Thermal Spray Coatings Industry Global Trend 2023, Gross Earning and Emerging Growth Opportunity 2030

Market Insight

Thermal spray coatings market 2020 is all set to observe an impressive growth at a significant rate during the evaluation period (between 2021 and 2028), claims Market Research Future (MRFR). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.

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Top Drivers and Challenges

Thermal spray coatings note high demand from industrial gas turbines, which benefits the global market. The rising preference for thermal spray coatings instead of hard chrome coatings and continuous technological advancements to develop affordable products have also helped the market gain high traction in recent years. The product’s application scope has been widening at a promising rate, given its advantages including corrosion and wear protection, thickness capacity, electrical resistance and low toxic gas emissions.

Industries that generate high volumes of hexavalent chromium can face stricter occupational and environmental regulations in the coming years. This trend is expected to have a positive impact on the thermal spray coatings industry. The automotive sector has emerged as a prime application area, and the demand for thermal spray coatings is only expected to mount exponentially in the following years. These coatings are used on several parts of the vehicle, such as body, engines, moldings, suspension systems and fenders. Therefore, the expanding automotive production in Asia Pacific and several other regions worldwide will help foster the demand for thermal spray coatings.

However, the COVID-19 outbreak and the relentless growth of the pandemic worldwide have led to many of the manufacturing units shutting down. This has negatively impacted the thermal spray coatings market. Even as the whole world is struggling to find a breakthrough for the SARS-CoV-2 infection, the fluctuating prices of the raw materials has slowed down the market growth rate. The prices of crude oil have also slumped following the advent of the novel coronavirus, in light of the ban on travel and supply post the worldwide lockdown. Having said that, the intensified demand for hybrid vehicles over the years could be a silver lining for the thermal spray coatings market in the ensuing years.

Segmental Insight

The market for thermal spray coatings has been segmented with respect to coating material, heat source, process and end-use industry.

Depending on coating material, the global market can be considered for carbide, ceramic, polymer, cermet and metal alloys.

In terms of heat source, the thermal spray coatings market has been dissected into combustion flame as well as electrical energy.

Process-wise, the main categories are flame spray, cold spray, electric arc spray, high-velocity oxy-fuel, plasma spray, and others.

Some of the key end-user industries listed in the MRFR report are automotive, industrial, construction, aerospace, energy power, healthcare, agriculture, electronics, and more.

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Regional Insight

The thermal spray coatings industry has been studied thoroughly, considering a few key regions, namely North America, Asia Pacific/APAC, Latin America, MEA/Middle East and Africa and Europe.

The APAC market is the global leader, in terms of size as well as consumption, owing to the fast growth in industrialization in conjunction with the lenient investment schemes and fast developing countries. The brilliant growth can also be attributed to the key end-use industries like healthcare, automotive, energy power, industrial, agriculture, electronics, and others. China, Japan and India are some of the most lucrative markets in APAC, thanks to the accelerated growth of the industrial sector in these nations.

North America remains the second biggest market since 2017, and could observe higher growth rate in the upcoming period. End-users such as healthcare, aerospace, energy power, agriculture and industrial are expected to back the strong market growth in the region during the conjectured timeline. While the massive pool of leading giants such as Airbus and Boeing bolsters the market position, the rapidly growing automobile sector and the notable surge in oil exploration activities in Mexico adds to the growth in the region.

Europe remains one of the top performing markets for thermal spray coatings, with the agriculture and automotive industries increasing their product demand and consumption. The massive potential for natural gas and crude oil in Russia combined with the increasing use of more oil recovery by key manufacturers could also generate significant revenues. The fast escalating automobile production in Hungary, Romania and Austria also strengthen Europe’s position in the global market.

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Key Industry Firms

Key industry firms profiled in the MRFR study include General Magnaplate Corporation (U.S.), AA Thermal Spray Coatings (U.S.), Metallisation Ltd. (England), ASB Industries Inc. (U.S.), Surface Technology (UK), Precision Coatings, Inc. (U.S.), Cincinnati Thermal Spray Inc. (U.S.), Oerlikon Metco Ag Wohlen (Switzerland), BryCoat Inc. (U.S.), Praxair S.T. Technology, Inc. (U.S.), Flame Spray Coating Company (U.S.), Plasma-Tec (U.S.), Progressive Surface (U.S.), H.C. Starck GmbH (Germany), Air Products Chemicals Inc. (U.S.), to mention a few.

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