Thermal Spray Coatings Market Size, Share & Trends Analysis Report By Product, By Technology (Cold, Flame, Plasma, HVOF, Electric Arc), By Application, By Region, And Segment Forecasts, 2019 - 2025

Thermal Spray Coatings Market Size, Share & Trends Analysis Report By Product, By Technology (Cold, Flame, Plasma, HVOF, Electric Arc), By Application, By Region, And Segment Forecasts, 2019 - 2025

The global thermal spray coatings market size is anticipated to reach USD 14.99 billion by 2025, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.7% during the forecast period. Increasing demand from aerospace, industrial gas turbines, and a few other industries is expected to propel the growth.

Growing demand for corrosion resistant coatings from these industries is expected to be a key driver for market growth. Thermal spraying is used to improve or restore the surface of a solid material. This technological process can be used to apply coatings to a wide range of components and materials, to provide resistance to cavitation, wear, abrasion erosion, heat, and corrosion.

In addition, thermal spraying is used to provide insulation or electrical conductivity, chemical resistance, lubricity, sacrificial wear, high or low friction, and various other desirable properties to the coated surface. These coatings have high potential market opportunity on account of its properties such as biocompatibility, cavitation resistance, and aesthetic appeal making them ideally suited for various applications.

Growing oil and gas explorations, particularly in Asia Pacific coupled with upcoming shale gas explorations across the globe is expected to fuel demand over the forecast period. The thermal spray coatings market is characterized by the presence of stringent regulations in various regions including in Europe and North America. There are several regulations governing the market that define thermal-spray processes for machinery element repair of ferrous and non-ferrous substrates.

Medical is expected to be a lucrative application segment on account to increasing application scope of thermal spray coating particularly in the biomedical sector. They help extend shelf life and improve performance of dental and orthopedic implants. Advantages of using thermal spray coating in the biomedical sector include superior wear and corrosion resistance and bone bond enhancement.

Automotive industry growth mainly in China, India, Malaysia, Indonesia, and Thailand is expected boost production capacities of coating manufacturing companies. Asia Pacific is expected to be the fastest growing market on account of increasing vehicle production along with rapid economic growth in China, India, Japan, Indonesia, South Korea, and Thailand.

Further key findings from the report suggest:

• In terms of revenue, ceramics product segment is anticipated to reach USD 4.81 billion by 2025, growing at a CAGR of 7.2% from 2017 to 2025
• Aerospace application segment dominated the market in terms of revenue, with a market share of over 32.30% in 2017, owing to the ability of thermal spray coating to provide wear and corrosion protection, low toxic gas emissions, thickness capability, and electrical resistance to the surface
• The U.S. thermal spray coatings market is anticipated to exceed USD 3.04 billion by 2025 owing to the presence of various manufacturers and suppliers in the country
• The market is competitive with the presence of a number of global, medium, and small scale companies catering to the global and local demand. The companies engage in mergers and acquisitions to expand their market reach and product portfolios
• Some of the key companies include Praxair Surface Technologies; H.C. Starck Inc.; Wall Colmonoy; Powder Alloy Corporation; Carpenter Technology Corporation; Montreal Carbide Co. Ltd.; and Kennametal Stellite.

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