermal spray equipment by incorporating digitalization and introducing Metco IIoT
- In 2023, Kymera International announced the acquisition of Thermal Spray Solutions, Inc. (TSS), a leading provider of thermal spray coatings
Key Players
Praxair Surface Technologies, H.C. Starck, Bodycote PLC, Oerlikon Metco, Surface Technology International Ltd, ASB Industries Inc., A&A Coatings, Flame Spray Technologies, Metallisation Ltd, TWI Ltd, Metallizing Equipment Co. Pvt. Ltd., Plasma-Tec, Inc., Integrated Global Services, Progressive Surface, FST Coatings Inc., Thermion Inc., Oerlikon Balzers, Tafa Incorporated, Metallizing Equipment Co. Pvt. Ltd., and TST Coatings, Inc