Thermal Spray Coatings Market Size, Share & Trends Analysis Report By Product, By Technology (Cold, Flame, Plasma, HVOF, Electric Arc), By Application, By Region, And Segment Forecasts, 2019 - 2025

Industry Insights

The global thermal spray coatings market size was estimated at USD 8.92 billion in 2017, expanding at a CAGR of 6.7% from 2018 to 2025. Increasing demand from industrial gas turbines coupled with growing preference for the product over hard chrome coatings is expected to augment the growth.

Technological innovations by various companies, aimed at the development of cost-effective product line, is expected to be a critical growth driver. In addition, increasing scope of application, owing to advantages, such as wear and corrosion protection, low toxic gas emissions, thickness capability, and electrical resistance is expected to fuel product growth.

Aluminum, steel, nickel, and copper among various others materials are used to produce various thermal spray coatings. These raw materials are used in a variety of industries and applications other than in thermal spray coatings.

With growth of various industries, such as paints and coatings, automotive, aerospace, medical, and packaging; the demand for these materials is expected to increase. This rise could hamper the continuous flow of these materials in the value chain. However, increasing production of materials, such as aluminum, steel, nickel, copper, and iron ore, is expected to help meet the rising demand. In addition, development of alternative resources; for instance, composites that are being used in building and construction instead of aluminum or steel; is expected to help maintain the flow of raw materials in the value chain. 

Rising scope of application for gas turbines in ships, locomotives, tanks, helicopters, and motorcycles is expected to augment the thermal spray coatings market over the forecast period. Polymer and metal coatings are employed in powdered form on industrial gas turbines blades on account of properties, such as high temperature corrosion resistance.

The product is increasingly being used as a replacement for hard chromium plating. Thermal sprayed carbide coatings are widely used on landing gear for aircrafts. These coatings provide exceptional wear and corrosion resistance in this application. In the production of hard chromium plating, hexavalent chromium is produced as a byproduct, which is recognized as a carcinogen. Various industries that generate hexavalent chromium, face environmental and occupational regulations, which are expected to become even more stringent over the forecast period. These trends are expected to positively impact the product demand.

The automotive industry is a key consumer of thermal spray coatings. The product is used to coat engines, body, fenders, moldings, and suspension systems among other automotive parts. Growing automotive production mainly in China, India, Indonesia, Japan, Malaysia, and Taiwan is expected to propel demand from automotive sector.

Furthermore, technological advancements, shifting consumer preferences, and stringent climate-change policies are driving the demand for smart, environment-friendly, and fuel efficient vehicles. Demand for hybrid vehicles is also expected to increase, thus impacting the demand for the product positively. 

Technology Insights

Plasma spray technology segment led the global market in terms of revenue in 2017. A major advantage of using this technology is its ability to spray a wide range of materials, such as metals and ceramics, on both large and small component. The process provides corrosion resistance, wear resistance, clearance control, heat and oxidation resistance, temperature management, and electrical conductivity and resistivity to the surface.Plasma process is used on gas turbines, printing rolls, industrial diesel engine piston rings, and on oil and gas machinery.

Application Insights

In 2017, aerospace application segment held the largest market share. Widening scope of application, owing to advantages, such as wear and corrosion protection, low toxic gas emissions, thickness capability, and electrical resistance is expected to fuel demand from aerospace segment. Expansion of the aerospace sector, particularly civil aviation in Asia Pacific mainly in India and China, on account of increasing disposable income of consumers, is expected to have a positive impact on the market over the forecast period.

Industrial gas turbines held a significant market share in 2017 and is expected to witness steady growth over the forecast period. The product protects gas turbine components against wear, corrosion, and friction. In addition, extends the life of turbine components. Rising adoption of gas turbines in ships, locomotives, tanks, helicopters, and motorcycles is expected to boost the segment growth. High demand for gas turbines, mainly in China and India to reduce dependence on coal plants and to promote fuel diversification, is expected to positively impact market growth in near future. 

Product Insights

In 2017, ceramics led the global market in terms of revenue. Ceramics are used in almost all types of coatings including water plasma spaying, HVOF, gas plasma spraying, arc spraying, flame spraying, and powder flame spraying. These coatings are used in automotive, aerospace, and industrial gas turbines among other applications.

Increasing preference for high performance ceramic coatings in various sectors including energy, healthcare, fiber-optic communications, aerospace and defense, industrial goods, and environmental protection is expected to drive growth of the market over the forecast period. In addition, ceramic coatings are used on tools such as cast steel molds, iron ladles, and heat element protectors to replace ceramic slurry and pure ceramic coated tools. They help extend life and lower operation cost of light metal casting of the tool and are thus gaining popularity.

Regional Insights

North America was the leading segment in 2017 in terms of revenue, and is expected to continue its dominance over the forecast period. Growing aerospace industry in U.S. along with emergence of major aerospace companies in Mexico is expected to fuel demand for thermal spray coatings. Presence of industry giants including Boeing and Airbus is expected to further augment growth. In addition, growing automobile industry coupled with increased oil exploration activities in Mexico is expected to drive regional demand.

Europe accounted for a significant market share in 2017. Increasing R&D expenditure in the pharmaceutical industry in Europe is expected to fuel demand over the next seven years. Huge potential of 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, expansion of automobile production in Austria, Hungary, and Romania is expected to fuel growth over the forecast period.

Thermal Spray Coatings Market Share Insights

The market is characterized by the presence of various major players along various small and medium players catering to the local demand. The market is characterized by forward 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. The R&D initiatives by a few companies to enhance their product specifications and market reach is expected to further augment the product demand over the forecast period.

Some of the key manufacturers include Praxair Surface Technologies; H.C. Starck Inc.; Wall Colmonoy; Powder Alloy Corporation; Carpenter Technology Corporation; Montreal Carbide Co. Ltd.; and Kennametal Stellite.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country level and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. 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, 2014 - 2025)

  • Metals

  • Ceramics

  • Intermetallics

  • Polymers

  • Carbides

  • Abradables

  • Others

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

  • Cold

  • Flame

  • Plasma

  • HVOF

  • Electric Arc

  • 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.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • Finland

    • France

    • Denmark

    • Sweden

  • Asia Pacific

    • Japan

    • China

    • India

    • Thailand

    • Malaysia

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • UAE

    • Saudi Arabia