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Thermal Spray Market Analysis

The Thermal Spray Market size is estimated at USD 12.53 billion in 2024, and is expected to reach USD 15.56 billion by 2029, growing at a CAGR of greater than 4% during the forecast period (2024-2029).

The thermal spray market was negatively affected by the COVID-19 pandemic. Initially, there was a slowdown in manufacturing activities due to lockdowns and supply chain disruptions, leading to a temporary decrease in demand for thermal spray coatings. However, as industries adopted new norms and increased their emphasis on hygiene and protection, there was a growing demand for thermal spray coatings in industries such as healthcare, automotive, and aerospace.

• The increasing popularity of thermal spray ceramic coatings due to their usage in medical devices, the rising use of thermal spray coatings in the aerospace industry, and the replacement of hard chrome coatings are some factors driving the demand for the thermal spray market.
• However, issues regarding process reliability and consistency and the emergence of hard trivalent chrome coatings in recent years are likely to hinder the market's growth.
• The increasing demand for thermal spray from the oil and gas industry, recycling of thermal spray processing materials, and advancements in spraying technology (cold spray process) are expected to provide lucrative growth opportunities for the market in the coming years.
• Asia-Pacific is expected to dominate the thermal spray market over the forecast period.

Thermal Spray Industry Segmentation

Thermal spraying is an industrial coating process where a consumable is applied as a spray of finely divided semi-molten or molten droplets to produce coatings and then deposit them onto a surface. It is a technology that improves or restores the surface of a solid material. Thermal spraying aids in applying coatings to various materials and components to resist wear, corrosion, cavitation, abrasion, or heat. 

The thermal spray market is segmented by product type, thermal spray coatings and finishes, end-user industry, and geography. By product type, the market is segmented into coatings, materials, and thermal spray equipment. By thermal spray coatings and finishes, the market is segmented into combustion and electric energy. By end-user industry, the market is segmented into aerospace, industrial gas turbines, automotive, electronics, oil and gas, medical devices, energy and power, steel making, textile, and printing and paper. The report also covers the market sizes and forecasts for the thermal spray market in 27 countries across major regions. For each segment, the market size and forecast are provided based on revenue (USD).