Thermal Spray Market Size (2024 - 2029)

Thermal Spray Market Analysis

The Thermal Spray Market size is estimated at USD 11.37 billion in 2024, and is expected to reach USD 13.98 billion by 2029, growing at a CAGR of 4.22% during the forecast period (2024-2029).

The market was negatively affected by the COVID-19 pandemic in 2020. The lockdown disrupted manufacturing activities and supply chains, and many scheduled projects were changed or postponed. However, the sector has been recovering since restrictions were lifted owing to the rising demand from various end-use industries, such as aerospace, turbines, automotive, electronics, oil and gas, medical devices, etc.

• Over the short term, the increasing usage of thermal spray coatings in medical devices, the rising popularity of thermal spray ceramic coatings, the replacement of hard chrome coatings, and the rising use of thermal spray coatings in the aerospace industry are some factors driving the market demand.
• However, issues regarding process reliability and consistency and the emergence of hard trivalent chrome coatings in recent years may hinder the market's growth.
• Advancements in spraying technology (cold spray process), recycling of thermal spray processing materials, and increasing demand from the oil and gas industry will likely create lucrative growth opportunities for the market in the coming years.
• The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.

Thermal Spray Industry Segmentation

Thermal spraying is an industrial coating process that applies a consumable as a spray of finely divided semi-molten or molten droplets to produce coatings and deposits them onto a surface. It is a technology that improves or restores the surface of a solid material. The process can apply coatings to various materials and components to resist wear, corrosion, cavitation, abrasion, or heat. The thermal spray market is segmented by product type, thermal spray coatings and finishes, end-user industry, and geography. The market is segmented by product type: coatings, materials, and thermal spray equipment. By thermal spray coatings and finishes, the market is segmented into combustion and electric energy. The market is segmented by end-user industry: aerospace, industrial gas turbines, automotive, electronics, oil and gas, medical devices, energy and power, steel making, textile, printing, and paper. The report also covers the market sizes and forecasts for the thermal spray market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD million).