PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1520672
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1520672
Global Thermal Spray Coating Market is valued approximately at USD 10.18 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 6.2% over the forecast period 2024-2032. Thermal spray coating, a technique that utilizes powder coating material melted into droplets and sprayed onto surfaces at high velocities, is crucial in protecting components from wear, corrosion, and high temperatures. This process, also known by various names such as spray welding, plasma spray, and High-Velocity Oxygen Fuel (HVOF), is extensively applied to metal substrates in industries where component durability is paramount. The growing demand for automobiles, driven by increasing disposable incomes and improved standards of living in developing countries like China and India, significantly boosts the market for thermal spray coatings. According to the International Organization of Motor Vehicle Manufacturers (OICA), the global automobile manufacturing production rate surged by 8% in 2018 compared to the previous year. High-performance ceramic coatings, utilized on automotive engine components, enhance fuel efficiency by protecting components from oxidation, thereby increasing their demand. However, the high initial setup cost due to the expensive apparatus required for thermal spray coatings and the difficulty in assessing coating absorption restrict their broader application, particularly in the medical sector.
The expanding automotive, aerospace, and heavy machinery industries, along with the military and civil airliner sectors, have driven the increased adoption of thermal spray coating technology. In the automotive industry, thermal spray coatings are used to coat piston and synchronizer rings, while in aerospace, they protect engine turbine blades from extreme temperatures, ensuring prolonged reliability. These coatings are also replacing hard chromium plating, offering improved performance and thus driving market growth.
The global thermal spray coating market is segmented based on material, process, end-use industry, and region. By material, the market includes ceramics, metal & alloys, and others like plastics and composites. The metal & alloys segment is projected to grow at the highest CAGR during the forecast period.
The key regions considered for the global Thermal Spray Coating Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific is a dominating region in the Thermal Spray Coating Market in terms of revenue. The market growth in the region is being attributed to factors including rising demand from various end-use industries such as automotive, oil & gas exploration, and healthcare. China is expected to play a major role in market growth due to its expanding industrial base and increasing disposable incomes. Whereas, the market in North America is anticipated to grow at the significant rate over the forecast period. Strong demand from key industries like aerospace, automotive, and energy fuels growth. These industries rely heavily on coatings for enhanced performance, durability, and corrosion resistance in critical components. Additionally, government funding for research and development of innovative coatings in the U.S. and Canada further propels the market forward. This focus on innovation, coupled with established manufacturing capabilities, positions North America as a leader in thermal spray coating technology.