Thermal Spray Market : Technology Advancements, Industry Insights, Trends And Forecast 2033

The thermal spray market size has grown strongly in recent years. It will grow from $10.73 billion in 2023 to $11.42 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to advancements in aerospace engineering, automotive industry demands, innovations in medical implants, increased power generation efficiency needs, corrosion resistance requirements, material durability improvements, and the rise of industrial automation.

Aug 31, 2024 - 13:50

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Thermal Spray Market : Technology Advancements, Industry Insights, Trends And Forecast 2033

Sizing and Forecast
The thermal spray market size has grown strongly in recent years. It will grow from $10.73 billion in 2023 to $11.42 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to advancements in aerospace engineering, automotive industry demands, innovations in medical implants, increased power generation efficiency needs, corrosion resistance requirements, material durability improvements, and the rise of industrial automation.

The thermal spray market size is expected to see strong growth in the next few years. It will grow to $14.82 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to advancements in material science, increased demand for surface coating in aerospace and automotive industries, rising adoption in healthcare for medical devices, growth in the renewable energy sector, technological innovations, stringent environmental regulations, and expanding applications in electronics. Major trends in the forecast period include advancements in coating materials technology, a rise in the use of plasma spray techniques, expansion in emerging markets, heightened emphasis on eco-friendly processes, and greater integration with digital manufacturing and automation technologies.

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Segmentation & Regional Insights
The thermal spray market covered in this report is segmented –

1) By Product Type: Coatings, Materials, Thermal Spray Equipment
2) By Technology: Cold Spray, Flame Spray, Plasma, Spray
3) By End-User Industry: Aerospace, Industrial Gas Turbines, Automotive, Electronics, Oil And Gas, Medical Devices, Energy And Power

North America was the largest region in the thermal spray market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the thermal spray market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The growing energy and power industries are expected to propel the growth of the thermal spray market going forward. Energy and power industries encompass sectors involved in generating, transmitting, distributing, and utilizing energy resources to meet various societal needs. The energy and power industries are growing due to increasing global electricity demand, advancements in renewable energy technologies, and efforts to transition to cleaner and more sustainable energy sources. The energy and power sector utilizes thermal spray coatings to enhance turbine efficiency, prolong equipment lifespan, and mitigate corrosion in various components. For instance, in March 2024, according to the Office for National Statistics, a UK-based national statistical institute, in 2022, the electricity, gas, steam, and air conditioning supply industry saw the highest turnover, reaching £22.0 billion ($31.02 billion), constituting 31.7% of the total turnover in the low carbon and renewable energy economy. Notably, this sector experienced the most significant increase, soaring by 59.6% (£8.2 billion ($ 11.562 billion)) from 2021 to 2022. Therefore, the growing energy and power industries will drive the thermal spray market.

Key Industry Players
Major companies operating in the thermal spray market are Saint-Gobain Group, Linde plc, Sandvik AB, Aimtek Inc., OC Oerlikon Corporation AG, Curtiss-Wright Corporation, Kennametal Inc., Castolin Eutectic GmbH, Bodycote plc, Hoganas AB, Chromalloy Gas Turbine LLC, H.C. Starck Inc., FM Industries Inc., Fisher-Barton Group Inc., APS Materials Inc., Polymet Corporation, HAI Inc., Powder Alloy Corporation, ASB Industries Inc., Aisher APM LLC, Hunter Chemical LLC, Thermion Inc., C&M Technologies GmbH, Supersonic Spray Technologies, Metallizing Equipment Co. Pvt. Ltd

The thermal spray market report table of contents includes:

1. Executive Summary

2. Thermal Spray Market Characteristics

3. Thermal Spray Market Trends And Strategies

4. Thermal Spray Market - Macro Economic Scenario

5. Global Thermal Spray Market Size and Growth
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32. Global Thermal Spray Market Competitive Benchmarking

33. Global Thermal Spray Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Thermal Spray Market

35. Thermal Spray Market Future Outlook and Potential Analysis

36. Appendix

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