Global thermal spray coating market size was estimated at USD 7.41 billion in 2014. Rising demand in various applications including automotive and aerospace is expected to be one of the key market drivers.
Increasing application scope, owing to advantages such as wear and corrosion protection, low toxic gas emissions, thickness capability and electrical resistance is expected to fuel thermal spray coating market growth. However, the low degree of adhesion on small substrates is expected to challenge industry growth over the next seven years.
Key applications include precision aerospace parts, automotive, medical instruments and industrial gas turbines. Use of these coating for biomedical and medical instruments to improve wear resistance and boost biocompatibility of prosthetics and dental implants are expected to augment growth.
Metal, ceramic, intermetallic and polymer are the most prevalent products in the thermal spray coating industry. They are applied to various surfaces in order to achieve longer life spans under severe operating conditions. They are extensively used in manufacturing high strength low alloy steels for LPG tanks to prevent stress corrosion cracking. Expansion of the oil & gas industry, particularly in North America and the Middle East, is expected to have a positive impact on demand over the forecast period.
Increasing application scope in engineering coating, wear resistant coating, automotive & aerospace, biomedical, food processing, electronics, semiconductors, and energy are further expected to promote demand.
Shifting consumer trend from hard chrome to thermal spray in order to comply with stringent environmental standards particularly in North America and Europe is expected to be one of the primary drivers. Technological up gradation to reduce overall cost is expected to be another key factor for growth over the next seven years.
North America thermal spray coating market revenue by application, 2012-2022 (USD Million)
Aerospace was the largest application segment, accounting for 34.4% of global revenue share in 2014. Various aeronautic components require hard, wear resistant coating that can withstand temperatures more than 800°C. Expansion of the aerospace sector particularly civil aviation in Asia Pacific particularly in India and China on account of increasing disposable income of consumers is expected to have a positive impact on the market over the next seven years.
Industrial gas turbine (IGT) was the second largest application segment and was valued over USD 1.80 billion in 2014. Rising application scope of gas turbines in ships, locomotives, tanks, helicopters, and motorcycles is expected to augment demand over the forecast period.
The automotive application was estimated over USD 1.20 billion in 2014. India is expected to witness high demand for automobiles due to industrialization coupled with government support for vehicle manufacturing.”Make in India” policy introduced by the government is expected to encourage domestic production of all kinds of automobiles and components. This in turn is expected to have a positive impact on the thermal spray coating market over the next seven years.
Ceramics accounted for a significant share with revenue exceeding USD 2.20 billion in 2014. These are primarily employed in the biomedical industry. HVOF technology is used to spray these products on to substrates which are further used in the medical sector for the manufacturing of dental implants. Expansion of this sector is expected to have a positive impact on growth over the next seven years
Metals accounted for 22.4% share of the overall market in 2014. A wide range of microstructures, the speed of coating deposition and feedstock flexibility make these coating a lucrative option for use on metals and hence will be a key market driver over the next seven years. Stringent regulations by EPA and AFSP have led to the use of these products in automobile sector on account of increasing consumer safety and environment protection.
Asia Pacific accounted for over 21.2% of global revenue share in 2014. Rapid industrialization leading to the establishment of numerous automotive manufacturing units particularly in India and China is expected to have a positive impact on growth over the next seven years.
North America dominated the market and was valued at USD 2.14 billion in 2014. Growing aerospace sector has resulted in rising demand for coating precision aero-engine parts thus influencing overall market growth over the forecast period.
Key players with thermal spray coating market share include Praxair Surface Technologies, Metallisation, TST Engineered Coating Solutions, Flame Spray Coating Co., Surface Technology, and Air Products & Chemicals. The market is characterized by integration across various stages of the value chain.
Although numerous companies are engaged in production and distribution of thermal spray coating equipment as well as formulation, the industry is dominated by larger firms that procure low-cost raw materials and gain share by pricing below their competitors. Vector Aerospace, the leader in aircraft maintenance and overhaul, is a key consumer of thermal spray coating for precision aerospace engine parts.
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