Thermal Spray Coatings Industry Overview
The global thermal spray coatings market was valued at USD 10.73 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 4.8% from 2022 to 2030.
The growth of thermal spray coatings depends on its use in various end-use industries like automotive, aerospace, medical, industrial gas turbine, printing, steel, and pulp & papers. The rising use of gas turbines in helicopter engines, tanks, ships, and locomotives is expected to help augment the demand for thermal spray coatings due to their high temperature and corrosion resistance which protects the parts against fire in high-temperature and moisture-laden conditions.
Gather more insights about the market drivers, restrains and growth of the Global Thermal Spray Coatings Market
The properties provided by thermal spray coatings include wear resistance against abrasion, cavitation, and erosive forces, chemical resistance, electrical insulation, and better adhesion between the substrate and top layer of components. The stringent regulations by U.S. EPA, REACH, and OSHA regarding the curtailment of hard chrome plating, which produces a byproduct recognized as a carcinogen, influence the coating manufacturers to adopt sustainable solutions that can further propel the market for thermal spray coatings in various end-use industries.
In North America, the U.S accounted for the largest share of the regional market revenue in 2021. This is attributed to the high demand from power generation plants for industrial gas turbines, which are expected to witness a surge in gas turbine demand due to the policy transition of the U.S. government towards replacing coal with natural gas for electricity generation. According to the Rural Health Information Hub, there are currently 46 million adults over the age of 65 years living in the U.S., which is expected to grow to 90 million by 2050. The rising geriatric population and improved healthcare services in the U.S. are expected to drive the market for orthopedic implants required in knee cap replacement surgery and are anticipated to grow the market in the region.
Browse through Grand View Research's Advanced Materials Industry Related Reports
- Gas Turbine Market - The global gas turbine market size was valued at USD 22.17 billion in 2021 and is projected to expand at a CAGR of 6.2% from 2022 to 2030. A gas turbine is an engine, which heats a mixture of fuel and outside air at a very high temperature to generate mechanical energy through the spinning of the turbine blades.
- Steam Turbine Market - The global steam turbine market size was valued at USD 16.0 billion in 2021 and is expected to expand at a CAGR of 2.3% from 2022 to 2030. An increased number of power plants are likely to be commissioned to compensate for the energy deficit and this is expected to propel the demand for steam turbines in the coming years.
Market Share Insights
February 2022: Government of Canada announced to provide USD 18.92 million (CAD 24 million) through the New Frontiers in Research Fund for a project to develop unique molecular coatings that could save maintenance costs across sectors including healthcare, infrastructure, automotive, aerospace, and consumer electronics.
March 2021: Mitsubishi Power, a subsidiary of Mitsubishi Heavy Industries (MHI) Group, commenced the development of a 40-megawatt (MW) class gas turbine that is fueled by 100% ammonia (NH3).
Key Companies profiled:
Some prominent players in the global Thermal Spray Coatings market include
- Praxair Surface Technologies, Inc.
- Höganäs AB
- C. Starck Inc.
- Castolin Eutectic
- Wall Colmonoy Corp.
- Powder Alloy Corp.
- Saint-Gobain
- Carpenter Technology Corp.
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