Thermal Spray Coatings Market Size, Share & Trends Analysis Report By Application (Aerospace, Medical), By Type (Metal, Ceramic, Intermetallic), By Technology (Plasma, Cold, Flame Sprays), And Segment Forecasts, 2019 - 2025

Industry Insights

The global thermal spray coatings market size was valued at 9.50 billion in 2018 and is projected to expand at a CAGR of 6.8% from 2019 to 2025. Increasing product demand from the industrial gas turbines application industry coupled with its growing preference over hard chrome coatings is expected to augment the market growth over the forecast period. Technological innovations for the development of cost-effective products are also expected to have a positive impact on the market 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 further.

Aluminum, steel, nickel, and copper among various other materials are used to produce such coatings. Other than in thermal spray coatings, these raw materials are used in a variety of other industries and applications as well. Rapid growth of various industries, such as paints & coatings, automotive, aerospace, medical, and packaging, is driving the demand for these materials. This increasing demand could hamper the continuous flow of raw materials in the value chain. However, with the discovery 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 in the value chain.

Rising application scope of gas turbines in ships, locomotives, tanks, helicopters, and motorcycles is expected to help boost the product demand over the forecast period. Polymer and metal coatings are used in powdered form on industrial gas turbines blades on account of their properties, such as high temperature corrosion resistance. Thermal sprayed carbide coatings are widely used on landing gear for aircrafts as they provide exceptional wear and corrosion resistance. The product is increasingly being used as a replacement for hard chromium plating. In the production of hard chromium plating, hexavalent chromium is produced as a byproduct, which is recognized as a carcinogen.

Industries generating hexavalent chromium face environmental and occupational regulations, which will be even more stringent in future. These trends are expected to positively impact the product demand. The automotive industry is a key application segment. The product is used to coat various parts, such as engines, body, fenders, moldings, and suspension systems. Growing automotive production, mainly in APAC, is expected to propel product demand in this sector. Furthermore, technological advancements, shifting consumer preferences, 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 increase, thus impacting the demand for the product.

Type Insights

In 2018, ceramics led the global market in terms of revenue. Ceramics are used in almost all types of coatings including High Velocity Oxy Fuel (HVOF), water plasma, gas plasma, electric arc, flame, and powder flame sprayings. These coatings are further used in automotive, aerospace, and industrial gas turbine applications.Increasing demand for high-performance ceramic coatings in various sectors including energy, healthcare, fiber-optic communications, aerospace & defense, industrial goods, and environmental protection is expected to drive the industry growth over the forecast period. In addition, ceramic coatings are also used on tools, such as cast steel moulds, iron ladles, and heat element protectors, to replace ceramic slurry and pure ceramic coated tools. These coatings help extend the life of the tool and lower light metal casting operation cost.

Technology Insights

Plasma spray technology segment led the global market, in terms of revenue, in 2018. 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 component. The process provides corrosion and wear resistance, clearance control, heat & 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 oil & gas machinery.

Thermal spraying is used to improve or restore the surface of a solid material. This process can be used to apply 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.

Application Insights

In 2018, aerospace application segment held the largest share of the global market. Product properties, such as wear and corrosion protection, low toxic gas emissions, thickness capability, and so on, are expected to fuel the demand in this segment. 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 the segment growth over the forecast period.

Industrial gas turbines segment also held a significant market share 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.

Regional Insights

North America was the leading regional market in 2018 and is expected to continue its dominance during the forecast period. Growing aerospace market in U.S. along with the emergence of major aerospace companies in Mexico is expected to fuel the product demand. Presence of industry giants like Boeing and Airbus is also expected to augment the region’s development. Rapidly expanding automobile industry coupled with increased oil exploration activities in Mexico is expected to drive the market further.

Europe accounted for a significant share of the market in 2018. 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 small- and medium-scale companies catering to the global and local demands. It 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. R&D initiatives by a few companies to enhance their product specifications and market reach is expected to further augment the product demand in the years to come. Some of the key manufacturers in the global market include Praxair Surface Technologies; H.C. Starck, Inc.; Wall Colmonoy; Powder Alloy Corp.; Carpenter Technology Corp.; Montreal Carbide Co. Ltd.; and Kennametal Stellite.

Report Scope

Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels 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 type, technology, application, and region:

• Type 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

    • Saudi Arabia

    • UAE