The global thermal spray coatings market is estimated to grow from USD 9.9 billion in 2018 to USD 13.7 billion by 2023, at a CAGR of 6.7% from 2018 to 2023. Increasing demand for thermal spray coatings from the aerospace, automotive, energy & power, and electronics end-use industries is one the major factors driving the market. This market is segmented on the basis of material, process, end-use industry, and region.
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By material, the thermal spray coatings market is segmented into ceramics, metals & alloys, and others (carbides, composites, and polymers). The ceramic segment is projected to lead the market and is expected to grow at the highest CAGR during the forecast period.
By process, the market is segmented into combustion flame and electrical. The combustion flame segment is expected to lead the market during the forecast period. Combustion spraying is a thermal spray coating process used to apply relatively inexpensive coatings that typically contain high levels of oxides and porosity.
Based on end-use industry, the aerospace segment is projected to grow at the highest CAGR between 2018 and 2023. This high growth can be attributed to the demand backlog of major manufacturers such as Boeing and Airbus.
By region, the thermal spray coatings market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific is expected to grow at the highest rate during the forecast period, due to the growing aerospace and automotive industries. The growth of these industries can be attributed to the increasing urbanization & modernization, technological advancements, and investments from the government to promote thermal spray coatings.
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The global thermal spray coatings market is estimated to be USD 9.9 billion in 2018 and is projected to reach USD 13.7 billion by 2023, at a CAGR of 6.7% from 2018 to 2023. This growth can be attributed to the high demand for thermal spray coatings from various end-use industries such as aerospace, healthcare, and automotive.
Praxair Surface Technologies, Inc. (US), BodyCote (UK), Oerlikon Metco (Switzerland), Surface Technology (UK), H.C. Starck GmbH (Germany), F.W. Gartner Thermal Spraying (US), Arc Spray (Pty) Ltd (South Africa), Metallisation Limited (UK), Plasma-Tec, Inc. (US), C&M Technologies GmbH (Germany), AMETEK Inc. (US), Flame Spray SpA (Italy), BryCoat Inc. (US), Thermal Spray Technologies, Inc. (tst) (US) are the leading manufacturers of thermal spray coatings.
Praxair Surface Technologies, Inc. (US) is one of the leading players in the thermal spray coatings market. The company focuses on organic & inorganic strategies to maintain its leading position in the market. Praxair has a wide product portfolio for serving domestic & international markets. For example, Praxair and GE Aviation together opened up a new advanced jet engine coatings facility in Ellisville, Mississippi in December 2017. This facility specializes in advanced coatings that enable jet engines to withstand higher temperatures and stresses.
Oerlikon Metco (Switzerland) is another major player in the thermal spray coatings market. The company focuses on organic & inorganic growth strategies to strengthen its foothold. For example, Oerlikon signed an agreement to acquire the assets of DiaPac LLC in May 2017. DiaPac LLC is an internationally recognized leader in providing high-performance powered metals, wear resistant surface coatings and cemented carbides for use in oil & gas, mining, construction, agricultural and manufacturing operations. With this acquisition, Oerlikon gained strong complementary knowledge for the manufacturing, processing, application, and recycling of advanced materials, especially tungsten carbide. Moreover, Oerlikon Metco launched UniCoatPro, a new thermal spray system platform in May 2016. This platform is a touchscreen that helps users in learning and enhancing quality control for thermal spray applications.
