Thermal Spray Coatings Market (Product - Ceramics, Polymers, Metals, and Others; Application - Aerospace, Turbine, Automotive, Medical, Printing, Oil & Gas, Steel, Pulp & Paper, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2028

A recent report published by Infinium Global Research on the thermal spray coatings market provides an in-depth analysis of segments and sub-segments in the global as well as regional thermal spray coatings market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional thermal spray coatings market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global thermal spray coatings market. According to the report, the global thermal spray coatings market is projected to grow at a CAGR of over 8% over the forecast period of 2022-2028.

Market Insight

The value of the thermal spray coatings market in 2022 was nearly USD 9 billion and is expected to reach over USD 14 billion in 2028 and is expected to be growing with a CAGR of over 8%. Thermal spray is a process that utilizes heat to melt material on the surface in wire, rod, or powder form. It is a cost-effective way to enhance surface properties by forming a thick coating over it. Some types of thermal sprays in the market include plasma, arc, flame, high-velocity oxy-fuel coating, detonation, laser, and cold sprays. Thermal spraying has become one of the leading technologies due to its high throughput, versatility, and simple operation. It is therefore employed in many applications such as aerospace, gas turbine, oil and gas, automotive, biomedical, pulp and paper, electronics, and metal processing. On the basis of different applications global thermal spray coatings market can be segmented as aerospace, industrial gas turbines, automotive, and others. Aerospace and industrial gas turbine segments have maximum demand and generate the highest revenue for the global thermal spray coatings market. On the basis of product type, the global thermal spray coatings market can be segmented as ceramics, intermetallic, polymers, metals, and others. COVID-19 was an incomparable global public health emergency that has affected almost every industry and is projected to impact this various industry growth during the forecast period. During the Covid-19, pandemic people were compelled to stay in their homes. The governments of many countries turned their focus to healthcare from other industries. This significantly disrupted their supply chain operations and manufacturing as lockdowns were imposed by the respective governments. Manufacturing facilities were shut down due to the pandemic in almost every country globally. Logistical restrictions, manpower shortage, material unavailability, and other restrictions had reduced the growth of the industry. The pandemic has affected the normal production of companies.

Some of the drivers in the global thermal spray coatings market are the need for corrosion-resistant coatings and as a substitute for hard chrome in various automotive, aerospace, and industrial gas turbine applications. This is expected to propel the demand for the thermal spray coatings market over the forecast period. Increasing investment in the civil sector by developing countries will augment the market as it demands wear and anti-corrosion products that can also withstand high temperatures. On the other hand, the thermal spray coatings market is challenged by the high cost of ownership which is repelling its growth. Additionally, the need for skilled labor, maintenance, and monitoring of thermal spray equipment requires high capital by end-users. The thermal spray coatings market has growth opportunities in bioceramic coating that is bio-compatible and has anti-corrosion properties. Due to stringent regulations in North America and Europe, demand for eco-friendly and sustainable coatings has increased due to which the bioceramic coatings segment is expected to grow over the forecast period.

The report provides a regional outlook covering geographies such as North America, Europe, Asia-Pacific, and the Rest of the World. North America has held a significant market share in the thermal spray coatings market followed by Europe. North America is expected to dominate the thermal spray coatings market during the forecast years. The high consumption of thermal spray coatings and the presence of established automotive and power industries are the fundamental factors that drive the growth of the North American thermal spray coatings market. This growth is mainly attributed to the increasing urbanization & modernization, increasing personal disposable income, and growing demand from various end-use industries such as aerospace. Also, the easy availability of raw materials in the region is expected to drive the growth of the thermal spray coatings market. The availability of highly skilled labor, high disposable incomes, and strong economy of countries in the region are the key reasons for a rise in air traffic in North America. Thus, the growth of the aerospace industry is anticipated to potentially drive the market in North America during the forecast period. The US is the largest contributor to the thermal spray coatings market in the region. The Asia Pacific region is expected to register the highest CAGR during the forecast period. In addition, Asia Pacific is the fastest-growing region in the thermal spray coatings market. The factors that promote the growth of this market in the Asia Pacific region include the rapidly growing automotive industry, increased spending on the aerospace sectors, and the booming power industry. Aerospace is one of the key markets for TBCs.

Segment Covered

The report on the global thermal spray coatings market covers segments such as product and application. On the basis of product, the sub-markets include ceramics, polymers, metals, and others. On the basis of application, the sub-markets include aerospace, turbine, automotive, medical, printing, oil & gas, steel, pulp & paper, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as 3M, APS Materials, Inc., CoorsTek, Inc., Dupont De Nemours, Inc., Integrated Global Services, Inc., KCC Corporation (KCC), Linde Plc, Morgan Advanced Materials plc. and BodyCote.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the thermal spray coatings market. Moreover, the study highlights current market trends and provides forecasts for 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.