The global thermal spray coating market size is projected to reach USD 13.9 billion by 2027, growing at a CAGR of 7.9% from 2020 to 2027.
Thermal spray coating is a coating process which utilize powder coating material to coat a surface. The powder coating material is melted into droplets and sprayed onto a surface at a high velocity. The thermal spray coating is applied to metal substrates and the process is known by a different name that includes spray welding, plasma spray, High-Velocity Oxygen Fuel (HVOF), and flame spray. Thermal spray coating technology is used on a vast range of components of rotating and moving parts of machines such as automobile engines, aerospace turbine, and machine tools, which operate in adverse environments where, erosion, wear, corrosion, or heat leads to decrease in component life.
Increase in disposable income and expenditure power of consumers and improvement in standard of living across developing countries such as China and India increase the demand for automobiles. According to International Organization of Motor Vehicle Manufacturer (OICA), the automobile manufacturing production rate has been increased by 8% in 2018 as compared to year 2017. High-performance ceramic coatings are applied on automotive engine components to increase the fuel efficiency.
Its physical properties such as resistance to high temperature protect the components from oxidation. This factor is anticipated to increase the demand for thermal spray coatings. Once the thermal spray coating has been applied, it is often difficult to tell how well the coating has been absorbed, other than by a visual assessment. In addition, thermal spray coatings require very expensive apparatus, which can result in a high initial set up cost. This factors are likely to restrict the use of thermal spray coating, particularly in medical sector.
The growing automotive, aerospace, and heavy machinery industries and military & civil airliner has led to increase in usage of thermal spray coating technology. Thermal spray coating is used to coat piston and synchronizer rings in automotive applications. Similarly, thermal spray coating is also used in aerospace application to coat engine turbine blades and protect it from extreme temperatures, as well as ensure increased reliability for ex- tended periods of time. These coatings are replacing hard chromium plating as the preferred coating method to offer improved performance. This factor is anticipated to drive the growth of the market.
The global thermal spray coating market is segmented based on material, process, end-use industry and region. Based on material, the global market is segmented into ceramics, metal & alloys and other materials. Covering materials accessible for thermal spray incorporate metals, alloys, ceramics, plastics and composites. They are fed in powder or wire structure, warmed to a liquid or semi molten state and coated towards substrates as micrometer-size particles. Based on material, the global market is segmented into ceramics, metal & alloys and other material such as plastic and composite.
The ceramics segment was the highest contributor to the market. Ceramics is anticipated to grow at a noteworthy rate during the analysis period. This is attributed to its beneficial characteristics such as cost-effectiveness, corrosion, thermal resistance, wear resistance, and others. Ceramics are especially suited to thermal spraying with plasma spraying being the most ideal process because of its high jet temperatures. The metal & alloys segment is estimated to grow with the highest CAGR during the forecast period.
Based on process, the global thermal spray coating market is bifurcated into flame spraying, arc spraying, plasma spraying, HVOF and others. The flame spraying segment was the highest contributor to the market. Flame spraying process is cost effective and hence are increasingly used for corrosion protection and to enhance the performance of surface. Aluminum, zinc, stainless steel, bronze, low carbon steel, nickel-based materials, molybdenum are materials used in this process. The plasma spraying segment is estimated to grow with the highest CAGR during the forecast period.
On the basis of end-use industry, the market is divided into automotive, aerospace, industrial and others. The aerospace segment was the highest contributor to the market. North America reported a greater demand for thermal spray coatings due to the established aerospace industry and increased investment in a similar sector to produce technologically advanced space vehicles. This factor is anticipated to allow manufacturers to produce weight-saving aircraft engines by creating enormous growth opportunities for ceramic material. As aircraft manufacturers are increasingly adopting ceramic material in engines of aircraft, the competition among them is growing, ultimately resulting in increased demand for thermal spray coating. The automotive segment is estimated to grow with the highest CAGR during the forecast period.
Based on region, the market is analyzed across North America, Asia-Pacific, Europe and LAMEA. Asia-Pacific was the dominant region in 2018 and is contributing significantly towards thermal spray coating market growth. China is expected to be the major player in the thermal spray coatings market due to demand from various end use industries such as automotive, oil & gas exploration, and healthcare. The market in Asia-Pacific is driven by the rise in demand in the automotive industry, growth in disposable income of consumers in the region, and increase in usage in the healthcare industry.
The major key players operating in the thermal spray coating market include 3M, A&A Thermal Spray Coatings, Inc., APS Materials, Inc., CoorsTek, Inc., Dupont De Nemours, Inc., Integrated Global Services, Inc., KCC Corporation (KCC), Linde Plc and Morgan Advanced Materials plc. Other players contributing towards thermal spray coating market share include Fosbel, Keronite Group, Oerlikon Metco, and Swain Tech Coatings. These major key players are adopting different strategies such as acquisition, business expansion, and collaboration to stay competitive in the global market.
By End use Industry
The Thermal Spray Coating market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Thermal Spray Coating market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Thermal Spray Coating market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Thermal Spray Coating market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Thermal Spray Coating market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Thermal Spray Coating capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Thermal Spray Coating by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Thermal Spray Coating market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Thermal Spray Coating market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Thermal Spray Coating market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Thermal Spray Coating industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Thermal Spray Coating market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Thermal Spray Coating market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Thermal Spray Coating market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Thermal Spray Coating market. These factors have benefited the growth of the global market for Thermal Spray Coating. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Thermal Spray Coating. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Thermal Spray Coating are as follows:
History Year: 2016-2019
Base Year: 2019
Estimated Year: 2020
Forecast Year 2020 to 2027
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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