According to a report by Grand View Research, Inc.; the global thermal spray coating market is anticipated to reach USD 12.29 billion by 2022. Thermal spray coating process leads to the formation of substrates in semi-molten and molten forms. Such coatings can be applied to equipment using spray gun or torch. Multiple end-use industries are demanding thermal spray coating due to its effective resistance properties to corrosion, heat, erosion, and wears.
Environmental concerns related to traditional coatings are likely to drive the market for thermal spray coatings during the forecast period (2012 to 2020). Rising necessity for superior surface properties to increase service life of equipment can augment growth of the market. Increasing adoption of thermal spray coatings on biomedical and medical instruments to enhance wear resistance and biocompatibility is expected to augment growth. Growing application scope in multiple end-use industries such as automotive, aerospace, food, and electronics can propel growth of the market. Effective properties of this coating such as electrical resistance, thickness capability, and low toxic gas emissions can also contribute to market growth.
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North America thermal spray coating market revenue by application, 2012-2022 (USD Million)
Considering the rising demand, most manufacturing companies are invested in R&D to develop advanced coatings for end-use industries. For instance, Castolin Eutectic has recently introduced a unique type of ceramic composite coating known as XuperCoat for mold plates and tubes. Such kinds of tubes and mold plates are used in continuous steel casting processes. This product can protect the copper molds from extreme wear caused by hot steel. Wear can be related to friction, metal fatigue, and high-temperature abrasion. The ceramic coating is anticipated to enhance cast product quality, mold service life, and alleviate caster-operating costs. In addition, it can offer hardness, higher thermal conductivity, ductility, low friction, and superior surface finish.
Low degree of adhesion on small materials is likely to hinder growth of the market in coming years. In addition, fluctuation in raw material prices can also obstruct market growth during the forecast period. In thermal spray coatings, line-of-sight coatings process is likely to hamper growth of the market. This process cannot reach small and deep cavities, which is likely to increase porosity in equipment. However, continuous technological upgrades, frequent product launch, and wide scope of improvement in the product is likely to create opportunities for the manufacturers in forthcoming years.
The thermal spray coating market can be divided on the basis of product, application, and region. Based on product, the market can be segmented into metal, ceramic, intermetallic, and polymer. In 2014, the market share of ceramic coatings in terms of revenue was valued at USD 2.20 billion. Based on application, the market can be trifurcated into aerospace, industrial gas turbine, and automotive.
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Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East & Africa (MEA). In 2014, Asia Pacific accounted for around 21.2% of worldwide revenue share. It is expected to reign over the market during the forecast period owing to increasing number of automotive manufacturing units in India and China. Rising investment for aerospace can also bode well for market growth in the region.
Rising necessity for aero-engine parts owing to rapid development of the aerospace sector can augment demand for thermal spray coating in North America in near future. In 2014, the region contributed to maximum revenue share with a valuation of over USD 2.14 billion. Increasing investments in aerospace sector can contribute to regional market growth in the years to come.
In Europe, the market is likely to witness a convincing growth during the forecast period owing to propelling automotive and aerospace industries. Frequent product launches by the automotive industry of this region can also bode well for the market. Latin America is also anticipated to display moderate growth in coming years. However, MEA is predicted to have stiff growth during the forecast period.
Some of the prominent companies operating in the thermal spray coating market are Metallisation, Praxair Surface Technologies, TST Engineered Coating Solutions, Surface Technology, and Air Products & Chemicals.
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