Year | Value |
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2024 | USD 12.64 Billion |
2032 | USD 21.7 Billion |
CAGR (2024-2032) | 6.99 % |
Note – Market size depicts the revenue generated over the financial year
In 2024 the global market for thermal spray coatings will reach $ 12.64 billion, and will grow to $ 21.7 billion by 2032. The forecast period is from 2024 to 2032. The CAGR is 6.9 percent. The main reason for this growth is the increased demand for thermal spray coatings in various industries, such as aviation, automobiles and energy. Also, the development of HVOF and cold spraying techniques will further increase the efficiency and quality of the coatings, which will also increase the market growth. The main market players, such as Praxair Surface Technologies, Oerlikon Metco and Sulzer, are constantly investing in R & D to improve their product offerings. Also, strategic alliances and mergers and acquisitions are being actively implemented to increase the market share and technological capabilities of the companies. Product launches, for example, focusing on green coatings and advanced materials, reflect the industry's shift towards greater emphasis on sustainability and performance. In the future, the thermal spray market will continue to grow, driven by technological innovation and the increasing number of industrial applications.
Regional Market Size
The thermal spraying industry is growing at a rapid pace in many parts of the world. The demand for surface-enhancement solutions is on the rise, and the market is expanding as a result. In North America, the industry is characterized by a strong presence of key players and a strong focus on innovation, especially in the fields of aeronautics and automobiles. In Europe, the industry is characterized by a regulatory framework that promotes sustainable practices. The Asia-Pacific region is growing rapidly because of the industrialization and building boom. In the Middle East and Africa, the oil and gas projects are driving the industry's growth. Latin America is gradually introducing thermal spraying in its manufacturing and repair sectors.
“Thermal spray technology can produce coatings that are only a few micrometers thick, yet they can significantly enhance the wear resistance and corrosion protection of components.” — Thermal Spray Society
The consolidated market for the thermal spray market is expected to grow steadily. This growth is driven primarily by the increasing demand for surface protection and improvement in various industries such as aerospace, automobile, and energy. This is primarily driven by the need for increased component longevity and the growing trend of adopting advanced manufacturing techniques. Regulations encouraging the use of sustainable practices are also a significant factor in the growth of the thermal spray market. The use of thermal spray technology is currently in the mature phase, with Praxair and Oerlikon leading the market in North America and Europe. The most important applications of thermal spray are in the field of aircraft engines, where the coatings of the blades of the gas generators are used, and in the field of automobiles, where wear-resistant coatings are used in various components. The current trends of sustainable development and the integration of Industry 4.0 into the manufacturing industry are also driving the growth of the thermal spray market. The development of new methods such as the high-velocity oxygen-fuel (HVOF) method and the development of the plasma method will also have a significant impact on the development of the thermal spray market. These developments not only improve the properties of the coating, but also increase the efficiency of the production process.
The market for thermal spray coatings is forecast to rise from $13.67 billion in 2024 to $21.69 billion in 2032, at a CAGR of 6.99%. The growing demand for advanced coatings in various industries, such as aviation, automobiles, and energy, will support this growth. In these industries, the coatings are used in critical applications, with a penetration rate of more than 30% by 2032. The key technological developments, such as the development of high-velocity oxygen-fuel (HVOF) and cold spray, will also drive the market. These developments will not only improve the quality and efficiency of the coatings, but will also meet the stringent regulations for the environment, and thus contribute to sustainable manufacturing. Also, the increasing focus on lightweight materials and energy-efficient products in the aviation and automobile industries will further propel the demand for thermal spray coatings. The market will continue to evolve with the growing research and development expenditure on the properties and applications of the coatings. The market will offer lucrative opportunities for the companies in the near future, and the competition will be based on innovation and sustainable manufacturing.
Covered Aspects:Report Attribute/Metric | Details |
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Market Size Value In 2023 | USD 11.7Billion Billion |
Growth Rate | 8.00% (2023-2032) |
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