The global Thermal Spray Coatings market size is expected to be worth around US$ 24.1 billion by 2030, according to a new report by Vision Research Reports.
The global Thermal Spray Coatings market size was valued at US$ 20.4 billion in 2020 and is anticipated to grow at a CAGR of 5.1% during forecast period 2021 to 2030.
The global market is anticipated to be driven by the increasing product application scope owing to advantages, such as wear and corrosion protection, low toxic gas emissions, thickness capability, and electrical resistance.
Thermal spraying is used to improve or restore the surface of a solid material. It can also be used for applying coatings to a wide range of components and materials for better resistance against cavitation, wear, abrasion erosion, and heat. Approximately, 40 to 45% of paints & coatings produced globally are used as protective and decorative paints in the architecture industry. These can be used either for existing or newly constructed structures including monuments, private offices, residential buildings, plants & factories, and public buildings.
China, India, and Indonesia are majorly contributing to the growth of the construction industry in Asia Pacific. The rising population coupled with rapid urbanization & industrialization, especially in the aforementioned economies, has encouraged governments to increase their construction spending and boost infrastructural development. Furthermore, the rising popularity of powder-based coatings owing to the low cost is also significantly contributing to the growth of the global coatings market. Various rules are applicable, in terms of the manufacturing of coatings, due to the carcinogenic and flammable nature of solvents.
However, powder-based coatings are eco-friendly as they contain no solvents and hence do not lead to Volatile Organic Compounds (VOCs), which cause air pollution. The Covid-19 pandemic has severely disrupted supply chains and sharply curtailed product demand. Restriction in transportation and supply due to slowdown or halting of factories and partial or nationwide lockdowns in several countries to restrain the spread of the coronavirus are expected to have an adverse impact on market growth.
The ceramics segment dominated the market with a share of 31.4% in 2020 and is expected to maintain its dominance throughout the forecast period. Ceramics are used in almost all types of thermal spray coatings including High-Velocity Oxy-Fuel (HVOF), water plasma, gas plasma, electric arc, flame, and powder flame spraying systems.
Increasing preference for high-performance ceramic coatings in various sectors including healthcare, aerospace & defense, fiber-optic communications, industrial goods, energy, and environmental protection is expected to drive industry growth over the forecast period. In addition, ceramic-based products are also used on tools, such as cast steel molds, iron ladles, and heat element protectors, to replace ceramic slurry and pure ceramic-coated tools.
The metals segment accounted for the second-largest revenue share in 2020 and is expected to grow at a steady CAGR of 4.0% from 2021 to 2028. The segment growth is credited to the increasing scope of application in the automotive sector as thermal spray coatings provide external protection to automotive parts. In addition, the rising automotive production is expected to fuel segment growth over the forecast period. Metal thermal spray coating is also done on new bridges to offer additional corrosion protection to the structure.
Rising product demand from the automotive sector, mainly in the high-performance racing segment, is expected to increase its market penetration over the forecast period. Furthermore, extensive usage in the construction sector, as the product offers protection against corrosion, is anticipated to augment the market growth over the forecast period.
The aerospace application segment accounted for the highest revenue share of over 32% in 2020 owing to high product demand on account of its advantages, such as low toxic gas emissions, wear & corrosion protection, electrical resistance, and thickness capability. Expansion of the aerospace sector, particularly civil aviation, in the Asia Pacific region, predominantly in India and China, on account of increasing consumer disposable income is expected to have a positive impact on the market over the forecast period.
However, the global pandemic is restraining the industry growth due to order cancellations, a slowdown in manufacturing operations, restrictions on supply & transport, and on the movement of passengers. This, in turn, is further projected to hamper the product demand, thereby limiting the market growth. The industrial gas turbine segment also held a significant revenue share in the past and is expected to grow at a steady CAGR from 2021 to 2028.
Thermal spray coatings protect gas turbine components from wear, corrosion, and friction. In addition, they help extend the life of these components. High demand for gas turbines in China and India to promote fuel diversification and reduce the dependence on coal plants is expected to drive the segment growth. The rising application scope of gas turbines in locomotives, ships, helicopters, tanks, and motorcycles is expected to augment product demand over the forecast period. A gas turbine is known to be a multi-fuel engine as it can use all types of combustible liquids and gases, which drives their demand in various industries.
The plasma spray technology segment led the global market with a revenue share of more than 32% in 2020. The segment is estimated to expand further at the fastest CAGR from 2021 to 2028. A major advantage of using plasma spray coating is its ability to spray a wide range of materials, such as metals and ceramics, on both large and small components. The process provides temperature management, clearance control, electrical conductivity & resistivity, and resistance against corrosion, heat & oxidation, and wear.
This process is used on printing rolls, gas turbines, industrial diesel engine piston rings, and oil & gas machinery. Over the past few years, the oil & gas industry has seen tremendous advances in technology, related to estimating, finding, and production of oil and gas. Such technological advancements are expected to positively have a positive impact on segment growth.
Flame spray is the second-largest technology segment and is expected to grow at a CAGR of 3.4% from 2021 to 2028. The process is often used as a cost-effective alternative for ceramic and metallic coatings. The flame spraying process is used in applications, such as bridges, offshore platforms, and LPG bottles. The upcoming construction projects in countries, such as Malaysia, India, and the U.S., are expected to have a positive impact on the segment growth.
North America accounted for the highest revenue share of over 28% in 2020 and will retain its leading position throughout the forecast years. This growth can be credited to the presence of various aerospace and automotive companies in the region. In addition, the presence of various major product manufacturers including H.C. Starck Inc., Carpenter Technology Corporation, and Curtis-Wright Corporation, among others, has further intensified the competition among the players in the market.
The growing aerospace market in the U.S. along with the emergence of major aerospace companies in Mexico is expected to fuel the product demand in the regional market over the forecast period. The rapidly expanding automobile industry coupled with increased oil exploration activities in Mexico is also expected to drive the market growth. Asia Pacific is estimated to be the fastest-growing regional market over the forecast years. The growth can be attributed to the increasing product demand from the aerospace, automotive, and oil & gas industries in key economies, such as China and India.
The market in Europe is estimated to grow at a steady CAGR during the projected period. Increasing R&D expenditure in the pharmaceutical industry in Europe is expected to fuel the product demand during the forecast period. Huge potential for crude oil and natural gas in Russia coupled with the increasing deployment of Enhanced Oil Recovery (EOR) by the manufacturers is expected to augment the market growth. Furthermore, the rapid expansion of automobile production in Austria, Hungary, and Romania is expected to fuel the market growth.
Praxair Surface Technologies, Inc.
H.C. Starck, Inc.
Wall Colmonoy Corp.
Powder Alloy Corp.
Carpenter Technology Corp.
Durum Verschleiss-Schutz GmbH
Montreal Carbide Co. Ltd.
Progressive Surface, Inc.
American Roller Company, LLC
Lincotek Surface Solutions
John Wood Group PLC
Air Products and Chemicals, Inc.
Metallizing Equipment Co. Pvt. Ltd.
High-Velocity Oxy-Fuel (HVOF)
Industrial Gas Turbine
Oil & Gas
Pulp & Paper
Central & South America
Middle East & Africa
United Arab Emirates (UAE)
The Thermal Spray Coatings 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 Coatings market for the base year 2020 and the forecast between 2021 and 2030. 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 Coatings market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Thermal Spray Coatings 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 Coatings 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 Coatings 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 Coatings 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 Coatings market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. 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 Coatings market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Thermal Spray Coatings 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 Coatings 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.
The Thermal Spray Coatings 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 Coatings 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 Coatings 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 Coatings market. These factors have benefited the growth of the global market for Thermal Spray Coatings. 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 Coatings. 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 Coatings are as follows:
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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