Summary

Overview
Global Thermal Spray Market reached US$ 10.26 billion in 2023 and is expected to reach US$ 17.21 billion by 2031, growing with a CAGR of 6.68% during the forecast period 2024-2031.
The market demand is being driven by several causes in the short term, including the growing use of thermal spray coatings in medical devices, the increasing popularity of thermal spray ceramic coatings, the replacement of hard chrome coatings and the growing use of thermal spray coatings in the aerospace industry. Nevertheless, challenges related to the dependability and uniformity of the process, as well as the rise of extremely hard trivalent chromium coatings in recent times, could impede the expansion of the market.
Thermal spray coatings afford several characteristics such as resistance to abrasion, cavitation and erosive forces, chemical resistance, electrical insulation and enhanced adhesion between the substrate and top layer of components. The rigorous criteria imposed by the US EPA, REACH and OSHA on the reduction of hard chrome plating, which generates a byproduct acknowledged as a carcinogen, compel coating manufacturers to embrace sustainable alternatives that can drive market expansion in different industries.
Dynamics
Rising Demand in Healthcare
The growing use of thermal spray coatings in the healthcare sector can be ascribed to many driving factors that greatly improve the performance and safety of medical devices and equipment. An essential determinant is the enhancement in biocompatibility attained by these coatings, which decreases the likelihood of negative responses and promotes more seamless integration with the human body when applied to medical implants and equipment.
Furthermore, thermal spray coatings enhance the longevity of devices by augmenting their resilience and resistance to wear, so yielding items that are more enduring and dependable. Furthermore, the antibacterial qualities of certain thermal spray coatings contribute to infection control, therefore reducing the likelihood of healthcare-associated infections. Thus, the rising demand for the healthcare sector is projected to boost the thermal spray coatings market throughout the projected timeframe.
Rising Adoption in Renewable Energy
The growing need for energy and power has resulted in a rise in the use of fossil fuels, therefore causing substantial release of carbon dioxide into the atmosphere and causing severe climatic fluctuations. Nations worldwide are establishing renewable energy facilities to generate, modify and utilize energy derived from renewable sources. The power plants utilize a range of components, including wind turbines, rotational shafts and fans.
Application of thermal spray coatings to these components can provide protection against wear and corrosion, therefore fostering the expansion of the thermal spray coatings sector. Therefore, the deployment of thermal spray coatings in energy production is anticipated to drive the growth of the thermal spray coatings industry.
Lack of Skilled Workforce and Technical Precision
The thermal spray coating procedure is a surface coating technique designed for high precision. Moreover, clients of this business need the highest level of quality output. Hence, specialists involved in this procedure require specialized knowledge in choosing the most appropriate suspension particles to attain superior nanostructured coatings for sophisticated applications.
In addition, the procedure utilizes tools and sensors to quantify particle velocity in order to collect precise and reliable data for substrate materials. The proficiency to handle light alloys at regulated temperatures in large engineering projects is an essential competency needed for technicians. Such considerations can complicate the large-scale implementation of thermal spray coatings and restrict its market expansion.
Segment Analysis
The global thermal spray market is segmented based on product, coatings and finishes, end-user and region.
Expanding Aerospace Demand Fuels Growth
Thermal spray coatings are employed in the aerospace sector to safeguard components against high temperatures and pressures experienced during flight. Furthermore, apart from offering exceptional temperature resistance and durability, they are specifically engineered to safeguard engine turbine blades and actuation systems. Thermal spray find their main application in major components of jet engines, including crankshafts, piston rings, cylinders, valves and so on.
Moreover, they find application in the coating of landing gear, specifically bearings and axles, to enhance their resistance to compression stresses experienced during landing and takeoff. Excluding China, the Boeing Commercial Outlook 2021-2040 predicts that about 8,945 new deliveries will be made in the Asian-Pacific area by 2040, with a market service value of US$ 1,945 billion. Furthermore, it is projected that China alone will witness roughly 8,700 additional deliveries by 2040, amounting to a market service value of US$ 1,800 billion.
Furthermore, South Korea stands as a prominent market for US aerospace sector. The projected investment for the KF-X program by the Korean government is US$ 17 billion, to be allocated until 2025. During November 2018, Jeju Air, a domestic airline, placed an order for forty 737 MAX 8 aircraft valued at US$ 4.4 billion. Projected completion dates for the orders range from 2022 to 2026.
Geographical Penetration
Expansion in Aviation and Electronics in Asia-Pacific
Asia-Pacific dominated the regional share as major economies are on the verge of expanding in the studied market. China is the largest economy in the Asia-Pacific area based on its GDP statistics. China and India rank among the world's most rapidly expanding economies. As per the Civil Aviation Administration of China (CAAC), China is a major producer of aircraft and a significant market for the domestic air travel industry.
Furthermore, the aviation parts and assembly manufacturing industry has been seeing significant growth, with more than 200 small-scale aircraft components producers. In addition, Chinese airline businesses intend to acquire some 7,690 new aircraft over the next two decades, with an estimated value of US$ 1.2 trillion. This is anticipated to substantially expand the market demand for the thermal spray industry.
China is the foremost global hub for electronics manufacturing. China is heavily involved in the production of electronic goods, including smartphones, televisions, fiber optic cables, portable computer systems, gaming consoles and other personal electronic gadgets. The export value of Chinese electronics items demonstrated a growth of approximately 11.4% in 2021 compared to the preceding year. The top manufacturers' revenues experienced a year-on-year growth of 16.2% mostly driven by the sustained demand from the global market.
Competitive Landscape
The major global players in the market include Aisher APM LLC, AMETEK Inc., Aimtek Inc., C&M Technologies GmbH, Castolin Eutectic GmbH, CENTERLINE (WINDSOR) LIMITED (Supersonic Spray Technologies), CRS Holdings LLC, Global Tungsten & Powders Corp., H.C. Starck Inc., HAI Inc., Hoganas AB, Hunter Chemical LLC, Kennametal Inc., LSN Diffusion Limited and Linde PLC.
Russia-Ukraine War Impact Analysis
The ongoing conflict between Russia and Ukraine has significantly impacted thermal spray manufacturing in Ukraine, especially in sectors that heavily depend on reliable electricity infrastructure. The ongoing missile strikes aimed at power plants have significantly undermined Ukraine's capacity to sustain critical services, like as energy generation. Compromised thermal power plants and interrupted energy supplies in crucial industrial areas like as Lviv and Dnipropetrovsk present substantial obstacles to the thermal spray painting sector, since it depends on a consistent power source for equipment and operations.
Furthermore, the attacks on infrastructure have placed significant pressure on Ukraine's capacity to repair impaired equipment and infrastructures. The utilization of thermal spray services, extensively employed for repair and maintenance in the energy and aerospace industries, is being impeded by the unpredictable electrical grid and impaired industrial locations.
Product
• Coatings
• Materials
• Thermal Spray Equipment
Coatings and Finishes
• Combustion
• Electric Energy
End-User
• Aerospace
• Industrial Gas Turbines
• Automotive
• Electronics
• Oil and Gas
• Medical Devices
• Energy and Power
• Steel Making
• Textile
• Printing and Paper
By Region
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o France
o Italy
o Spain
o Rest of Europe
• South America
o Brazil
o Argentina
o Rest of South America
• Asia-Pacific
o China
o India
o Japan
o Australia
o Rest of Asia-Pacific
• Middle East and Africa
Key Developments
• In June 2023, Applied Materials, Inc and IIT Ropar partnered to invest in research and development for the thermal spray coating sector, specifically targeting the semiconductor industry.
• In June 2023, OC Oerlikon Management AG made notable progress in thermal spray equipment by integrating digitalization and launching Metco IIoT, the inaugural Industry 4.0 platform designed for the thermal spray sector.
• In May 2023, The acquisition of Thermal Spray Solutions, Inc. (TSS), a prominent supplier of thermal spray coatings for wear and corrosion protection to the US Navy and shipbuilding industry, was announced by Kymera International. This initiative aims to enhance the company's strategy for expanding its special coating business area.
• In February 2022, OC Oerlikon Management AG extended its online ordering service to European countries via the Oerlikon Metco e-commerce platform, following a favorable reception from clients in the United States market. The internet platform provides a range of services, including thermal spray. Such expansion facilitates the organization in attracting consumers in the market.
• In January 2022, OC Oerlikon Management AG increased its manufacturing capabilities by inaugurating a new laser cladding facility in Huntersville, NC.
Why Purchase the Report?
• To visualize the global thermal spray market segmentation based on raw material, product, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of the thermal spray market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.
The global thermal spray market report would provide approximately 74 tables, 62 figures and 207 pages.
Target Audience 2024
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies

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Table of Contents

1. Methodology and Scope
1.1. Research Methodology
1.2. Research Objective and Scope of the Report
2. Definition and Overview
3. Executive Summary
3.1. Snippet by Product
3.2. Snippet by Coatings and Finishes
3.3. Snippet by End-User
3.4. Snippet by Region
4. Dynamics
4.1. Impacting Factors
4.1.1. Drivers
4.1.1.1. Rising Demand in Healthcare
4.1.1.2. Rising Adoption in Renewable Energy
4.1.2. Restraints
4.1.2.1. Lack of Skilled Workforce and Technical Precision
4.1.3. Opportunity
4.1.4. Impact Analysis
5. Industry Analysis
5.1. Porter's Five Force Analysis
5.2. Supply Chain Analysis
5.3. Pricing Analysis
5.4. Regulatory Analysis
5.5. Russia-Ukraine War Impact Analysis
5.6. DMI Opinion
6. COVID-19 Analysis
6.1. Analysis of COVID-19
6.1.1. Scenario Before COVID-19
6.1.2. Scenario During COVID-19
6.1.3. Scenario Post COVID-19
6.2. Pricing Dynamics Amid COVID-19
6.3. Demand-Supply Spectrum
6.4. Government Initiatives Related to the Market During Pandemic
6.5. Manufacturers Strategic Initiatives
6.6. Conclusion
7. By Product
7.1. Introduction
7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product
7.1.2. Market Attractiveness Index, By Product
7.2. Coatings*
7.2.1. Introduction
7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
7.3. Materials
7.4. Thermal Spray Equipment
8. By Coatings and Finishes
8.1. Introduction
8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Coatings and Finishes
8.1.2. Market Attractiveness Index, By Coatings and Finishes
8.2. Combustion*
8.2.1. Introduction
8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
8.3. Electric Energy
9. By End-User
9.1. Introduction
9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
9.1.2. Market Attractiveness Index, By End-User
9.2. Aerospace*
9.2.1. Introduction
9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
9.3. Industrial Gas Turbines
9.4. Automotive
9.5. Electronics
9.6. Oil and Gas
9.7. Medical Devices
9.8. Energy and Power
9.9. Steel Making
9.10. Textile
9.11. Printing and Paper
10. By Region
10.1. Introduction
10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
10.1.2. Market Attractiveness Index, By Region
10.2. North America
10.2.1. Introduction
10.2.2. Key Region-Specific Dynamics
10.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product
10.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Coatings and Finishes
10.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
10.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
10.2.6.1. US
10.2.6.2. Canada
10.2.6.3. Mexico
10.3. Europe
10.3.1. Introduction
10.3.2. Key Region-Specific Dynamics
10.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product
10.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Coatings and Finishes
10.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
10.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
10.3.6.1. Germany
10.3.6.2. UK
10.3.6.3. France
10.3.6.4. Italy
10.3.6.5. Spain
10.3.6.6. Rest of Europe
10.4. South America
10.4.1. Introduction
10.4.2. Key Region-Specific Dynamics
10.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product
10.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Coatings and Finishes
10.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
10.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
10.4.6.1. Brazil
10.4.6.2. Argentina
10.4.6.3. Rest of South America
10.5. Asia-Pacific
10.5.1. Introduction
10.5.2. Key Region-Specific Dynamics
10.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product
10.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Coatings and Finishes
10.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
10.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
10.5.6.1. China
10.5.6.2. India
10.5.6.3. Japan
10.5.6.4. Australia
10.5.6.5. Rest of Asia-Pacific
10.6. Middle East and Africa
10.6.1. Introduction
10.6.2. Key Region-Specific Dynamics
10.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product
10.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Coatings and Finishes
10.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
11. Competitive Landscape
11.1. Competitive Scenario
11.2. Market Positioning/Share Analysis
11.3. Mergers and Acquisitions Analysis
12. Company Profiles
12.1. Aisher APM LLC *
12.1.1. Company Overview
12.1.2. Product Portfolio and Description
12.1.3. Financial Overview
12.1.4. Key Developments
12.2. AMETEK Inc.
12.3. Aimtek Inc.
12.4. C&M Technologies GmbH
12.5. Castolin Eutectic GmbH
12.6. CENTERLINE (WINDSOR) LIMITED (Supersonic Spray Technologies)
12.7. CRS Holdings LLC
12.8. Global Tungsten & Powders Corp.
12.9. H.C. Starck Inc.
12.10. HAI Inc.
12.11. Hoganas AB
12.12. Hunter Chemical LLC
12.13. Kennametal Inc.
12.14. LSN Diffusion Limited
12.15. Linde PLC
LIST NOT EXHAUSTIVE
13. Appendix
13.1. About Us and Services
13.2. Contact Us