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

Report Overview

The global cold spray technology market size was valued at USD 943.5 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.5% over the forecast period. Rising demand from aerospace industry as a repair technique for lightweight aerospace alloys is expected to drive the market over the forecast period. Furthermore, growing electrical & electronics industry in the Asia Pacific will boost the market demand in the forecast period. The outbreak of COVID-19 has changed the overall business scenario for 2020 and for the next few years to come across various verticals. Various industry verticals such as hospitals, healthcare centers, and manufacturing industries, among others have witnessed a significant setback due to the pandemic, and electronics & technology industry is no exception to that. The lockdown restrictions imposed by several governments have affected manufacturing, aerospace, and automotive industries, wherein the factory production of various electronics and automotive witnessed a temporary slowdown in Q3 of 2020, thus, adversely influencing the overall market dynamics.

The U.S. dominated cold spray technology 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 over the forecast period. Moreover, cold spray technology is mainly used in the electronics industry for coating of electronics 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% in it from that of 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 both, in the U.S., as new markets and routes have been emerging owing to ongoing globalization and urbanization.

In the aerospace industry, cold spray 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 in the country in the forecast period.

The development and adoption 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 cold spray 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 cold spray technology as a part of its modernization plan. This technology 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 segment led the market and accounted for 30.6% of the global revenue share in 2022. 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. Additionally, 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 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, and 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.

Several 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. Additionally, 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 aforementioned factors will drive the nickel material demand.

The titanium segment is expected to exhibit a CAGR of 7.5% in the forecast period. Titanium is utilized extensively in petroleum, aviation, chemical, medical, sports equipment, and 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 market and accounted for 95.9% of the global revenue share in 2022. 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 aforementioned factors will propel the demand for cold spray coatings in the coming years.

Cold spray coatings, a cutting-edge coating technique, rely on kinetic energy when they are 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 exhibit a CAGR of 16.8% in 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. The 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 aforementioned factors will drive the demand for cold spray additive manufacturing 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 led the market and accounted for 28.2% of the global revenue share in 2022. It is also used in 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 aerospace industry.

Utility segment include power boilers, gas and hydro-steam turbines, turbochargers, and nuclear & solar heat & solar energy. These type of machinery comprises 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 used in automotive industry to repair a number of parts including heated glass, valve seats, turbochargers, crankshafts, 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 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 automotive industry. As a result, 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 exhibit a CAGR of 7.4% over the forecast period. Due to its expanding 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 electrical & electronics end-use sector. These aforementioned factors will drive the demand for cold spray technology for electrical and electronics in the coming years.

Regional Insights

North America led the market and accounted for over 41.2% of the global revenue in 2022. 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 is projected to drive the growth of the market in North America over the forecast period. For instance, in 2019, Worcester Polytechnic Institute (WPI) announced that it 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 semiconductor is projected to drive the market over the forecast period. 

Asia Pacific is estimated to witness a CAGR of 7.2% 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 over the forecast period.

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 over the foreseeable future. Thus, with the growing electrical & electronics industry, the demand for circuit boards, electrical contacts, electric motors & generators, and semiconductors & displays is also rising, as majority of these components are utilized during the manufacturing of electronic products. The 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 electronics components, thereby driving market demand. 

The Central & South American cold spray technology market 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 with the increasing demand. Furthermore, the growth in the consumption of home appliances, owing to rapid urbanization, technological innovations, and increased disposable incomes of consumers in the region, is expected to propel the demand for cold spray technology over the projection period.

Key Companies & Market Share Insights

The market is highly competitive in nature and dependent on technological advancements and product development. Many of the 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 Limited signed joint venture agreement with Tool Industry, Repkon Machine and Trade Inc. for the development flow-forming additive, hybrid cold spray manufacturing facility, for supplying barrels in the defense industry. Some 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) Limited

• WWG Engineering Pte. Ltd.

• Praxair S.T. Technology, Inc.

• Impact Innovations GmbH

• Concurrent Technologies Corporation

• Effusiontech Pty Ltd (SPEE3D)

• Titomic Limited

Cold Spray Technology Market Report Scope 

Global Cold Spray Technology Market Report 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 this study, Grand View Research has segmented the global cold spray technology market report based on 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