Thermal Spray Coatings Market Reviewing Key Challenges With Top Players And Business Opportunities For New Entrants Says

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.

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Market Share Insights

• 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). Since ammonia does not produce carbon dioxide (CO2), it can push the power generation companies to utilize industrial gas turbines for power generation requirements, simultaneously growing the demand for thermal spray coatings.
• March 2020: Praxair Surface Technologies, Inc. signed an agreement with Siemens, under which the former company will provide coating services across all Siemens products. Since Siemens has its presence in the aviation, energy, and other industries, this contract can result in strengthening the market position of Praxair Surface Technologies, Inc.

Key Companies Profile

Some of the prominent players operating in the global thermal spray coatings market are:

• Praxair Surface Technologies, Inc.
• Höganäs AB
• C. Starck Inc.
• Castolin Eutectic
• Wall Colmonoy Corp.
• Powder Alloy Corp.
• Saint-Gobain S.A.
• Carpenter Technology Corp.
• Fujimi Incorporated
• Durum Verschleiss-Schutz GmbH
• Montreal Carbide Co. Ltd.
• Kennametal Stellite
• Oerlikon Metco
• GTV Verschleißschutz GmbH (GTV Wear Protection GmbH)
• Flame Spray Technologies
• Medicoat AG
• Progressive Surface, Inc.
• TOCALO Co., Ltd.

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