The thermal spray coatings market is expected to reach US$ 15 Billion by 2032, growing at a CAGR of 6.6% between 2022 and 2032, according to a recently published report by Fact.MR. Extensive applications across key industries such as aerospace and industrial manufacturing are expected to propel market demand in the coming years.
During the historical period 2015-2021, sales of thermal spray coatings flourished at a 6% value CAGR, with the market closing in at a valuation of US$ 7.1 Billion. The COVID-19 pandemic had a negative impact on the market, attributed to the imposition of stringent lockdowns. However, since 2022, prospects have exhibited a gradual incline.
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Because of the growing environmental issues caused by coal-fired power plants, the global focus on decarbonization is increasing. This has prompted many companies to work on developing power generation systems in order to achieve carbon-free power generation. This will significantly broaden adoption of thermal spray coatings.
Key Takeaways from the Market Study
- Global thermal spray coatings market to be valued at US$ 7.9 Billion in 2022
- By application, industrial gas turbines to yield 25% market revenue
- Applications in the aerospace industry to comprise 1/3rd of global thermal spray coatings demand
- Asia Pacific to register substantial growth, flourishing at over 7% value CAGR
- More than 2 out of 5 thermal spray coatings sales to happen across North America
- Thermal spray coatings market demand to experience over 2x growth until 2032
“As industries look toward reducing their environmental footprint, they are revamping existing manufacturing practices, switching over to more sustainable approaches. This is likely to set the stage for thermal spray coatings adoption,” remarks an analyst at Fact.MR.
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Competitive Landscape
The global thermal spray coatings market is highly fragmented, with fierce competition among the top players for a large share of the global market. The majority of market leaders are vertically integrated, with a diverse product portfolio of thermal spray coatings materials and equipment. OC Oerlikon Management AG, Praxair S.T. Technologies Inc. (Linde PLC), Chromalloy Gas Turbine LLC, Kennametal Inc., and TOCALO Co. Ltd are among the market’s major players.
- Hannecard acquired ASB Industries Inc., based in Barberton, Ohio, in January 2021. ASB Industries Inc. provides industrial coating services such as thermal spray, flame spray, plasma spray, electric arc spray, and others. Furthermore, Hannecard, a French company, has established itself in the American continent after Africa, Europe, Asia, and South America
- In January 2020, the parent company of Euro Coatings SPA, United Coatings Group, completed the rebranding process to Lincotek Group. Lincotek Equipment now includes thermal spray coatings solutions for thermal spray
Key Segments Covered in the Thermal Spray Coatings Industry Report
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Thermal Spray Coatings by Product
- Ceramic Thermal Spray Coatings
- Intermetallic Thermal Spray Coatings
- Polymer Thermal Spray Coatings
- Carbide Thermal Spray Coatings
- Abradable Thermal Spray Coatings
- Other Thermal Spray Coating Products
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Thermal Spray Coatings by Technology
- Plasma Thermal Spray Coatings
- Flame Thermal Spray Coatings
- HVOF Thermal Spray Coatings
- Electric Arc Thermal Spray Coatings
- Cold Thermal Spray Coatings
- Other Technology-based Thermal Spray Coatings
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Thermal Spray Coatings by Application
- Aerospace
- Industrial Gas Turbines
- Automotive Applications
- Medical Applications
- Printing
- Oil & Gas
- Steel
- Pulp & Paper
- Other Applications
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