Thermal Spray Coatings Market - Forecast(2023 - 2028)

Thermal Spray Coatings Market Overview

Thermal Spray Coatings Market size is forecast to reach $11.5 billion by 2026, after growing at a CAGR of 4.4% during 2021-2026. Thermal spray is a technology or a process used to apply on a wide range of materials and components in order to provide resistance to wear, erosion, cavitation, corrosion, abrasion, or heat. The growing use of thermal spray coatings to improve the durability of machine components, which reduces the maintenance cost is fueling the market growth. Moreover, the rise in the use of thermal coating in molding industries to protect mold lining against thermal fatigue is also driving the growth of the market. Furthermore, surging wastewater treatment activities across the world and surging focus to prevent corrosion of components like brass pump impeller, valves, pipes, and the cast-iron pump impeller is also driving the Thermal Spray Coatings market growth. Growing uses of X-ray photoelectron spectroscopy, scanning electron microscopy, exhaust heat management, and High velocity oxygen fuel spraying technology for thermal spray coatings are also contributing to the market growth.

The emergence of the COVID-19

The unprecedented crisis brought by COVID-19 during 2020 continues to have a clear and significant impact on worldwide workforce, industry, country, and global economy. The pandemic has hindered the Thermal Spray Coatings Market due to a decline in demand from various end-use industries like automobile, aviation, and oil & gas industry. Moreover, the global economic contraction has also hindered the growth of the market. Furthermore, as per International Civil Aviation Organization report in 2020, the World passenger traffic has declined by 60% and the aviation industry is facing an estimated loss of $391 billion.

Thermal Spray Coatings Market Report Coverage

The report: “Thermal Spray Coatings Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Thermal Spray Coatings Industry.

By Material: Abradable & Polymers, Carbide, Metal & Alloys, Ceramics, Braze (Copper, Nickel, and Others), and Others.
By Process: High Velocity Oxygen Fuel (HVOF), Combustion Flame Spraying, Plasma Spraying, Vacuum Plasma Spraying, Two-Wire Electric Arc Spraying, Electric Arc Wire Spray, and Others.
By Application: Medical Packaging, Pump Seal Coatings, Wastewater Treatment Equipment, Engine Coatings, Mold Lining, Polymer Heating, and Others.
By End-Use Industry: Transportation (Automotive, Marine, and Others), Military & Aerospace (Satellites, Aircraft, and Others), Electrical & Electronic, Agricultural, Petrochemical, Oil & Gas, Pulp & Paper, Packaging, Pharmaceutical & Medical, Food & Beverage, Power & Energy (Wind, Solar, and Others), and Others.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Spain, Netherlands, Russia, Belgium, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia & New Zealand, Indonesia, Taiwan, Malaysia, and Rest of Asia Pacific), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and RoW (Middle East and Africa)

Key Take away

• South America region is projected to witness a significant growth due to the growing demand for X-ray photoelectron spectroscopy, scanning electron microscopy, exhaust heat management, and High-velocity oxygen fuel spraying based Thermal Spray Coatings systems from transportation and agriculture sector. Whereas, Brazil holds the largest share in the region throughout the forecast period.
• Increased use of thermal coating by the textile industry for insulation solutions for washers and steam generators is driving the growth of the market.
• COVID-19 has hindered the market growth for Thermal Spray Coating Market, due to the significant contraction faced by end-use industry.

Figure: North America Thermal Spray Coatings Market Revenue, 2020-2026 (US$ Billion)

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Thermal Spray Coatings Market Segment Analysis - By Material

Ceramics segment held the largest share of more than 30% in the thermal spray coatings market in 2020. Ceramic-based thermal coating is sprayed on metallic substrates to enhance surface properties like thermal or electrical insulation, and wear & corrosion resistance, exhaust heat management, High-velocity oxygen fuel spraying, and also are cost-effective compared to others. The ceramic coating is combined with alumina, chromium, titania, and lanthanum strontium manganite (LSM) and applied through plasma spray process, and provide a coating thickness of 0.003 to 0.030 inch. These ceramics based thermal spray coatings are usually applied on diesel engine pistons, automotive valves & cylinders, biomedical implants, thermal aircraft, and industrial gas turbine & blades. Therefore, the above factors are boosting the demand for ceramics in the thermal spray coating market.

Thermal Spray Coatings Market Segment Analysis - By Process

Plasma Spray segment held the largest share of more than 25% in the Thermal Spray Coating Market in 2020. Plasma Spray is typically a spraying process where molten or heats softened material are sprayed on an applicant's surface. In the plasma spray process, material is injected in powder form into a very high-temperature plasma flame, where the material is rapidly heated and moved at a high velocity. One of the major benefits of using this plasma spray process is, its unique ability to spray a wide variety of materials, such as metals, alloys, carbide, and ceramics, on various components. This process offers wear & corrosion resistance, temperature and oxidation resistance, temperature control, and electrical conductivity to the surface. The plasma spray process can be used in various applications such as gas turbines, printing rolls, industrial diesel engine piston rings, and oil and gas appliances. Thus, these factors are contributing to the growth of the plasma spray process, which in turn drive the growth of the thermal spray coating market

Thermal Spray Coatings Market Segment Analysis - By Application

Engine Coating segment held the largest share of more than 35% in the Thermal Spray Coating Market in 2020. The thermal spray coating is widely used in engine coating to eliminate the need for cast-iron liners which are extremely heavy, which significantly reduces fuel consumption, reduces emission, and prevents corrosion in engine parts. The growing adoption of X-ray photoelectron spectroscopy, and scanning electron microscopy technology for thermal spray coatings that are applied on the engine and are very effective in protecting engine components like piston rings and turbochargers further drive the market’s growth. The coating reduces the engine wear & friction protects them from chemicals, and enhances the life span of the engine. Thermal sprays coatings are also, majorly used in fighter jet engine components, like crankshafts, piston rings, cylinders, and valves. The growing transportation sector further drives the engine demand, which in turn propels the market growth.

Thermal Spray Coatings Market Segment Analysis - By End-Use Industry

Military & Aerospace segments is projected to witness the highest CAGR of 6.3% in the Thermal Spray Coating Market during the forecast period. In the Military & Aerospace Industry, thermal spray coatings are widely used as protective coatings to protect aircraft parts & components. These coatings are used on aircraft components like rotor-path linings, high-pressure turbine seals, compressor seals, bearings, oil seals, landing gear, and jet engine blades. The coatings offer exhaust heat management, High-velocity oxygen fuel spraying corrosion resistance, resistance from contaminants, enhanced thermal conductivity, reduces the emissions of nitrogen oxide, and provides high-temperature resistance, and increases the life span of the component. Therefore, any increase in demand for aerospace and military equipments will boost the demand for Thermal Spray Coating Market. According to Aerospace Industries Association (AIA) report released in 2020, the sale of American aerospace & defense equipment was $909 billion in 2019 and Space systems led industry growth, with a nearly 9% the surge in sales from 2018.

Thermal Spray Coatings Market Segment Analysis - By Geography

North America held the largest share of more than 33% in the Thermal Spray Coatings market in 2020. The strong economic position, presence of major sectors like aerospace & defense and medical industry, and the developed county are contributing to the market growth in the region. Thermal Spray Coating has excellent resistance to high temperature, high-velocity oxygen fuel spraying, resistance against friction & wear enhances strength and durability of the applicant area, hence demand is growing across the region. According to Federal Aviation Administration (FAA) report, the number of aircraft in the U.S. commercial fleet is forecast to increase from 7,039 in 2016 to 8,270 in 2037. Moreover, as per the International Trade Administration report in 2020, the Canadian aerospace & defense industry was $24 billion in 2019, and $23.9 billion in 2018, which was an increase of $100 million. Therefore, any increase in demand for the aviation & aerospace industry will drive the Thermal Spray Coating Market.

Thermal Spray Coatings Market Drivers

Growing Energy and Power Industry is driving the market growth

The growing uses of thermal Spray Coatings are widely used in the Energy & Power Industry for protecting gas turbines and power generators from erosion, wear, and any kind of laceration further drive the market growth. As wind turbines have many components such as blades, towers, rotors, yaw drives, and gearbox that are exposed to dust, hail, wear, and atmospheric pollution. The use of thermal coatings helps to enhance the operation and lifespan of the equipment and components for a longer time and increases the operational life of the equipment. Usually High-Velocity Oxygen Fuel (HVOF) and Plasma Spray process techniques are used in the application of the coating for gas turbines. Besides, any growth in the power industry will boost the thermal spray coatings market growth. For instance, as per The Global Wind Energy Council (GWEC) report released in 2020, it is estimated that around 60.4 GW of wind energy capacity was installed globally in 2019, which was a 19% increase from 2018 and the total global wind capacity was 651 GW in 2019, which was a 10% increase from 2018. Such huge demand for electricity will boost the growth of the energy & power industry and in return propel the growth of the thermal spray coating market.

Oil & Gas Industry is Fuelling the Market Growth

Oil & Gas Industry is one of the primary users of thermal spray coatings. Carbide-based thermal spray is commonly used in the industry, as it provides fretting resistance, erosion resistance enhances durability & toughness of the applicant surface. In the oil & gas industry the drilling equipment, refinery, and transportation equipment are constantly exposed to extremely harsh working conditions and environments that must be protected. Whereas, the use of X-ray photoelectron spectroscopy, scanning electron microscopy, based thermal spray coating acts as a barrier and protects the applicant's components like valves, hydraulic rods, impellers, pipes, and others from corrosive fluids, wear, cavitation, and pipe erosion. Moreover, the coatings increase the longevity of critical components like conveyors, mud pumps , and mandrel and also reduce the repair & maintenance cost. Therefore, an increase in demand for oil & gas will boost the exploration and production activities, which in turn drive the demand for thermal spray coating. As per International Energy Agency (IEA) report released in March 2020, the global oil demand will grow by 5.7 mb/d over the 2019-2025 period at an average annual rate of 950 kb/d. Furthermore, as per the Indian Brand Equity Foundation (IBEF) a report in 2020, India crude oil demand rose to $ 101.4 billion in 2019–2020 from $ 70.72 billion in 2016–2017.

Thermal Spray Coatings Market Challenges

High initial investment and lack of skilled operator hindering the Growth

The major challenge for the Thermal Spray Coatings Market is the cost of the spraying process. As the process of the thermal coatings is carried out by machines, which are programmed in such a manner that optimal coating properties are maintained. But they require frequent settings and adjustments, which significantly increases the maintenance cost and increases the overall operation cost, thus hindering the market growth. Furthermore, this type of coating process requires a skilled operator. Thus, the lack of availability of the skilled operator further acts as a challenging factor to the market growth. Moreover, a lot of fumes and dust are released during the thermal coating process, which has an adverse effect on the environment and is likely to hinder the growth of the market.

Thermal Spray Coatings Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Thermal Spray Coatings Market report. Major players in the Thermal Spray Coatings Market are Bodycote PLC, Eurocoating SpA, A&A Thermal Spray Coatings, Inc., Bodycote PLC, Powder Alloy Corp., Progressive Surface, Inc., APS Materials Inc., H.C. Starck GMBH, Praxair S.T. Technology, Inc., and Oerlikon Metco, among others.

Acquisitions/Technology Launches

In July 2019, Oerlikon acquired AMT AG in Kleindöttingen, Switzerland. With this acquisition, Oerlikon gain an access to AMT thermal spray coating equipment, and also expand its surface solution technologies while increasing its market applications and service accessibility to customers, which will further drive the growth of the market.

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