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Thermal Spray Market Size (2024 - 2029)

The thermal spray market is projected to experience growth over the forecast period, driven by increasing demand from various end-use industries such as aerospace, automotive, and medical devices. The market's expansion is supported by the rising adoption of thermal spray coatings, particularly in medical devices and aerospace applications, as well as the replacement of hard chrome coatings. Despite challenges related to process reliability and the emergence of alternative coatings, advancements in spraying technology and the recycling of materials present promising opportunities for market growth. The Asia-Pacific region is anticipated to lead in market dominance and growth rate during this period.

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Market Size of Thermal Spray Industry

Thermal Spray Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 12.53 Billion
Market Size (2029) USD 15.56 Billion
CAGR (2024 - 2029) > 4.00 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Low

Major Players

Thermal Spray Market Major Players

*Disclaimer: Major Players sorted in no particular order

Thermal Spray Market Analysis

The Thermal Spray Market size is estimated at USD 12.53 billion in 2024, and is expected to reach USD 15.56 billion by 2029, growing at a CAGR of greater than 4% during the forecast period (2024-2029).

The thermal spray market was negatively affected by the COVID-19 pandemic. Initially, there was a slowdown in manufacturing activities due to lockdowns and supply chain disruptions, leading to a temporary decrease in demand for thermal spray coatings. However, as industries adopted new norms and increased their emphasis on hygiene and protection, there was a growing demand for thermal spray coatings in industries such as healthcare, automotive, and aerospace.

  • The increasing popularity of thermal spray ceramic coatings due to their usage in medical devices, the rising use of thermal spray coatings in the aerospace industry, and the replacement of hard chrome coatings are some factors driving the demand for the thermal spray market.
  • However, issues regarding process reliability and consistency and the emergence of hard trivalent chrome coatings in recent years are likely to hinder the market's growth.
  • The increasing demand for thermal spray from the oil and gas industry, recycling of thermal spray processing materials, and advancements in spraying technology (cold spray process) are expected to provide lucrative growth opportunities for the market in the coming years.
  • Asia-Pacific is expected to dominate the thermal spray market over the forecast period.

Thermal Spray Industry Segmentation

Thermal spraying is an industrial coating process where a consumable is applied as a spray of finely divided semi-molten or molten droplets to produce coatings and then deposit them onto a surface. It is a technology that improves or restores the surface of a solid material. Thermal spraying aids in applying 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. By product type, the market is segmented into coatings, materials, and thermal spray equipment. By thermal spray coatings and finishes, 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, steel making, textile, and printing and paper. The report also covers the market sizes and forecasts for the thermal spray market in 27 countries across major regions. For each segment, the market size and forecast are provided based on revenue (USD).

Product Type
Coatings Materials
Powders
Ceramics
Metal
Polymers and Other Powders
Wires/Rods
Other Coating Materials (Auxiliary Material)
Thermal Spray Equipment
Thermal Spray Coating System
Dust Collection Equipment
Spray Gun and Nozzle
Feeder Equipment
Spare Parts
Noise-reducing Enclosures
Other Thermal Spray Equipment
Thermal Spray Coatings and Finishes
Combustion
Electric Energy
End-user Industry
Aerospace
Industrial Gas Turbines
Automotive
Electronics
Oil and Gas
Medical Devices
Energy and Power
Steel Making
Textile
Printing and Paper
Geography
Asia-Pacific
China
India
Japan
South Korea
Malaysia
Thailand
Indonesia
Vietnam
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Turkey
Russia
NORDIC
Rest of Europe
South America
Brazil
Argentina
Colombia
Rest of South America
Middle East and Africa
South Africa
Saudi Arabia
Nigeria
Egypt
Qatar
United Arab Emirates
Rest of Middle East and Africa
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Thermal Spray Market Size Summary

The thermal spray market is poised for steady growth over the forecast period, driven by increasing demand across various end-use industries such as aerospace, automotive, and electronics. The market experienced setbacks due to the COVID-19 pandemic, which disrupted manufacturing and supply chains, but has since shown signs of recovery. Key factors propelling market demand include the growing use of thermal spray coatings in medical devices, the popularity of ceramic coatings, and the replacement of hard chrome coatings. Despite challenges related to process reliability and the emergence of alternative coatings, advancements in spraying technology and recycling processes are expected to offer significant growth opportunities. The Asia-Pacific region is anticipated to lead the market, benefiting from its robust industrial base and increasing demand from sectors like aerospace and electronics.

In the aerospace industry, thermal spray coatings are essential for protecting components from extreme conditions, enhancing fuel efficiency, and reducing maintenance costs. The market's expansion is supported by the growing aircraft fleet and investments in aerospace programs, particularly in regions like Asia-Pacific and North America. China and India are notable for their rapid economic growth and expanding electronics and automotive sectors, further driving market demand. The global thermal spray market remains fragmented, with major players like OC Oerlikon Management AG and Linde plc actively expanding their operations and services. These developments, along with strategic partnerships and technological advancements, are expected to strengthen the market's competitive landscape and support its growth trajectory.

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Thermal Spray Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Usage of Thermal Spray Coatings in Medical Devices

      2. 1.1.2 Rising Popularity of Thermal Spray Ceramic Coatings

      3. 1.1.3 Replacement of Hard Chrome Coating

      4. 1.1.4 Rising Use of Thermal Spray Coatings in the Aerospace Industry

    2. 1.2 Restraints

      1. 1.2.1 Emergence of Hard Trivalent Chrome Coatings

      2. 1.2.2 Issues Regarding Process Reliability and Consistency

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Product Type

      1. 2.1.1 Coatings Materials

        1. 2.1.1.1 Powders

          1. 2.1.1.1.1 Ceramics

          2. 2.1.1.1.2 Metal

          3. 2.1.1.1.3 Polymers and Other Powders

        2. 2.1.1.2 Wires/Rods

        3. 2.1.1.3 Other Coating Materials (Auxiliary Material)

      2. 2.1.2 Thermal Spray Equipment

        1. 2.1.2.1 Thermal Spray Coating System

        2. 2.1.2.2 Dust Collection Equipment

        3. 2.1.2.3 Spray Gun and Nozzle

        4. 2.1.2.4 Feeder Equipment

        5. 2.1.2.5 Spare Parts

        6. 2.1.2.6 Noise-reducing Enclosures

        7. 2.1.2.7 Other Thermal Spray Equipment

    2. 2.2 Thermal Spray Coatings and Finishes

      1. 2.2.1 Combustion

      2. 2.2.2 Electric Energy

    3. 2.3 End-user Industry

      1. 2.3.1 Aerospace

      2. 2.3.2 Industrial Gas Turbines

      3. 2.3.3 Automotive

      4. 2.3.4 Electronics

      5. 2.3.5 Oil and Gas

      6. 2.3.6 Medical Devices

      7. 2.3.7 Energy and Power

      8. 2.3.8 Steel Making

      9. 2.3.9 Textile

      10. 2.3.10 Printing and Paper

    4. 2.4 Geography

      1. 2.4.1 Asia-Pacific

        1. 2.4.1.1 China

        2. 2.4.1.2 India

        3. 2.4.1.3 Japan

        4. 2.4.1.4 South Korea

        5. 2.4.1.5 Malaysia

        6. 2.4.1.6 Thailand

        7. 2.4.1.7 Indonesia

        8. 2.4.1.8 Vietnam

        9. 2.4.1.9 Rest of Asia-Pacific

      2. 2.4.2 North America

        1. 2.4.2.1 United States

        2. 2.4.2.2 Canada

        3. 2.4.2.3 Mexico

      3. 2.4.3 Europe

        1. 2.4.3.1 Germany

        2. 2.4.3.2 United Kingdom

        3. 2.4.3.3 France

        4. 2.4.3.4 Italy

        5. 2.4.3.5 Spain

        6. 2.4.3.6 Turkey

        7. 2.4.3.7 Russia

        8. 2.4.3.8 NORDIC

        9. 2.4.3.9 Rest of Europe

      4. 2.4.4 South America

        1. 2.4.4.1 Brazil

        2. 2.4.4.2 Argentina

        3. 2.4.4.3 Colombia

        4. 2.4.4.4 Rest of South America

      5. 2.4.5 Middle East and Africa

        1. 2.4.5.1 South Africa

        2. 2.4.5.2 Saudi Arabia

        3. 2.4.5.3 Nigeria

        4. 2.4.5.4 Egypt

        5. 2.4.5.5 Qatar

        6. 2.4.5.6 United Arab Emirates

        7. 2.4.5.7 Rest of Middle East and Africa

Thermal Spray Market Size FAQs

The Thermal Spray Market size is expected to reach USD 12.53 billion in 2024 and grow at a CAGR of greater than 4% to reach USD 15.56 billion by 2029.

In 2024, the Thermal Spray Market size is expected to reach USD 12.53 billion.

Thermal Spray Market Report Snapshots

Thermal Spray Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)