Thermal Spray Coatings Market Size, Share & Trends Analysis Report By Product, By Technology (Coldspray, Flame Spray, Plasma Spray, High Velocity; Oxy-Fuel), By Application, And Segment Forecasts, 2018 - 2025

Industry Insights

The global thermal spray coatings market size was estimated at USD 8.38 billion in 2016. Rising application scope of the products, most notably in the aerospace and automotive industries, owing to advantages such as thickness capability, wear and corrosion protection, low toxic gas emissions, electrical resistance, is expected to drive thermal spray coating market growth over the forecast period. 

These coatings have increasing market opportunity on account of properties such as biocompatibility, cavitation resistance and aesthetic appeal, making them ideally suited for several applications. Growing oil & gas explorations particularly in Asia Pacific, coupled with upcoming shale gas explorations particularly in North America, is expected to fuel product demand over the projected period.

In addition, infrastructure development planned by governments in emerging economies, particularly in in the field of aerospace and marine is expected to propel demand for the product over the forecast period. Furthermore, use of these products for medical and biomedical instruments to improve wear resistance and boost biocompatibility of prosthetics and dental implants is expected to augment industry growth during the forecast period.

The U.S. thermal spray coatings market was estimated at USD 1.76 billion in 2015 and is slated to grow at a CAGR of 6.6% from 2017 to 2025. Thermal spray coatings constitute metal, ceramic, intermetallic, polymer, carbides, abradables, and other materials, such as self-fluxing alloys. In addition to the growing application scope of the product in key verticals such as aerospace and automotive, the growth 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.

Over the past few years, there has been a considerable shift in consumer preferences towards thermal spray coatings from hard chrome counterparts, in order to comply with the stringent environmental standards; this is expected to be one of the key drivers for industry growth over the forecast period. Increasing application scope in engineering coatings, wear resistant coatings, biomedical, semiconductors, electronics, food processing, and energy is further expected to complement demand.

Safety, coupled with versatility by the application of the product, is expected to open new market avenues for companies over the forecast period. The products provide high corrosion resistance to various components. These products are capable of exerting quantifiable expansion pressure.

The industry is characterized by stringent regulations in various regions, including North America and Europe. There are numerous regulations governing the industry. MIL-STD-1687A(SH) standard determines thermal-spray processes for machinery element repair of ferrous and non-ferrous substrates. In addition, this standard also includes the various requirements for qualification of thermal spray procedures and operators, use of material and equipment, descriptions of applicable qualification tests, and quality assurance requirements.

The products are widely preferred over hard chrome in various applications on account of their biocompatible nature and compliance to VOC limits. They have growing market opportunity on account of its properties such as biocompatibility, cavitation resistance and aesthetic appeal, making them ideally suited for various applications.

Product Insights

Thermal spray coatings products include metal, ceramic, intermetallic, polymer, carbides, abradables and self-fluxing alloys.Ceramics is expected to be the largest growing product segment at a CAGR of 6.9% from 2017 to 2025. Increasing preference for high-performance ceramic coatings in various sectors, including healthcare, aerospace & defense, fiber-optic communications, energy, industrial goods, environmental protection is expected to drive industry growth over years.

Strict government regulations, mainly in North America and Europe, are expected to drive demand for environmental-friendly products, which in turn will augment industry growth during the forecast period. In addition, new product launches, along with increasing investments by companies, is expected to further fuel industry growth over the forecast years.

Metals accounted for 22.3% share of the overall market in 2016. Wide range of microstructures, speed of coating deposition and feedstock flexibility make the products a lucrative option for a use on metals, and hence, will be a key market driver over the forecast years. Stringent regulations, most notably those laid out by the EPA and AFSP, led to the use of these products in the automobile sector, on account of increasing consumer safety and environmental protection. In addition, increasing demand for aluminum for protection of steel in offshore structures is expected to propel industry growth

Technology Insights

The technologies covered in the report scope include cold, flame, plasma, high velocity, oxy-fuel, electric arc, detonation gun, and shrouded plasma-arc spray coatings.Plasma is expected to be the largest growing technology segment, slated to grow at a CAGR of 7.3% from 2017 to 2025. Rapid industrialization and infrastructure development is expected to drive bearing sector over the forecast period.

Flame spray technology is commonly used in industries such as oil exploration and agriculture. Flame spray and fuse coatings are produced in these industries to provide wear resistance, along with excellent impact resistance. There are many other industries that use flame technology, including aerospace, infrastructure, and machine repair. Growth in these application segments is expected to fuel technology demand over the forecast period.

Application insights

Aerospace was the largest application segment, accounting for 34.2% of global revenue share in 2016. Numerous aeronautic components require hard, wear resistant coatings that can withstand temperatures of up to 850°C. Expansion of the aerospace sector, particularly civil aviation in India and China on account of increasing disposable income of consumers, is expected to have a positive impact on the product industry over the forecast years.

Industrial gas turbine (IGT) was the second-largest application segment in 2016. The product aids in the protection of gas turbine components against wear, corrosion, and friction. Rising application scope of gas turbines in ships, helicopters, tanks, locomotives, and motorcycles is expected to augment demand over the forecast period. High demand for gas turbines mainly in China and India in order to reduce dependence on coal plants and promote fuel diversification will propel industry growth over the forecast period.

Regional Insights

North America was the largest market in terms of revenue in 2016, and this trend is expected to continue over the forecast period. The regional segment was estimated at USD 2.42 billion in 2016 and is projected to grow at a CAGR of over 6% from 2017 to 2025. Growing aerospace industry in the U.S., along with emergence of major aerospace companies in Mexico, is expected to fuel product demand.

Europe was the second-largest market segment in 2016, in terms of revenue, and is expected to grow at a rate of 6.1% over the forecast period. Rising R&D expenditure on pharmaceutical industry in Europe is expected to fuel product demand over the forecast years. High potential of crude oil and natural gas in Russia, coupled with increasing deployment of enhanced oil recovery by manufacturers, is expected to augment industry growth during the forecast period.

Thermal Spray Coatings Market Share Insights

Key players in the global market include Metallisation, Air Products & Chemicals Surface Technology, TST Engineered Coating Solutions, Flame Spray Coating Co., Praxair Surface Technologies. Companies have been emphasizing on new product developments, partnerships, and acquisitions with key players to increase their market shares and develop competitive edge in the overall industry.

Report Scope

Segments covered in the report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the latest trends and opportunities in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the thermal spray coatings market report on the basis of product, application, and region:

• Product Outlook (Revenue, USD Million, 2014 - 2025)

  • Metals

  • Ceramics

  • Intermetallics

  • Polymers

  • Carbides

  • Abradables

  • Others

• Technology Outlook (Revenue, USD Million, 2014 - 2025)

  • Cold spray

  • Flame spray

  • Plasma spray

  • HVOF

  • Electric arc spray

  • Others

• Application Outlook (Revenue, USD Million, 2014 - 2025)

  • Aerospace

  • Industrial Gas Turbine

  • Automotive

  • Medical

  • Printing

  • Oil & gas

  • Steel

  • Pulp & Paper

  • Others

• Regional Outlook (Revenue, USD Million, 2014 - 2025)

  • North America

    • U.S.

  • Europe

    • Germany

    • UK

  • Asia Pacific

    • Japan

    • China

    • India

  • South & Central America

    • Brazil

  • Middle East and Africa