Growth of Energy And Power Industries Fuels Thermal Spray Market: Major Factor in the Transformation of the Thermal Spray Market in 2025

How Will the Thermal Spray Market Grow, and What Is the Projected Market Size?
The market size of thermal spray has witnessed substantial growth in the preceding years. Projected to surge from $11.42 billion in 2024 to $12.22 billion in 2025, the market is expected to exhibit a compound annual growth rate (CAGR) of 7.0%. Factors contributing to this surge during the historical period include advancements in the field of aerospace engineering, increased demand from the automotive industry, innovative medical implant techniques, escalating requirements for power generation efficiency, corrosion resistance needs, improvement in material durability, and the emergence of industrial automation.

In the coming years, a substantial increase in the thermal spray market size is anticipated, projecting a rise to $15.78 billion in 2029 with a compound annual growth rate (CAGR) of 6.6%. This predicted surge within the forecasted timeframe can be associated with improvements in material science, the escalated need for surface coating in aerospace and automotive sectors, growing utilization in the medical field particularly for medical devices, expansion in the renewable energy sector, technological breakthroughs, rigorous environmental standards, and wider application within the electronics industry. The major trends to look out for in this period encompass enhancement in coating materials technology, increased employment of plasma spray methods, development in up-and-coming markets, greater focus on environmentally-friendly systems, and intensifying integration with digital manufacturing and automation technologies.

What Key Elements Are Boosting Growth in the Thermal Spray Market?
The expansion of the thermal spray market is predicted to be fuelled by the burgeoning energy and power industries. These industries, which include sectors responsible for the generation, transmission, distribution, and use of energy resources to fulfil diverse societal needs, are experiencing growth due to rising global electricity requirements, advancements in renewable energy technologies, and the push towards greener and more sustainable energy sources. Thermal spray coatings are employed in the energy and power sector to improve turbine performance, extend equipment longevity, and minimise corrosion in various components. For example, the Office for National Statistics, a UK-based statistical institute, reported in March 2024 that the electricity, gas, steam, and air conditioning supply industry achieved the largest turnover in 2022, amounting to £22.0 billion ($31.02 billion), contributing to 31.7% of the total turnover in the low carbon and renewable energy economy. Importantly, this sector witnessed the most substantial growth, surging by 59.6% (£8.2 billion ($11.562 billion)) from 2021 to 2022. As such, the thermal spray market is set to benefit from the continued growth of the energy and power industries.

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Who Are the Major Industry Players Fueling Thermal Spray Market Expansion?
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

Which Key Developments Are Influencing the Thermal Spray Market?
Leading businesses in the thermal spray market are concentrating on creating innovative means such as supersonic spraying technology to enhance coating quality, boost productivity, and tackle emerging industry issues. Supersonic spraying technology is a procedure that accelerates particles to speeds surpassing the sound barrier's speed, leading to high caliber coating and improved efficacy in the thermal spray market. For example, in June 2023, Castolin Eutectic, an enterprise originating from Germany and providing surface protection solutions, unveiled XuperoniClad, a fresh thermal spray service incorporating supersonic spraying technology. This service aims to supply an efficient solution for the latest high entropy alloy (HEA) coatings that amalgamate five or more components, thus outstripping conventional materials. This warm spray process operates at cooler temperatures and faster speeds than the traditional high-velocity oxy-fuel (HVOF) procedures, rendering it more productive and potent.

How Is the Segmentation of the Thermal Spray Market Defined?
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

Subsegments:
1) By Coatings: Ceramic Coatings, Metal Coatings, Composite Coatings, Carbide Coatings, Zinc And Aluminum Coatings (For Corrosion Protection), Thermal Barrier Coatings, Wear-Resistant Coatings, Anti-Friction Coatings
2) By Materials: Powder Materials (Metal, Ceramic, Alloy Powders), Wire Materials (Metal Wires For Spray Coating), Rod Materials (For Specific Thermal Spraying Techniques), Bonding Materials (Primers And Adhesives), Gas And Liquid Fuels (Used For Thermal Spray Processes)
3) By Thermal Spray Equipment: Spray Guns (Plasma Spray Guns, Hvof Guns), Plasma Spray Equipment, Flame Spray Equipment, High-Velocity Oxygen Fuel (Hvof) Equipment, Arc Spray Systems, Wire Feeders, Powder Feeders, Control And Monitoring Systems For Thermal Spraying

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What Is the Leading Region in the Thermal Spray Market?
North America was the largest region in the thermal spray market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the thermal spray market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is Covered In The Thermal Spray Global Market Report?

- Market Size Analysis: Analyze the Thermal Spray Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Thermal Spray Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Thermal Spray Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Thermal Spray Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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