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[205+ Pages Report] According to Facts and Factors, the global thermal spray coating market was valued at roughly USD 7,600 Million in 2020 and is predicted to create revenue of roughly USD 11,400 Million by the end of 2026, with a CAGR of roughly 7% between 2021 and 2026.
The method of coating surfaces by melting powder substrates into droplets and spraying them at high speeds is known as thermal spray coating. Zirconium oxide, aluminum bronze, and cobalt-molybdenum are some of the most widely utilized coatings. They are sprayed on several metal products that are made up of stainless steel, bronze, copper, ceramics, nickel alloys, molybdenum, and tungsten carbides, among other materials. Surfaces are protected against deterioration, wear and tear, abrasion, friction, and corrosion by the coatings, which establish stable bonds with them. Electrical conductivity, lubricity, chemical resistance, and desirable surface characteristics are all provided by them. As a result, this coating technology is widely used in various end-use industries, including, healthcare, aerospace, automotive, energy, and food and beverage.
One of the major reasons driving the market's positive growth is the significant expansion in the chemical sector, which is accompanied by rising demand for high-performance industrial-grade coatings. Pumps, valves, machinery, turbine blades, and other industrial equipment all have these coatings on their surfaces to improve their operating efficiency, quality, and dependability. Coatings are also used on several parts such as piston rings, cylinder rings, brake discs, exhaust pipes, crankshafts, and shifters in the automobile industry that help to increase performance and fuel economy. Furthermore, a shift in consumer preference from chrome plating and to thermal spray coatings is propelling market expansion. Also with growing awareness of environmental issues, customers are increasingly opting for thermal spray coatings that are more fatigue resistant and leave little residue after processing. The market is also growing owing to the development of flame-based and reactive spray deposition methods for low-temperature solid oxide fuel cell, plasma, and laser deposition coatings. Other factors, including growing consumer spending power and significant research and development (R&D) efforts, are expected to propel the market growth in the forecasted period.
The global thermal spray coating industry is segmented on the basis of process type, material type, end-use, application, and region.
The metals, polymers, ceramics, carbides, and others are included under the material type segment of the global thermal spray coating industry. The global thermal spray coating market can be divided into electrical, high-velocity oxy-fuel (HVOF), combustion flame, electric arc, and others based on the process type. Based on application, the global thermal spray coating industry is categorized into medical packaging, polymer heating, engine coatings, pump seal coatings, mold lining, wastewater treatment equipment, and others. Aerospace, agriculture, automotive, energy & power, healthcare, electronics, and others are the end-use industry segment of the global thermal spray coating market.
|Market Size in 2020||USD 7,600 Million|
|Projected Market Size in 2026||USD 11,400 Million|
|CAGR Growth Rate||7%|
|Key Market Players||Praxair Surface Technologies, Inc, Lincotek Surface Solutions, BodyCote, American Roller Company, LLC, OerlikonMetco and Others|
|Key Segments||Material Type, Process Type, Application, End-Use Industry, and Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
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The market for thermal spray coatings is dominated by North America owing to the increased urbanization and industrialization, rising consumer disposable income, and rising demand from different end-use sectors, such as aerospace, are all contributing to the growth of the industry. This industry is also projected to surge due to the cheap availability of raw materials in the area. The United States is expected to be the region's greatest contributor to the thermal spray coatings industry. The presence of top manufacturers of this industry has significantly contributed to the rising demand for the market.
During the projected period, the Asia Pacific area is predicted to have the greatest CAGR because of the increasing demand from the automobile industry Furthermore, increasing industrialization in emerging nations, as well as demand for thermal spray coating from the oil and gas, steel, and pulp and paper industries, are projected to boost the target market's growth in this area.
During the COVID-19 epidemic, the thermal spray coatings industry saw a drop in its business owing to a significant drop in the end-use industries such as construction, automotive, and industrial sectors where these spray coatings are used. Production businesses had extended the shutdown of all activities at their workplaces and manufacturing locations until the government issued reopening orders. Also, the thermal spray painting sector had a considerable drop in production owing to a reduction in the workforce due to social distancing conventions during the COVID-19 epidemic.
Some main participants of the global thermal spray coating market are Praxair Surface Technologies, Inc, Lincotek Surface Solutions, BodyCote, American Roller Company, LLC, OerlikonMetco, Powder Alloy Corp., Surface Technology, BryCoat Inc., H.C StarckGmbh, Flame Spray SpA, F.W. Gartner Thermal Spraying, Plasma-Tec, Inc., Arc Spray (Pty) Ltd, John Wood Group PLC, Metallisation Limited, C&M Technologies GmbH, Montreal Carbide Co. Ltd., and AMETEK Inc. amongst others.
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