PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1364693
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1364693
The thermal spray coating equipment Market size was valued at USD 9,890.6 Million in 2022, expanding at a CAGR of 5.1% from 2023 to 2030.
Thermal spray coating equipment is designed to apply a layer of melted materials to various surfaces to protect them from wear, corrosion, extreme temperatures, and other adversities. These equipment types are utilized in a variety of industries, including aerospace, automotive, energy, and others. For instance, Aircraft engines operate in harsh environments with high temperatures, rapid airflow, and corrosive substances. Thermal spray coatings are regularly applied using specialist equipment to ensure the lifetime and performance of engine components. Thermal spray coating equipment and processes have advanced dramatically over the years, providing industries with a crucial tool for extending component life and protecting it from severe environments.
The increasing use of thermal spray coatings in the aerospace industry, and the evolution in the power generation sector are expected to drive the market growth.
Due to the demanding nature of aviation settings and the necessity for high-performance components, the aerospace industry is one of the primary sectors that widely uses thermal spray coatings. The U.S. aerospace sector continues to produce the highest trade balance (USD77.6 billion in 2019) and the second highest level of exports (USD148 billion) among all manufacturing industries, according to international trade administration. The aerospace industry's demanding factors, combined with the rise of the power generating sector, create a robust growth trajectory for the thermal spray coating equipment market. Furthermore, developing economies are investing in infrastructure, aircraft, automotive, and energy, all of which require the use of thermal spray coatings. This increase provides an opportunity for the thermal coating equipment industry. Moreover, Variation in the prices of raw materials used in coatings can have an impact on the profitability of market players.
The Global Thermal Spray Coating Equipment Market is segmented on the basis of Equipment Type, End-User, and Region.
The market is divided into three categories based on Equipment type: Flame Spraying, Arc Spraying, Plasma Spraying, High-velocity oxygen fuel (HVOF), and Others. The Plasma Spraying dominates the market. Plasma spraying is well-known for generating high-quality coatings by melting materials and spraying them onto a substrate using a plasma torch.
The market is divided into five categories based on End-user: Aerospace and Defense, Automotive, Electrical and electronics, Oil and gas, Energy and Power, Industrial Gas Turbines, Steel Making, Medical Devices, and Others. The aerospace and defense sector dominates the market and is likely to maintain its dominance during the forecast period. The market for thermal spray coating equipment, particularly for aerospace and defense applications, is looking up. Protective coatings will become increasingly important as the demand for more complex aerospace technology develops, as does the emphasis on equipment longevity and reliability.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to drive the growth of Thermal Spray Coating Equipment Market, due to the expansion of the aircraft and automotive manufacturing industry.
North American automotive manufacturers are at the forefront of technical breakthroughs, developing next-generation vehicles such as electrified and self-driving automobiles. As these advancements continue, so will the requirement for specialized coatings to enhance and protect emerging components. Thermal spray coatings are essential for extending the life and performance of these components. The United States has one of the largest automotive markets in the world. In 2020, U.S. light vehicle sales were 14.5 million units. Overall, the United States is the world's second-largest market for vehicle sales and production. Autos Drive America reports that international automakers produced 5 million vehicles in the United States in 2020, according to International Trade Administration. Europe is second largest market for the expansion of Thermal Spray Coating Equipment.
The market has seen some consolidation, with larger competitors purchasing smaller enterprises to extend their product line and market reach. Manufacturers are investing in R&D to develop innovative equipment and procedures as industries want more durable and long-lasting coatings. High-Velocity Oxygen Fuel (HVOF) spraying and Cold Spray technologies have gained popularity in recent years. Some of the primary techniques used by corporations to strengthen their reach and expand their market share include new product launches, distribution network development, R&D spending, and mergers and acquisitions. For example, On April 6, 2021 Kennametal Inc. announced nowadays the launch of Stellite 21 AM powder, the first Stellite powder qualified for laser powder bed additive manufacturing, and the latest addition to Kennametal Additive Manufacturing's portfolio of high-performance metal powders optimized for 3D printing.
On March 2023, Praxair Surface Technologies (PST) and Siemens have signed a new agreement to strengthen their continuous relationship. The new contract covers a range of coating services across all Siemens products. Aerospace and industrial gas turbine components such as blades, vanes, casings, and discs will be coated by PST's aluminising, platinum aluminizing, slurry, and thermal spray processes. To offer the best possible technology and service, coatings will be completed at PST's Germany, Italy, United Kingdom, & United States locations.
The scope of this report covers the market by its major segments, which include as follows: