Thermal Spray Materials Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 2.09 Billion |
| Market Size (2029) | USD 2.67 Billion |
| CAGR (2024 - 2029) | 5.04 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Thermal Spray Materials Market Analysis
The Thermal Spray Materials Market size is estimated at USD 2.09 billion in 2024, and is expected to reach USD 2.67 billion by 2029, growing at a CAGR of 5.04% during the forecast period (2024-2029).
COVID-19 negatively impacted the market in 2020 and the first half of 2021. All the manufacturing and other activities were put on hold to curb the spreading of the virus, thereby negatively affecting the market. However, the market is projected to grow steadily post the retraction of the pandemic, owing to increased manufacturing and reinstating demand from the end-user industries, which have become operational at almost full scale.
- The studied market's significant factors include the increasing usage of thermal spray coating in medical device manufacturing, the rising popularity of thermal spray ceramic coatings, extensive consumption in anti-corrosion applications, and evolution in the Asia-Pacific wind power sector.
- On the other hand, the emergence of alternate substitutes is expected to hinder the market's growth.
- The ongoing progress in solution precursor plasma spraying of cermets, recycling of thermal spray processing materials, industrial-scale production of environmental barrier coatings (EBC) thermal spray powders, and growth prospects in the oil and gas industry are the significant opportunities expected to drive the market in the future.
- Asia-Pacific region is expected to dominate the market in the forecast period because of vastly growing economies such as China and India.
Thermal Spray Materials Market Trends
This section covers the major market trends shaping the Thermal Spray Materials Market according to our research experts:
Aerospace Industry to Dominate the Market
- Thermal spray materials are extensively used in the aerospace sector. They are used in manufacturing coatings, which are applied to various parts throughout the aircraft. These coatings offer component longevity, thus, reducing maintenance costs and increasing fuel efficiency.
- Thermal spray materials, such as zirconium oxide, aluminum bronze, and cobalt-molybdenum, are used for coating purposes in rocket combustion chambers, compressor air seals, and high-pressure nozzles, respectively.
- Various degradation problems exist in aircraft engines due to wear, hot corrosion, fretting, particle erosion, and many more. This degradation is accelerated when high temperatures are involved. Thermal spray material imparts the surface conditions required to increase engine components' service life.
- The global military and aerospace manufacturing market include dominant players such as Boeing, Lockheed, and Northrop Grumman. As per the report published by International Civil Aviation Organisation, commercial airlines' revenue grew significantly during the post-pandemic period because of the opening up of economies. It reached up to USD 472 million in 2021 and is forecasted to gain a whopping 39% standing at USD 658 million by the end of 2022.
- Growth in the aerospace sector, especially in civil aviation in emerging economies, on account of high expenditure on aerospace infrastructural construction and commissioning new projects, is expected to drive the market's growth. For instance, in India, in March 2021, the government submitted a proposal to develop a water aerodrome project at the Ujjain Dam under the Ministry of Civil Aviation's UDAN-RCS.
- Thus, increasing the adoption of thermal spray material due to its advantages mentioned above is expected to boost its demand in the aerospace industry.
Asia-Pacific to Dominate the Market
- Thermal spray materials are used in the aerospace industry as protective coating. China is one of the largest aircraft manufacturers and one of the largest markets for domestic air passengers.
- Factors such as large market size, increasing government support, and the ability to book electric vehicles online are likely to fuel the demand for electric vehicles in the country.
- China's aerospace industry is projected to return to profitability in 2022 after facing a significant decline in the previous years. In addition, the Civil Aviation Administration of China (CAAC) has estimated the aviation sector to recover domestic traffic to around 85% of pre-pandemic levels.
- Moreover, Chinese airline companies are planning to purchase about 7,690 new aircraft in the next 20 years, valued at approximately USD 1.2 trillion, expected to drive the demand for thermal spray materials. According to the Boeing Commercial Outlook 2021-2040, around 8,700 new deliveries will be made in China by 2040, with a market service value of USD 1,800 billion.
- In December 2021, China planned to build at least 150 new nuclear reactors in the next 15 years with an investment of USD 440 billion. The country has 19 reactors under construction, 43 reactors awaiting permits, and a massive 166 reactors that have been announced. The combined capacity of these 228 reactors is 246GW.
- The Government of India has planned to give USD 7.8 billion to the automobile and auto components sector in production-linked incentive schemes under the Department of Heavy Industries. Thus, the expansion of the automotive sector with the growing production of automobiles is anticipated to drive the market's growth over the forecast period.
- Owing to these developments, Asia-Pacific is expected to dominate the market over the forecast period.
Thermal Spray Materials Industry Overview
The thermal spray materials market is partially fragmented in nature. Some of the major players in the market (in no particular order) include Höganäs AB, OC Oerlikon Management AG, Kennametal Inc., Sandvik AB, and Linde PLC.
Thermal Spray Materials Market Leaders
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Hoganas AB
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OC Oerlikon Management AG
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Kennametal Inc.
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Sandvik AB
-
Linde PLC
*Disclaimer: Major Players sorted in no particular order
Thermal Spray Materials Market News
- In August 2022, Hogenas divested its binder-jetting AM technology producer (Digital Metal). This position will strengthen the company's work for increased investments and acquisitions in the metal powder space.
- In June 2021, Oerlikon Metco acquired the Italian company Inglass S.p.A, thereby acquiring the company's innovative hot runner system technologies. The acquisition enabled Oerlikon Metco to expand into markets with strong growth potential.
Thermal Spray Materials Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
-
4.1 Drivers
- 4.1.1 Increasing Usage of Thermal Spray Coating in Medical Device Manufacturing
- 4.1.2 Rising Demand of Thermal Spray Ceramic Coatings
- 4.1.3 Extensive Consumption in Anti-corrosion Applications
- 4.1.4 Evolution in the Asia-Pacific Wind Power Sector
-
4.2 Restraints
- 4.2.1 Emergence of Alternate Substitutes
- 4.3 Industry Value Chain Analysis
-
4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
-
5.1 Product Type
- 5.1.1 Coating Materials
- 5.1.1.1 Powders
- 5.1.1.1.1 Ceramics
- 5.1.1.1.1.1 Ceramic Oxides
- 5.1.1.1.1.1.1 Alumina
- 5.1.1.1.1.1.2 Titania
- 5.1.1.1.1.1.3 Zirconia
- 5.1.1.1.1.1.4 Chromia and Other Ceramic Oxides
- 5.1.1.1.1.2 Carbides (including Cermets)
- 5.1.1.1.1.2.1 Chromium Carbides
- 5.1.1.1.1.2.2 Tungsten Carbides
- 5.1.1.1.2 Metals
- 5.1.1.1.2.1 Pure Metal and Alloys
- 5.1.1.1.2.2 Precious Metals
- 5.1.1.1.2.3 MCrAlY
- 5.1.1.1.3 Polymer and Other Coating Materials
- 5.1.1.2 Wires/Rods
- 5.1.1.3 Other Coating Materials (Liquid)
- 5.1.2 Supplementary Materials (Auxiliary Materials)
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5.2 Process Type
- 5.2.1 Combustion
- 5.2.2 Electric Energy
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5.3 End-user Industry
- 5.3.1 Aerospace
- 5.3.2 Industrial Gas Turbines
- 5.3.3 Automotive
- 5.3.4 Electronics
- 5.3.5 Oil and Gas
- 5.3.6 Medical Devices
- 5.3.7 Energy and Power
- 5.3.8 Other End-user Industries
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5.4 Geography
- 5.4.1 Asia-Pacific
- 5.4.1.1 China
- 5.4.1.2 India
- 5.4.1.3 Japan
- 5.4.1.4 South Korea
- 5.4.1.5 ASEAN Countries
- 5.4.1.6 Rest of Asia-Pacific
- 5.4.2 North America
- 5.4.2.1 United States
- 5.4.2.2 Canada
- 5.4.2.3 Mexico
- 5.4.3 Europe
- 5.4.3.1 Germany
- 5.4.3.2 United Kingdom
- 5.4.3.3 France
- 5.4.3.4 Italy
- 5.4.3.5 Rest of Europe
- 5.4.4 South America
- 5.4.4.1 Brazil
- 5.4.4.2 Argentina
- 5.4.4.3 Rest of South America
- 5.4.5 Middle-East and Africa
- 5.4.5.1 Saudi Arabia
- 5.4.5.2 South Africa
- 5.4.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Aisher APM LLC
- 6.4.2 Ametek Inc.
- 6.4.3 Aimtek Inc.
- 6.4.4 C&M Technologies GmbH
- 6.4.5 Castolin Eutectic
- 6.4.6 CenterLine (Windsor) Limited
- 6.4.7 CRS Holdings Inc.
- 6.4.8 Fisher Barton
- 6.4.9 Global Tungsten & Powders Corp.
- 6.4.10 HAI Inc.
- 6.4.11 HC Starck GmbH
- 6.4.12 Hoganas AB
- 6.4.13 Hunter Chemical LLC
- 6.4.14 Kennametal Stellite
- 6.4.15 Linde PLC
- 6.4.16 LSN Diffusion Ltd
- 6.4.17 Metallisation Limited
- 6.4.18 Metallizing Equipment Co. Pvt. Ltd
- 6.4.19 OC Oerlikon Management AG
- 6.4.20 Polymet Corporation
- 6.4.21 Powder Alloy Corporation
- 6.4.22 Saint-Gobain
- 6.4.23 Sandvik AB
- 6.4.24 Thermion
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Current Progress in Solution Precursor Plasma Spraying of Cermets
- 7.2 Recycling of Thermal Spray Processing Materials
- 7.3 Industrial Scale Production of Environmental Barrier Coatings (EBC) Thermal Spray Powders
- 7.4 Growth Prospects in the Oil and Gas Industry
Thermal Spray Materials Industry Segmentation
Thermal spraying techniques are coating processes in which melted (or heated) materials are sprayed onto a surface. The coating materials for thermal spraying include metals, alloys, ceramics, plastics, and composites. The thermal spray materials market is segmented by product, process, end-user industry, and geography. By product type, the market is segmented into coating materials and supplementary materials (auxiliary materials). By process type, the market is segmented into combustion and electric energy. By end-user industry, the market is segmented into aerospace, industrial gas turbines, automotive, electronics, oil and gas, medical devices, energy and power, and other end-user industries. The report also covers the market size and forecasts for the thermal spray materials market in 15 countries across the central regions. For each segment, the market size and forecasts have been done based on revenue (USD million).
| Product Type | Coating Materials | Powders | Ceramics | Ceramic Oxides | Alumina |
| Titania | |||||
| Zirconia | |||||
| Chromia and Other Ceramic Oxides | |||||
| Product Type | Coating Materials | Powders | Ceramics | Carbides (including Cermets) | Chromium Carbides |
| Tungsten Carbides | |||||
| Product Type | Coating Materials | Powders | Metals | Pure Metal and Alloys | |
| Precious Metals | |||||
| MCrAlY | |||||
| Product Type | Coating Materials | Powders | Polymer and Other Coating Materials | ||
| Product Type | Coating Materials | Wires/Rods | |||
| Other Coating Materials (Liquid) | |||||
| Product Type | Supplementary Materials (Auxiliary Materials) | ||||
| Process Type | Combustion | ||||
| Electric Energy | |||||
| End-user Industry | Aerospace | ||||
| Industrial Gas Turbines | |||||
| Automotive | |||||
| Electronics | |||||
| Oil and Gas | |||||
| Medical Devices | |||||
| Energy and Power | |||||
| Other End-user Industries | |||||
| Geography | Asia-Pacific | China | |||
| India | |||||
| Japan | |||||
| South Korea | |||||
| ASEAN Countries | |||||
| Rest of Asia-Pacific | |||||
| Geography | North America | United States | |||
| Canada | |||||
| Mexico | |||||
| Geography | Europe | Germany | |||
| United Kingdom | |||||
| France | |||||
| Italy | |||||
| Rest of Europe | |||||
| Geography | South America | Brazil | |||
| Argentina | |||||
| Rest of South America | |||||
| Geography | Middle-East and Africa | Saudi Arabia | |||
| South Africa | |||||
| Rest of Middle-East and Africa |
Thermal Spray Materials Market Research FAQs
How big is the Thermal Spray Materials Market?
The Thermal Spray Materials Market size is expected to reach USD 2.09 billion in 2024 and grow at a CAGR of 5.04% to reach USD 2.67 billion by 2029.
What is the current Thermal Spray Materials Market size?
In 2024, the Thermal Spray Materials Market size is expected to reach USD 2.09 billion.
Who are the key players in Thermal Spray Materials Market?
Hoganas AB, OC Oerlikon Management AG, Kennametal Inc., Sandvik AB and Linde PLC are the major companies operating in the Thermal Spray Materials Market.
Which is the fastest growing region in Thermal Spray Materials Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Thermal Spray Materials Market?
In 2024, the Asia-Pacific accounts for the largest market share in Thermal Spray Materials Market.
What years does this Thermal Spray Materials Market cover, and what was the market size in 2023?
In 2023, the Thermal Spray Materials Market size was estimated at USD 1.99 billion. The report covers the Thermal Spray Materials Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Thermal Spray Materials Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Thermal Spray Materials Industry Report
Statistics for the 2024 Thermal Spray Materials market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Thermal Spray Materials analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
