Press release
Thermal Spray Market Size Forecast: $15.17 Billion by 2029 | Global Outlook
Thermal Spray
What Is the Projected Market Size Valuation of the Thermal Spray Market by 2025?
The expansion of the thermal spray market has been quite robust in the past few years. The market's size is projected to increase from $11.42 billion in 2024 to $12.06 billion in 2025, with a compound annual growth rate (CAGR) of 5.6%. The historical growth can be linked to the evolution in aerospace engineering sector, growing needs in the automotive industry, breakthroughs in medical implants, amplified demands for efficient power generation, requirements for corrosion resistance, improvements in material longevity, and the emergence of industrial automation.
What Is the Estimated Market Growth Value for the Thermal Spray Industry in 2029?
In the forthcoming years, the thermal spray market size is slated for substantial growth, ballooning to $15.17 billion by 2029 with a compound annual growth rate (CAGR) of 5.9%. Factors contributing to this projected growth within the forecast period encompass breakthroughs in material science, escalating demand for surface coating in the aerospace and automotive sectors, increased usage in healthcare for medical devices, expansion in the renewable energy industry, technological advancements, strict environmental protocols, and the growing use in the electronics sector. Trends anticipated within the forecast period include improved coating materials technology, increased application of plasma spray methods, growth in untapped markets, a heightened focus on eco-friendly procedures, and amplified integration with digital manufacturing and automation technologies.
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What Are the Growth Drivers and Opportunities in the Thermal Spray Market?
The thermal spray market is poised for growth, driven by the expanding energy and power industries. These industries, which constitute entities engaged in the generation, transmission, distribution, and application of energy resources to cater to societal needs, are witnessing growth driven by increased global electricity needs, progressive renewable energy technology, and the push towards cleaner and sustainable energy sources. The use of thermal spray coatings in the energy and power sector is prevalent, contributing to enhanced turbine efficiency, extended equipment lifespan, and corrosion prevention in various components. For example, data from the Office for National Statistics, a UK-based statistical institute, exhibited that in 2022, the industry that supplies electricity, gas, steam and air conditioning experienced the highest revenue, hitting £22.0 billion ($31.02 billion), accounting for 31.7% of the total revenue in the low carbon and renewable energy economy. Importantly, this sector witnessed an impressive increase of 59.6% (£8.2 billion ($ 11.562 billion)) from 2021 to 2022. Consequently, the surge in the energy and power industries is expected to stimulate the thermal spray market.
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What Are the Primary Segments Covered in the Global Thermal Spray Market Report?
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
What Are the Top Growth Trends in the Thermal Spray Market?
Leading firms in the thermal spray market are concentrating on the development of innovative solutions like supersonic spraying technology to improve the quality of coatings, boost productivity, and address evolving industry issues. The term "supersonic spraying technology" in the thermal spray field refers to a method in which particles are accelerated beyond the speed of sound, resulting in superior coating quality and enhanced efficiency. For example, Castolin Eutectic, a German company that offers surface protection solutions, debuted the XupersoniClad in June 2023, a fresh thermal spraying service that utilizes supersonic spraying technology. This service is tailored to provide an efficacious solution for novel high entropy alloy (HEA) coatings that amalgamate five or more elements to outstrip conventional materials. It's a warm spray procedure that works at lower temperatures and increased speeds in comparison to standard high-velocity oxy-fuel (HVOF) processes, making it more proficient and impactful.
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Which Companies Are Shaping the Future of the Thermal Spray Market?
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 Region Holds the Largest Market Share in the Thermal Spray Industry?
North America was the largest region in the thermal spray market in 2024. 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.
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Synopsis of Thermal spray Market:-
Thermal spraying is an industrial process of coating that involves the formation of substrates in the semi-molten and molten state. Thermal spraying provides…
