Cold Spray Technology Market Size, Share & Trends Analysis Report By Material (Nickel, Aluminum, Titanium), By Service (Additive Manufacturing, Coatings), By End-use (Utility, Aerospace), And Segment Forecasts, 2023 - 2030

Report Overview

The global cold spray technology market size was valued at USD 1.04 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% over the forecast period. Rising demand from the aerospace industry as a repair technique for lightweight aerospace alloys is expected to drive the industry over the forecast period. Furthermore, the growing electrical & electronics industry in the Asia Pacific region will boost the demand for cold spray technology over the forecast period. The COVID-19 pandemic changed the overall business scenario for 2020 as well as for the next few years to come across various verticals.

Various industry verticals, such as hospitals, healthcare centers, and manufacturing industries, have witnessed a significant setback due to the pandemic, and the electronics & technology industry is no exception to that. The lockdown restrictions imposed by several governments have affected the manufacturing, aerospace, and automotive industries, wherein the factory production of various electronics and automotive parts witnessed a temporary slowdown in Q3 of 2020, thus adversely influencing the overall market for cold spray technology. The U.S. dominated the market in North America in 2022. The country is expected to be one of the fastest-growing markets for this technology in the region over the forecast period.

The rising demand for products manufactured using cold spray technology from the transportation and automotive industries in the U.S. is expected to drive the growth of the market in the country. Moreover, cold spray technology is mainly used in the electronics industry for coating electronic components, wherein corrosion protection is of utmost importance. According to the Aerospace Industries Association, the total revenue of the aerospace & defense industry was USD 892 billion in 2021, witnessing an increase of 2.1% from 2020. In addition, there was a surge of 11.2% in aerospace & defense exports between 2020 and 2021.

This growth can be attributed to the rising demand for aircraft components and new commercial aircraft in the U.S., as new markets and routes have been emerging owing to rapid globalization and urbanization. In the aerospace industry, cold spray technology is used for developing various components, including structured elements, satellites, gearboxes, landing gear nozzles, engine parts, and other nonstructural elements. Hence, the growth of the aerospace industry in the U.S. is projected to have a positive impact on the adoption of cold spray technology in the country over the forecast period.

The development and adoption of this technology in the country have been encouraged by the U.S. Department of Defense and the U.S. Army Research Laboratory (ARL) for the last two decades. The U.S. Department of Defense has also offered significant research funding for the use of this technology for repairing damaged parts of warships, fighter planes, defense vehicles, military tanks, etc. For instance, in April 2022, the Letterkenny Army Depot (LEAD) located in Pennsylvania adopted the technology as a part of its modernization plan. It is expected to be used by this facility to carry out non-structural upkeeps, which include repairing corroded surfaces, as well as surfaces with other types of faults, due to its low operating temperature.

Material Insights

The aluminum material segment led the industry in 2022 and accounted for more than 30.70% of the global revenue share. Cold-sprayed aluminum alloys have exceptional characteristics and have drawn the interest of numerous researchers in addition to pure aluminum. For instance, alloys made of aluminum and silicon offer great strength, minimal thermal expansion, and superior anti-friction characteristics. In addition, there are other advantages to cold spraying aluminum, including improved bonding and strength comparable to the bulk material. It also supports a wide range of applications in component repair, additive manufacturing, and the marine industry.

Copper cold spraying has remarkable thermal conductivity, electrical conductivity, ductility, corrosion resistance, and wear resistance. Copper and its alloys find extensive usage in a variety of industries, including machinery, electronics, electric power, and other energy-related disciplines. Given their ease of deposition, they are frequently employed as the model material in investigations of cold spray. These aforementioned factors will drive the demand for copper material in cold spray technology. Notable advantages of cold spraying nickel are its resistance to hot gases, energetic material coatings, and high-temperature corrosion.

Furthermore, nickel has diverse capabilities and features, such as accidental collision, overhaul, or inappropriate operation. In addition, a wide number of applications, including those in the aerospace, automotive, glass, medical, agricultural, roller mill, hydraulic pump, and component repair industries, are served by cold spraying nickel. These factors will drive the demand for nickel material. The titanium segment is expected to expand at a steady CAGR over the forecast period. Titanium is utilized extensively in petroleum, aviation, chemical, medical, sports equipment, construction, aerospace, automotive, and other fields, owing to its high strength, good biocompatibility, superior corrosion resistance, and low density.

Service Insights

The cold spray coatings segment led the industry in 2022 and accounted for more than 95.90% of the global revenue share. Cold spray coatings prevent tensile residual stresses, oxidation, and undesirable chemical reactions. Furthermore, the latest technique for depositing coatings and carrying out additive manufacturing of structures is cold spraying. Different metallic or metallic-ceramic materials can be used in this low-temperature procedure to create coatings with a quality that is not possible to achieve using any other method. These factors will propel the demand for cold spray coatings.

Cold spray coating, a cutting-edge coating technique, relies on kinetic energy when blasted at extremely high pressures. Since cold spray uses kinetic energy instead of thermal energy for deposition, it has various technological benefits over the thermal spray process when it comes to coating surfaces. The Cold Spray Additive Manufacturing (CSAM) segment is expected to expand at a lucrative CAGR over the forecast period. It is a high-potential, newly-developed technology used for the development of engineering components that offer improved performance across a variety of surfaces, sub-surfaces, and interfaces.

A majority of the recent developments in cold spray additive manufacturing technology have been focused on electric motors used in the automotive industry to reduce carbon dioxide emissions from automobiles, wherein these motors are to be used. Efforts are being made to make these motors highly efficient, light, and cost-effective with the use of cold spray additive manufacturing technology. These factors will drive the demand for CSAM service over the forecast period. For instance, the National Research Council of Canada adopted CSAM technology to generate permanent magnets for electric motors. The motors developed using this technology are expected to be compact and offer high performance. Thus, the benefits offered by CSAM technology are anticipated to fuel its adoption worldwide during the forecast period.

End-use Insights

The aerospace end-use segment dominated the industry in 2022 and accounted for the maximum share of more than 28.20% of the overall revenue. Cold spray technology is used in the aerospace sector in a variety of components, including satellites, gearboxes, landing gear nozzles, engine parts, and other nonstructural elements. These components are shielded from severe temperatures by cold spray technology, which guarantees enhanced dependability over time. It has minimal porosity, great bonding, and an oxide-free coating in solid state and at low temperatures, making it suited for use in the aerospace industry. The utility segment includes power boilers, gas and hydro-steam turbines, turbochargers, and nuclear & solar heat & solar energy.

These types of machinery comprise various components, including turbine buckets, turbine nozzles, turbine rotors, compressor wheels, compressor blades, and combustion baskets, which are used in harsh environments and under high mechanical & temperature loads. Harsh operating conditions may cause fatigue, corrosion, creep, and wear damage to the components, which necessitates proper maintenance and repair of the components for their long-run application. Cold spray technology is also known as 3D painting and is used for material deposition. These factors will drive the product demand for utility end-use.

Cold spray technology is used in the automotive industry to repair a number of parts, including heated glass, valve seats, turbochargers, braking discs, bearings, exhaust systems, and crankshafts. By preventing wear, corrosion, fretting, and erosion, the use of cold spray technology prolongs component life and enhances vehicle performance. In the automotive sector, the criteria for emission limitations are getting stricter. Modern cars can reduce their exhaust gas emissions owing to enhanced emission control. Due to stricter and increasing environmental rules, emissions from brake wear, such as particulate matter and brake dust, are becoming a rising concern for the automotive industry.

As a result, due to the above-mentioned emission limitations and environmental rules, cold spray technology is utilized to eliminate significant emissions, poor corrosion resistance, and excessive wear, thereby driving the demand for the market over the forecast period. The electrical and electronics segment is expected to advance at a steady CAGR over the forecast period. Due to its growing use in a variety of components, such as electrical contacts, refrigeration units, circuit boards, electric motors & generators, transformers, semiconductors & displays, and bus bars, which require high electrical resistance, corrosion resistance, and oxidation resistance to operate in harsh environments, cold spray coating is experiencing increased demand in the electrical & electronics end-use sector.

Regional Insights

North America led the industry in 2022 and accounted for over 38.2% of the global revenue. The demand for cold spray technology in North America is driven by its flourishing aerospace & defense, electronics, and automotive industries. Moreover, ongoing research activities to explore the application of cold spray technology for damage and dimensional repair of various components used in military aircraft and vehicles, as well as in marine vessels are projected to drive the growth of the regional market over the forecast period. For instance, in 2019, Worcester Polytechnic Institute (WPI) announced that it had received a grant of USD 25 million from the U.S. Army Combat Capabilities Development Command Army Research Laboratory to develop a cold spray additive manufacturing technology for repairing and manufacturing metal parts.

Europe represents the second-largest market for cold spray technology globally, owing to the presence of modern infrastructure and facilities, increased research & development activities, and the availability of a highly qualified workforce. The recent development of cold spray applications for repair and additive manufacturing of various components in different fields, including biomedical, aerospace, electronics, energy, and semiconductors, is projected to drive the market over the forecast period. Asia Pacific is estimated to witness the fastest CAGR over the forecast period. A high concentration of electronic companies in China, South Korea, Japan, and Taiwan is expected to offer sustainable growth opportunities for cold spray manufacturers.

Furthermore, favorable initiatives, such as Digital India and Make in India, undertaken by the Government of India, are expected to drive the production of electronic devices in the country. Thus, with the growing electrical & electronics industry, the demand for circuit boards, electrical contacts, electric motors & generators, and semiconductors & displays is also rising, as the majority of these components are utilized during the manufacturing of electronic products. Cold spray coating offers excellent thermal stability, heat resistance, corrosion resistance, oxidation resistance, and electrical resistance properties, which help in extending the working life of electrical and electronic components, thereby driving market demand.

The Central & South America region is expected to witness significant growth owing to increasing industrial investments in the automotive sector. Major manufacturers, such as Volkswagen and General Motors, announced the expansion of their existing manufacturing facilities in the region to cater to the increasing demand. Furthermore, the growth in the consumption of home appliances, owing to rapid urbanization, technological innovations, and increased consumer disposable income levels in the region, is expected to propel the demand for the technology over the projection period.

Key Companies & Market Share Insights

The market is highly competitive and dependent on technological advancements and product developments. Many companies are investing heavily in research and development activities. For instance, in August 2022, Impact Innovations demonstrated a way to overcome the limitation of CSAM using copper as a model material. Furthermore, in July 2022, Titomic Ltd. signed a joint venture agreement with Tool Industry, Repkon Machine, and Trade Inc. for the development of a flow-forming additive, hybrid cold spray manufacturing facility, for supplying barrels in the defense industry. Some of the prominent players in the global cold spray technology market include:

• ASB Industries (Hannecard Roller Coatings, Inc.)

• Bodycote plc

• Flame Spray Technologies BV

• Plasma Giken Co., Ltd.

• VRC Metal Systems

• CenterLine (Windsor) Ltd.

• WWG Engineering Pte. Ltd.

• Praxair S.T. Technology, Inc.

• Impact Innovations GmbH

• Concurrent Technologies Corp.

• Effusiontech Pty. Ltd. (SPEE3D)

• Titomic Ltd.

Cold Spray Technology Market Report Scope

Global Cold Spray Technology Market Segmentation

This report forecasts revenue growth at global, regional & country levels, and provides an analysis of the latest trends and opportunities in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the cold spray technology market report on the basis of material, service, end-use, and region:

• Material Outlook (Revenue, USD Million, 2018 - 2030)

  • Nickel

  • Copper

  • Aluminum

  • Titanium

  • Magnesium

  • Others

• Service Outlook (Revenue, USD Million, 2018 - 2030)

  • Cold Spray Additive Manufacturing

  • Cold Spray Coatings

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Aerospace

  • Automotive

  • Defense

  • Electrical & Electronics

  • Utility

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • Italy

    • France

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • South Africa