Thermal Spray Coatings Market Size, Share & Trends Analysis Report By Product (Ceramic, Abradables), By Application (Aerospace, Medical), By Technology (Plasma, Flame Sprays), And Segment Forecasts, 2021 - 2028

Report Overview

The global thermal spray coatings market size was valued at USD 10.4 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.1% from 2021 to 2028. The global market is anticipated to be driven by the increasing product application scope owing to its advantages, such as wear and corrosion protection, low toxic gas emissions, thickness capability, and electrical resistance. Moreover, growing product demand from the industrial gas turbine applications coupled with a growing preference for thermal spray coatings over hard chrome coatings is expected to augment the market growth. Furthermore, technological innovations for the development of cost-effective products are also expected to have a positive impact on market growth.

Aluminum, zinc, polypropylene, and epoxy resins are the key raw materials used in thermal spray coatings; hence, various manufacturers, such as Praxair Surface Technologies and Flame Spray Coating Co., produce their metal and epoxy resins supplies to integrate production vertically. The U.S. represents the largest market in North America and is expected to dominate the market over the forecast period.

Increasing production output of shale gas and tight oil is expected to have a positive impact on market development. 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.

In the automotive industry, they are used to coat cylinder rings, piston rings, crankshafts, brake discs, exhaust pipes, turbochargers, oxygen sensors, shifters, and a variety of other components. Automotive manufacturers need to produce vehicles that have a high level of reliability, quality, and durability; all at a low cost. This can be achieved by using base materials that have a low cost and use high-tech functional coatings on them. This helps in increasing the service life as well as improve the vehicle’s performance.

Increasing automotive production, mainly in the Asia Pacific region, is expected to propel the product demand in the years to come. However, the global Covid-19 pandemic has disrupted supply chains and sharply curtailed product demand. Restriction in supply and transportation due to slowdown or halting of factories and partial or nationwide lockdowns in several countries to restrain the spread of the disease is expected to hinder the market growth to some extent.

Product Insights

The ceramics segment dominated the market with a share of 31.4% in 2020 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.

Increasing preference for high-performance ceramic coatings in various sectors including healthcare, aerospace & defense, fiber-optic communications, industrial goods, energy, and environmental protection is expected to drive industry growth over the forecast period. In addition, ceramic-based products are also used on tools, such as cast steel molds, iron ladles, and heat element protectors, to replace ceramic slurry and pure ceramic-coated tools.

The metals segment accounted for the second-largest revenue share in 2020 and is expected to grow at a steady CAGR of 4.0% from 2021 to 2028. The segment growth is credited to the increasing scope of application in the automotive sector as thermal spray coatings provide external protection to automotive parts. In addition, the rising automotive production is expected to fuel segment growth over the forecast period. Metal thermal spray coating is also done on new bridges to offer additional corrosion protection to the structure.

Rising product demand from the automotive sector, mainly in the high-performance racing segment, is expected to increase its market penetration over the forecast period. Furthermore, extensive usage in the construction sector, as the product offers protection against corrosion, is anticipated to augment the market growth over the forecast period.

Application Insights

The aerospace application segment accounted for the highest revenue share of over 32% in 2020 owing to high product demand on account of its advantages, such as low toxic gas emissions, wear & corrosion protection, electrical resistance, and thickness capability. Expansion of the aerospace sector, particularly civil aviation, in the Asia Pacific region, predominantly in India and China, on account of increasing consumer disposable income is expected to have a positive impact on the market over the forecast period.

However, the global pandemic is restraining the industry growth due to order cancellations, a slowdown in manufacturing operations, restrictions on supply & transport, and on the movement of passengers. This, in turn, is further projected to hamper the product demand, thereby limiting the market growth. The industrial gas turbine segment also held a significant revenue share in the past and is expected to grow at a steady CAGR from 2021 to 2028.

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 growth. The rising application scope of gas turbines in locomotives, ships, helicopters, tanks, and motorcycles is expected to augment product demand over the forecast period. A gas turbine is known to be a multi-fuel engine as it can use all types of combustible liquids and gases, which drives their demand in various industries.

Technology Insights

The plasma spray technology segment led the global market with a revenue share of more than 32% in 2020. The segment is estimated to expand further at the fastest CAGR from 2021 to 2028. A major advantage of using plasma spray 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 temperature management, clearance control, electrical conductivity & resistivity, and resistance against corrosion, heat & oxidation, and wear.

This process is used on printing rolls, gas turbines, industrial diesel engine piston rings, and oil & gas machinery. Over the past few years, the oil & gas industry has seen tremendous advances in technology, related to estimating, finding, and production of oil and gas. Such technological advancements are expected to positively have a positive impact on segment growth.

Flame spray is the second-largest technology segment and is expected to grow at a CAGR of 3.4% from 2021 to 2028. The process is often used as a cost-effective alternative for ceramic and metallic coatings. The flame spraying process is used in applications, such as bridges, offshore platforms, and LPG bottles. The upcoming construction projects in countries, such as Malaysia, India, and the U.S., are expected to have a positive impact on the segment growth.

Regional Insights

North America accounted for the highest revenue share of over 28% in 2020 and will retain its leading position throughout the forecast years. This growth can be credited to the presence of various aerospace and automotive companies in the region. In addition, the presence of various major product manufacturers including H.C. Starck Inc., Carpenter Technology Corporation, and Curtis-Wright Corporation, among others, has further intensified the competition among the players in the market.

The growing aerospace market in the U.S. along with the emergence of major aerospace companies in Mexico is expected to fuel the product demand in the regional market over the forecast period. The rapidly expanding automobile industry coupled with increased oil exploration activities in Mexico is also expected to drive the market growth. Asia Pacific is estimated to be the fastest-growing regional market over the forecast years. The growth can be attributed to the increasing product demand from the aerospace, automotive, and oil & gas industries in key economies, such as China and India.

The market in Europe is estimated to grow at a steady CAGR during the projected period. Increasing R&D expenditure in the pharmaceutical industry in Europe is expected to fuel the product demand during the forecast period. Huge potential for crude oil and natural gas in Russia coupled with the increasing deployment of Enhanced Oil Recovery (EOR) by the manufacturers is expected to augment the market growth. Furthermore, the rapid expansion of automobile production in Austria, Hungary, and Romania is expected to fuel the market growth.

Key Companies & Market Share Insights

The market is characterized by the presence of several major players. The companies compete based on products and services offered, as they have similar product portfolios. The players in the market use the cost advantage approach to market and sell their products.

Strategic partnerships and acquisitions are among the prominent strategies adopted by the players operating in the global market. For instance, in December 2017, Cincinnati Thermal Spray, Inc. signed a non-exclusive license agreement with Solution Spray Technologies, LLC to further commercialize the solution precursor plasma spray process. Some of the prominent players in the global thermal spray coatings market include:

• Praxair Surface Technologies, Inc.

• H.C. Starck, Inc.

• Wall Colmonoy Corp.

• Powder Alloy Corp.

• Saint-Gobain S.A.

• Carpenter Technology Corp.

• Durum Verschleiss-Schutz GmbH

• Montreal Carbide Co. Ltd.

• Progressive Surface, Inc.

• American Roller Company, LLC

• Lincotek Surface Solutions

• John Wood Group PLC

• Air Products and Chemicals, Inc.

• Metallizing Equipment Co. Pvt. Ltd.

Thermal Spray Coatings Market Report Scope

Segments Covered in the Report

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 2028. 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 - 2028)

  • Metals

  • Ceramics

  • Intermetallics

  • Polymers

  • Carbides

  • Abradables

  • Others

• Technology Outlook (Revenue, USD Million, 2016 - 2028)

  • Cold

  • Flame

  • Plasma

  • High-Velocity Oxy-Fuel (HVOF)

  • Electric Arc

  • Others

• Application Outlook (Revenue, USD Million, 2016 - 2028)

  • Aerospace

  • Industrial Gas Turbine

  • Automotive

  • Medical

  • Printing

  • Oil & Gas

  • Steel

  • Pulp & Paper

  • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K

    • France

    • Finland

    • Denmark

    • Sweden

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • Thailand

    • Malaysia

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • United Arab Emirates (UAE)

    • Oman