THERMAL SPRAY COATINGS MARKET ANALYSIS

Thermal Spray Coatings Market Size and Trends

The thermal spray coatings market is estimated to be valued at USD 11.11 Bn in 2024 and is expected to reach USD 17.49 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031.

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The growing infrastructure and construction industry is driving the demand for thermal spray coatings that provide protection against corrosion, abrasion, and high-temperatures. These coatings are ideal for applications in industries, such as aerospace, industrial gas turbines, automotive, and healthcare, where increased component performance and longevity are important. New product developments catering to requirements across different end-use industries will further aid the market expansion. Increasing R&D investments by key players to develop sustainable and environment-friendly thermal spray technologies will boost the adoption of these coatings.

Growth in Aerospace and Aviation Industry

The aerospace and aviation industry has seen tremendous growth over the past decade driven by increasing global air passenger traffic and demand for new commercial and military aircraft. Thermal spray coatings play a vital role in this industry as they are used extensively in aircraft engines, landing gears and various components that require protection against heat, wear and corrosion. Materials inside aircraft engines are exposed to high temperatures and friction. Thermal spray coatings help improve the efficiency of engines by providing thermal and abrasion resistance to critical parts. They are also applied to parts that experience excessive wear during take-off and landing such as brakes and landing gear. This protects expensive components and reduces maintenance costs. As the demand for new aircraft rises due to more passengers taking to the skies every year, it drives the need for advanced thermal spray solutions within the aviation industry. Furthermore, next generation commercial and military aircraft increasingly rely on lightweight composite materials and advanced alloys to improve fuel efficiency. However, these new materials can be susceptible to corrosion and wear over time. Thermal spray coatings help protect such materials and ensure aircraft safety. For instance, titanium and aluminum alloys used in aircraft structures need thermal spray coatings for corrosion prevention in harsh marine and coastal environments. As lightweight materials become more widely adopted in aviation, it will further propel the usage of thermal spray coatings. According to projections by the International Civil Aviation Organization, passenger traffic is estimated to double by 2036 compared to 2016 levels. This will necessitate a large commercial aircraft fleet expansion. Countries are also increasing defense budgets which translates to new procurements by armed forces. For example, in 2021, India allocated USD 64.8 billion for defense acquisitions which will include multi-billion dollar deals for jet fighters. The thriving aerospace sector consequently drives consistent demand for advanced thermal spray solutions, ensuring steady growth of the global thermal spray coatings market in the coming years.

Gas turbines are widely used in the power generation, marine propulsion, and oil & gas industries. In power generation, gas turbines play a crucial role in meeting rising electricity demands, especially in developing countries lacking sufficient grid infrastructure. They provide cost-effective, nimble power solutions. Furthermore, industrial gas turbines are gaining popularity in the marine sector to propel large cargo and cruise ships. In offshore oil & gas platforms as well, gas turbines reliably supply power. All key components of gas turbines that endure high stresses and temperatures, such as turbine blades, nozzles, and combustion chambers require special coatings for maximizing performance and lifespan. Thermal barrier and abradable seal coatings are essential in gas turbines. Hence, the continuous growth of the industrial gas turbine industry is propelling the demand for thermal spray materials and services across various applications and components. Many gas turbine OEMs rely on thermal spray coatings to manufacture durable, high-performance products.