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Thermal Spray Global Market Anticipated to Attain $14.82 Billion By 2028, at 6.7% CAGR | Latest Trends and Growth Opportunities
Thermal Spray Market
As per the report, the thermal spray market size has grown strongly in recent years. It will grow from $10.73 billion in 2023 to $11.42 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The thermal spray market size is expected to see strong growth in the next few years. It will grow to $14.82 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
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Growth of Energy And Power Industries Fuels Thermal Spray Market
The growing energy and power industries are expected to propel the growth of the thermal spray market going forward. Energy and power industries encompass sectors involved in generating, transmitting, distributing, and utilizing energy resources to meet various societal needs. The energy and power industries are growing due to increasing global electricity demand, advancements in renewable energy technologies, and efforts to transition to cleaner and more sustainable energy sources. The energy and power sector utilizes thermal spray coatings to enhance turbine efficiency, prolong equipment lifespan, and mitigate corrosion in various components. For instance, in March 2024, according to the Office for National Statistics, a UK-based national statistical institute, in 2022, the electricity, gas, steam, and air conditioning supply industry saw the highest turnover, reaching £22.0 billion ($31.02 billion), constituting 31.7% of the total turnover in the low carbon and renewable energy economy. Notably, this sector experienced the most significant increase, soaring by 59.6% (£8.2 billion ($ 11.562 billion)) from 2021 to 2022. Therefore, the growing energy and power industries will drive the thermal spray market.
Advancements In Thermal Spray Technology Enhanced Coating Quality And Efficiency
Major companies in the thermal spray market are focused on developing advanced solutions, such as supersonic spraying technology, to improve coating quality, enhance productivity, and address emerging industry challenges. Supersonic spraying technology in thermal spray refers to a process where particles are accelerated to velocities exceeding the speed of sound, resulting in high coating quality and increased efficiency. For instance, in June 2023, Castolin Eutectic, a Germany-based company that provides surface protection solutions, launched the XupersoniClad, a new thermal spraying service that leverages supersonic spraying technology. This service is designed to provide an effective solution for new-generation high entropy alloy (HEA) coatings, which combine five or more elements to outperform traditional materials. It is a warm spray process that operates at lower temperatures and higher velocities than traditional high-velocity oxy-fuel (HVOF) processes, making it more efficient and effective.
The thermal spray market covered in this report is segmented -
1) By Product Type: Coatings, Materials, Thermal Spray Equipment
2) By Technology: Cold Spray, Flame Spray, Plasma, Spray
3) By End-User Industry: Aerospace, Industrial Gas Turbines, Automotive, Electronics, Oil And Gas, Medical Devices, Energy And Power
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Major companies operating in the thermal spray market are Saint-Gobain Group, Linde plc, Sandvik AB, Aimtek Inc., OC Oerlikon Corporation AG, Curtiss-Wright Corporation, Kennametal Inc., Castolin Eutectic GmbH, Bodycote plc, Hoganas AB, Chromalloy Gas Turbine LLC, H.C. Starck Inc., FM Industries Inc., Fisher-Barton Group Inc., APS Materials Inc., Polymet Corporation, HAI Inc., Powder Alloy Corporation, ASB Industries Inc., Aisher APM LLC, Hunter Chemical LLC, Thermion Inc., C&M Technologies GmbH, Supersonic Spray Technologies, Metallizing Equipment Co. Pvt. Ltd
Contents of the report:
1. Executive Summary
2. Thermal Spray Market Report Structure
3. Thermal Spray Market Trends And Strategies
4. Thermal Spray Market - Macro Economic Scenario
5. Thermal Spray Market Size And Growth
…..
27. Thermal Spray Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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Thermal spraying is an industrial process of coating that involves the formation of substrates in the semi-molten and molten state. Thermal spraying provides…
