Thermal Spray Coatings Market 2020 and Forecast 2021-2027

                                          
Report Overview: Thermal Spray Coatings Market


The global thermal spray coatings market size was valued at USD 10.0 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 3.7% from 2021 to 2027. Increasing demand from the industrial gas turbines coupled with growing preference for the thermal spray coatings over hard chrome coatings is expected to augment market growth. Technological innovations for the development of cost-effective products are also expected to have a positive impact on growth. In addition, increasing product application scope owing to its advantages, such as wear and corrosion protection, low toxic gas emissions, thickness capability, and electrical resistance, is expected to fuel the demand for thermal spray coatings. Aluminum, steel, nickel, and copper are used for producing thermal spray coatings. These raw materials are also used in various other industries and applications.

The rapid growth of industries, such as paints and coatings, automotive, aerospace, medical, and packaging, is driving the demand for these materials, which could hamper the continuous flow of raw materials in the value chain. However, with the discovery of alternative resources, for instance, composites used in building and construction instead of aluminum or steel, is expected to help maintain the flow in the value chain.

Industries generating hexavalent chromium face environmental and occupational regulations, which will be even more stringent in the future. These trends are expected to positively impact the demand for thermal spray coatings. The automotive industry is a key application area for thermal spray coatings. The coatings are used to coat various parts in vehicles, such as engines, body, fenders, moldings, and suspension systems. Growing automotive production, mainly in Asia Pacific, is expected to propel the demand for thermal spray coatings. Furthermore, technological advancements, shifting consumer preference, and stringent climate-related policies are driving the demand for smart, environment-friendly, and fuel-efficient vehicles. The demand for hybrid vehicles is also expected to intensify, thus impacting the demand for thermal spray coatings.

However, the outbreak of highly contagious COVID-19 pandemic across the globe is severely affecting manufacturing industries, which, in turn, is anticipated to negatively impact the growth of the market for thermal spray coatings. Further, the outbreak has also affected the raw material prices of thermal spray coatings. Recently, crude oil prices hugely slumped owing to the outbreak of COVID-19 across the globe. The decline in demand, halts or slowdowns in the manufacturing industry, and restrictions in supply and travel are resulting in the decline of crude oil prices.

Product Insights: Thermal Spray Coatings Market

The ceramics segment held a maximum revenue share of 31.3% in the market in 2019 and is expected to maintain its dominance throughout the forecast period. Ceramics are used in almost all types of thermal spray coatings including High Velocity Oxy Fuel (HVOF), water plasma, gas plasma, electric arc, flame, and powder flame spraying systems.
These coatings are also used in automotive, aerospace, and industrial gas turbine applications. Increasing demand for high-performance ceramic thermal spray coatings in various sectors including energy, healthcare, fiber-optic communications, aerospace and defense, industrial goods, and environmental protection is expected to drive the growth of the segment over the forecast period 2021-2027. Ceramic thermal spray coatings are also used for tools, such as cast steel molds, iron ladles, and heat element protectors, to replace ceramic slurry and pure ceramic-coated tools. They help extend the life of the tool and lower light metal casting operation cost.

Application Insights: Thermal Spray Coatings Market

Considering the application segment, the aerospace application segment accounted for a revenue share of 32.3% by the end of 2019. The properties of thermal spray coatings, such as wear and corrosion protection, low toxic gas emissions, and thickness capability are expected to fuel segment growth. The rapid expansion of the aerospace sector, particularly civil aviation in India and China, on account of increasing disposable income levels, is expected to have a positive impact on segment growth over the forecast period.

The industrial gas turbines segment also held a significant revenue share in the thermal spray coatings market and is expected to witness steady growth over the forecast period. Thermal spray coatings protect gas turbine components from wear, corrosion, and friction. In addition, they help extend the life of these components. High demand for gas turbines in China and India to promote fuel diversification and reduce the dependence on coal plants is expected to drive the segment.

Technology Insights: Thermal Spray Coatings Market

Plasma spray technology led the global market with a revenue share of 31.9%, in 2019. A major advantage of using this coating is its ability to spray a wide range of materials, such as metals and ceramics, on both large and small components. The process provides corrosion and wear resistance, clearance control, heat and oxidation resistance, temperature management, and electrical conductivity and resistivity to the surface. The plasma process is used on gas turbines, printing rolls, industrial diesel engine piston rings, and oil and gas machinery.

Thermal spray coatings are used to improve or restore the surface of a solid material. This process can be used to apply thermal spray coatings to a wide range of components and materials, to provide better resistance against cavitation, wear, abrasion erosion, heat, and corrosion. In addition, this process is used to provide insulation or electrical conductivity, chemical resistance, lubricity, sacrificial wear, high or low friction, and other desirable properties to the coated surface.

Regional Insights: Thermal Spray Coatings Market

Considering regions, North America accounted for 28.7% share of global revenue in 2019. The growing aerospace market in the U.S. along with the emergence of major aerospace companies in Mexico is expected to fuel the regional demand for thermal spray coatings. The presence of industry giants like Boeing and Airbus is also expected to augment the growth. Rapidly expanding automobile industry coupled with increased oil exploration activities in Mexico is expected to further drive the market.

Europe is also expected to account for a prominent market share in 2019. Increasing R&D spending in the pharmaceutical industry in Europe is expected to fuel demand during the forecast period. Huge potential for crude oil and natural gas in Russia coupled with increasing deployment of enhanced oil recovery by the manufacturers is expected to augment market growth. Furthermore, the expansion of automobile production in Austria, Hungary, and Romania is expected to further fuel the growth.

Key Companies & Market Share Insights: Thermal Spray Coatings Market

The market is characterized by the presence of various small- and medium-scale companies catering to global and local demands. It is characterized by forwarding integration through raw material production, thermal spray coating manufacture, and distribution to various application industries. Integration across the stages of the value chain results in continuous raw material supply, as well as low manufacturing costs. R&D initiatives by a few companies to enhance their product specifications and market reach are expected to further augment the demand for thermal spray coatings in the years to come. Some of the prominent players in the thermal spray coatings market include:

Key companies Profiled: Thermal Spray Coatings Market Report

 	
Praxair Surface Technologies, Inc.
 	
Saint-Gobain S.A.
 	
Fujimi Incorporated
 	
Bodycote plc
 	
Oerlikon Metco
 	
American Roller Company, LLC
 	
Vitta Corporation
 	
Medicoat AG

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global thermal spray coatings market report on the basis of product, technology, application, and region:

Product Outlook (Revenue, USD Million, 2016 - 2027)

 	
Ceramics
 	
Intermetallics
 	
Polymers
 	
Carbides
 	
Abradables
 	
Others

Technology Outlook (Revenue, USD Million, 2016 - 2027)

 	
Cold spray
 	
Flame spray
 	
Plasma spray
 	
HVOF
 	
Electric arc spray
 	
Others

Application Outlook (Revenue, USD Million, 2016 - 2027)

 	
Aerospace
 	
Industrial gas turbine
 	
Automotive
 	
Medical
 	
Printing
 	
Oil & Gas
 	
Steel
 	
Pulp & Paper
 	
Others