February 25, 2024
Thermal Spray Coatings Market

Thermal Spray Coatings Market is expected to be Flourished by Growing Demand from Aerospace Industry

Thermal spray coatings refer to protective or wear-resistant coatings formed by melting and spraying powder or wire material onto a surface. Thermal spray coatings are used across various end-use industries such as aerospace, automotive, healthcare, oil & gas, and electronics among others. Thermal spray coatings provide excellent wear and corrosion resistance properties, increased lubricity, electrical conductivity, and thermal insulation. In the aerospace industry, thermal spray coatings are extensively used to protect critical engine parts including turbine blades, shrouds, and combustion chambers from high temperature corrosion and wear. Thin, dense, and adherent thermal spray coatings improve performance and increase the lifespan of aircraft components.

The global thermal spray coatings market is estimated to be valued at US$ 13,161.34 million in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Growing demand from the aerospace industry is expected to drive the growth of the thermal spray coatings market over the forecast period. Aerospace is one of the major end-use industries for thermal spray coatings, accounting for over 35% of market share. Thermal spray coatings like aluminum, ceramic coatings provide excellent protection to critical aircraft engine parts exposed to high temperatures and extreme wear conditions. Thin thermal spray coatings also help reduce weight of aircraft components. Furthermore, increase in aircraft fleet and passenger traffic globally has propelled the production of new commercial and military aircraft which in turn has boosted the demand for thermal spray coatings in the aerospace sector.

Another driver for the market is resistance to high-temperature corrosion and wear provided by thermal spray coatings. Thermal spray coatings provide admirable protection against high-temperature corrosion and wear experienced by components in industries such as aerospace, power generation, oil & gas etc. Dense and adherent microstructures of thermal spray coatings prevent chemical reaction between substrate material and corrosive environments. This significantly improves performance and prolongs the life of coated components. The capability to protect against high-temperature corrosion and wear has augmented the use of thermal spray coatings across different end-use industries.

Segment Analysis

The global thermal spray coatings market is segmented into type and application. Based on type, ceramic segment dominates the market and accounts for over 40% share owing to its wide usage in various end-use industries such as aviation, healthcare, automotive and others. Ceramic coatings provide excellent wear and corrosion resistance, high temperature stability and excellent insulation properties due to which they find major applications across industries.

PEST Analysis

Political: Thermal spray coatings are highly influenced by government policies and regulations regarding pollution control norms. Stringent regulations by EPA and other agencies related to reducing emissions affect manufacturing processes.

Economic: Growth of end-use industries like aviation, oil & gas, healthcare is driving demand for thermal spray coatings. However, volatile raw material prices and economic uncertainties impact the market.

Social: Increasing demand for lightweight yet durable materials from industries boost usage of thermal spray coatings. Growing industrialization and infrastructure development provide growth opportunities.

Technological: Developments in plasma spray and cold spray techniques have enhanced coating capabilities. Use of advanced robotic systems and 3D printing for customized coatings are trends gaining traction.

Key Takeaways

The Global Thermal Spray Coatings Market Growth is expected to witness high owing to rising demand from industries. The global Thermal Spray Coatings Market is estimated to be valued at US$ 13161.34 Mn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031.

Regionally, Asia Pacific dominates and is expected to maintain its lead position during the forecast period. China, India and other developing nations will drive future growth owing to thriving aerospace, industrial gas turbine and automotive industries in the region.

Key players operating in the thermal spray coatings market are Allan Chemical Corporation, CABB GmbH, Changshu Nanhu Chemical Co., Ltd., Fujian Fukang Pharmaceutical Co., Ltd., Nantong Zhongwang Additives Co., Ltd., Karn Chem Corporation, Niacet Corporation, NOAH Technologies Corporation, Shanxi Xinzhou Chemical Reagent Factory, and Spectrum Chemical Manufacturing Corporation.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it