The global thermal spray coatings market size was valued at USD 10.1 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 3.9% from 2020 to 2027. Increasing demand from the industrial gas turbines coupled with growing preference for the thermal spray coatings over hard chrome coatings is expected to augment market growth. Technological innovations for the development of cost-effective products are also expected to have a positive impact on growth. In addition, increasing product application scope owing to its advantages, such as wear and corrosion protection, low toxic gas emissions, thickness capability, and electrical resistance, is expected to fuel the demand for thermal spray coatings. Aluminum, steel, nickel, and copper are used for producing thermal spray coatings. These raw materials are also used in various other industries and applications.
The rapid growth of industries, such as paints and coatings, automotive, aerospace, medical, and packaging, is driving the demand for these materials, which could hamper the continuous flow of raw materials in the value chain. However, with the discovery of alternative resources, for instance, composites used in building and construction instead of aluminum or steel, is expected to help maintain the flow in the value chain.
Industries generating hexavalent chromium face environmental and occupational regulations, which will be even more stringent in the future. These trends are expected to positively impact the demand for thermal spray coatings. The automotive industry is a key application area for thermal spray coatings. The coatings are used to coat various parts in vehicles, such as engines, body, fenders, moldings, and suspension systems. Growing automotive production, mainly in Asia Pacific, is expected to propel the demand for thermal spray coatings. Furthermore, technological advancements, shifting consumer preference, and stringent climate-related policies are driving the demand for smart, environment-friendly, and fuel-efficient vehicles. The demand for hybrid vehicles is also expected to intensify, thus impacting the demand for thermal spray coatings.
However, the outbreak of highly contagious COVID-19 pandemic across the globe is severely affecting manufacturing industries, which, in turn, is anticipated to negatively impact the growth of the market for thermal spray coatings. Further, the outbreak has also affected the raw material prices of thermal spray coatings. Recently, crude oil prices hugely slumped owing to the outbreak of COVID-19 across the globe. The decline in demand, halts or slowdowns in the manufacturing industry, and restrictions in supply and travel are resulting in the decline of crude oil prices.
The ceramics segment held a maximum revenue share of 31.3% in the market in 2019 and is expected to maintain its dominance throughout the forecast period. Ceramics are used in almost all types of thermal spray coatings including High Velocity Oxy Fuel (HVOF), water plasma, gas plasma, electric arc, flame, and powder flame spraying systems.
These coatings are also used in automotive, aerospace, and industrial gas turbine applications. Increasing demand for high-performance ceramic thermal spray coatings in various sectors including energy, healthcare, fiber-optic communications, aerospace and defense, industrial goods, and environmental protection is expected to drive the growth of the segment over the forecast period. Ceramic thermal spray coatings are also used for tools, such as cast steel molds, iron ladles, and heat element protectors, to replace ceramic slurry and pure ceramic-coated tools. They help extend the life of the tool and lower light metal casting operation cost.
Considering the application segment, the aerospace application segment accounted for a revenue share of 32.3% by the end of 2019. The properties of thermal spray coatings, such as wear and corrosion protection, low toxic gas emissions, and thickness capability are expected to fuel segment growth. The rapid expansion of the aerospace sector, particularly civil aviation in India and China, on account of increasing disposable income levels, is expected to have a positive impact on segment growth over the forecast period.
The industrial gas turbines segment also held a significant revenue share in the thermal spray coatings market and is expected to witness steady growth over the forecast period. Thermal spray coatings protect gas turbine components from wear, corrosion, and friction. In addition, they help extend the life of these components. High demand for gas turbines in China and India to promote fuel diversification and reduce the dependence on coal plants is expected to drive the segment.
Plasma spray technology led the global market with a revenue share of 31.9%, in 2019. A major advantage of using this coating is its ability to spray a wide range of materials, such as metals and ceramics, on both large and small components. The process provides corrosion and wear resistance, clearance control, heat and oxidation resistance, temperature management, and electrical conductivity and resistivity to the surface. The plasma process is used on gas turbines, printing rolls, industrial diesel engine piston rings, and oil and gas machinery.
Thermal spray coatings are used to improve or restore the surface of a solid material. This process can be used to apply thermal spray coatings to a wide range of components and materials, to provide better resistance against cavitation, wear, abrasion erosion, heat, and corrosion. In addition, this process is used to provide insulation or electrical conductivity, chemical resistance, lubricity, sacrificial wear, high or low friction, and other desirable properties to the coated surface.
Considering regions, North America accounted for 28.7% share of global revenue in 2019. The growing aerospace market in the U.S. along with the emergence of major aerospace companies in Mexico is expected to fuel the regional demand for thermal spray coatings. The presence of industry giants like Boeing and Airbus is also expected to augment the growth. Rapidly expanding automobile industry coupled with increased oil exploration activities in Mexico is expected to further drive the market.
Europe is also expected to account for a prominent market share in 2019. Increasing R&D expenditure in the pharmaceutical industry in Europe is expected to fuel demand during the forecast period. Huge potential for crude oil and natural gas in Russia coupled with increasing deployment of enhanced oil recovery by the manufacturers is expected to augment market growth. Furthermore, the expansion of automobile production in Austria, Hungary, and Romania is expected to further fuel the growth.
The market is characterized by the presence of various small- and medium-scale companies catering to global and local demands. It is characterized by forwarding integration through raw material production, thermal spray coating manufacture, and distribution to various application industries. Integration across the stages of the value chain results in continuous raw material supply, as well as low manufacturing costs. R&D initiatives by a few companies to enhance their product specifications and market reach are expected to further augment the demand for thermal spray coatings in the years to come. Some of the prominent players in the thermal spray coatings market include:
Praxair Surface Technologies, Inc.
Hoganas AB
H.C. Starck Inc.
Castolin Eutectic
Wall Colmony Corporation
Powder Alloy Corporation
Saint-Gobain S.A.
Carpenter Technology Corporation
Fujimi Incorpoarated
Durum Verschleiss-Schutz GmbH
Montreal Carbide Co. Ltd.
Kennametal Stellite
Oerlikon Metco
AMT AG
GTV Verschleißschutz GmbH
Flame Spray Technologies
Medicoat AG
Progressive Surface, Inc.
TOCALO Co., Ltd.
American Roller Company, LLC
Bodycote plc
Lincotek Surface Solutions
John Wood Group PLC
F.W. Gartner Thermal Spraying
Vitta Corporation
Flame Spray Coating Co
Polymet Corporation
Curtiss-Wright Corporation
Metallisation Ltd.
TST Coatings Inc.
Air Products and Chemicals, Inc.
Metallizing Equipment Co. Pvt. Ltd.
Report Attribute |
Details |
Market size value in 2020 |
USD 10.4 billion |
Revenue forecast in 2027 |
USD 13.6 billion |
Growth Rate |
CAGR of 3.9% from 2020 to 2027 |
Base year for estimation |
2019 |
Historical data |
2016 - 2018 |
Forecast period |
2020 - 2027 |
Quantitative units |
Revenue in USD million and CAGR from 2020 to 2027 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Product, technology, application, region |
Regional scope |
North America; Europe; Asia; Pacific; Central & South America; Middle East & Africa |
Country scope |
U.S.; Canada; Mexico; Germany; U.K.; France; Finland; Denmark; Sweden; Japan; China; India; Australia; Thailand; Malaysia; Brazil; Argentina; Saudi Arabia; United Arab Emirates; Oman |
Key companies profiled |
Praxair Surface Technologies, Inc.; Saint-Gobain S.A.; Fujimi Incorporated; Bodycote plc; Oerlikon Metco; American Roller Company, LLC; Vitta Corporation; Medicoat AG |
Customization scope |
Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global thermal spray coatings market report on the basis of product, technology, application, and region:
Product Outlook (Revenue, USD Million, 2016 - 2027)
Ceramics
Intermetallics
Polymers
Carbides
Abradables
Others
Technology Outlook (Revenue, USD Million, 2016 - 2027)
Cold spray
Flame spray
Plasma spray
HVOF
Electric arc spray
Others
Application Outlook (Revenue, USD Million, 2016 - 2027)
Aerospace
Industrial gas turbine
Automotive
Medical
Printing
Oil & Gas
Steel
Pulp & Paper
Others
Regional Outlook (Revenue, USD Million, 2016 - 2027)
North America
The U.S.
Canada
Mexico
Europe
Germany
The U.K.
France
Finland
Denmark
Sweden
Asia Pacific
India
China
Japan
Thailand
Australia
Malaysia
Central & South America
Brazil
Argentina
Middle East & Africa
Saudi Arabia
United Arab Emirates (UAE)
Oman
b. The global thermal spray coatings market size was estimated at USD 10.1 billion in 2019 and is expected to reach USD 10.4 billion in 2020.
b. The global thermal spray coatings market is expected to grow at a compound annual growth rate of 3.9% from 2020 to 2027 to reach USD 13.6 billion by 2027.
b. North America dominated the thermal spray coatings market with a share of 28.7% in 2019. This is attributable to rising demand from various end-use industries such as the automotive and aerospace industries.
b. Some key players operating in the thermal spray coatings market include Praxair Surface Technologies, Inc., Hoganas AB, H.C. Starck Inc., Castolin Eutectic, Wall Colmony Corporation, Powder Alloy Corporation, Saint-Gobain S.A., Carpenter Technology Corporation, Fujimi Incorpoarated, Durum Verschleiss-Schutz GmbH, Montreal Carbide Co. Ltd., Kennametal Stellite, Oerlikon Metco, AMT AG, GTV Verschleißschutz GmbH, Flame Spray Technologies, Medicoat AG, Progressive Surface, Inc., TOCALO Co., Ltd., American Roller Company, LLC., Bodycote plc, Lincotek Surface Solutions, John Wood Group PLC, F.W. Gartner Thermal Spraying, Vitta Corporation, Flame Spray Coating Co, Polymet Corporation, Curtiss-Wright Corporation, Metallisation Ltd., TST Coatings Inc., Air Products and Chemicals, Inc., and Metallizing Equipment Co. Pvt. Ltd.
b. Key factors that are driving the market growth include thermal spray coatings application for gas turbines in ships, locomotives, tanks, helicopters, and motorcycles, and its increasing preference over hard chrome coatings across the various end industries.
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Thermal spray coatings are being used in the manufacturing process of medical devices such as ventilators, which have become an essential medical device for patients admitted in intensive care (ICU), amidst the outbreak of COVID-19 across the globe. Furthermore, the use of thermal spray coatings in the manufacturing of other medical components due to its abrasion resistance property would result in the spike in demand over the next year. The updated report will account for COVID-19 as a key market contributor.