Thermal spray refers to a group of coating processes in which a material (typically in powder, wire, or rod form) is heated by combustion, electric arc, plasma, or high-velocity gas and sprayed onto a surface to build up a protective, functional, or decorative coating layer. These coatings are used to enhance surface properties such as wear resistance, corrosion resistance, thermal barrier protection and electrical conductivity.
The thermal spray market consists of sales by entities (organizations, sole traders and partnerships) of thermal spray that are applied during manufacturing, maintenance, repair and overhaul (MRO), or refurbishment, anywhere enhanced surface performance is required.
The global thermal spray market was valued at $9,359.94 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 4.00%.
Growth Of Power Generation Sector
The growth of the power generation sector supported the expansion of the thermal spray market in the historic period. Thermal spray coatings, valued for their wear resistance, corrosion protection and thermal barrier properties, found extensive use in boilers, turbines, piping and other critical components within power plants. As electricity generation expanded globally, demand for these robust surface technologies rose, supporting increased market adoption of thermal spray. For instance, in 2023, the International Energy Agency (IEA), a Paris-based autonomous intergovernmental organization, reported that global electricity generation rose by approximately 2.4% (around 700 TWh) in 2022 compared to 2021. Additionally, renewable electricity generation exceeded 8,500 TWh in 2022, marking an increase of over 600 TWh (nearly 8%) year over year. Moreover, according to the IEA's Electricity Information Overview 2020, wind electricity generation grew by 11.8% and solar by 22.5% between 2018 and 2019. Therefore, the growth of the power generation sector supported the growth of the thermal spray market in the historic period.
Advancements In Biocompatible And Regulatory-Compliant Thermal Spray Coatings For Medical And Pharmaceutical Applications
Major companies in the thermal spray market are focusing on enhancing biocompatibility, wear resistance and compliance in medical devices and pharmaceutical equipment. These innovations focus on improving device longevity, reducing friction and preventing contamination, while also ensuring smooth release and simplifying cleaning processes. For instance, in 2024, Magnaplate, a US-based surface enhancement specialist, introduced its Plasmadize thermal spray composite coating specifically for medical and pharmaceutical applications. Engineered to offer corrosion resistance, a low coefficient of friction and compliance with the United States Department of Agriculture (USDA) and the Food and Drug Administration (FDA), the coating delivers a structurally stable, non-porous surface, ideal for components such as tablet press feeders, scrapers and other production parts prone to sticking or wear. By leveraging their decades of coating expertise, Magnaplate aims to help healthcare and pharmaceutical manufacturers maintain reliable, hygienic and efficient operations across both domestic and global markets.
The global thermal spray market is fragmented, with large number of small players operating in the market. The top 10 competitors in the market made up 14.79% of the total market in 2024.
Thermal Spray Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global thermal spray market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for thermal spray? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The thermal spray market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider architectural lighting market; and compares it with other markets.
The report covers the following chapters
- Introduction And Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by product type, by technology and by end user industry.
- Key Trends - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Growth Analysis And Strategic Analysis Framework- Analysis on PESTEL, end use industries, market growth rate, global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods, forecast growth contributors and total addressable market (TAM).
- Global Market Size And Growth - Global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis - Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation - Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by product type, by technology and by end user industry in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size And Growth - Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies - Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers And Acquisitions- Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Recent Developments- Information on recent developments in the market covered in the report.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations This section includes recommendations for thermal spray providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NaiCS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Product Type: Coatings Materials; Thermal Spray Equipment
- 2) By Technology: Cold Spray; Flame Spray; Plasma Spray
- 3) By End-User: Aerospace; Industrial Gas Turbines; Automotive; Electronics; Oil and Gas; Medical Devices; Energy And Power; Other End User Industries
- Companies Mentioned: OC Oerlikon (Oerlikon Metco); Linde Plc (Praxair Surface Technologies); Bodycote Plc; Kennametal Inc; Hoganas AB.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; thermal spray indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.