Thermal Spray Global Market Opportunities And Strategies To 2034

This report describes and explains the thermal spray market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global thermal spray market reached a value of nearly $11.42 billion in 2024, having grown at a compound annual growth rate (CAGR) of 4.07% since 2019. The market is expected to grow from $11.42 billion in 2024 to $15.07 billion in 2029 at a rate of 5.71%. The market is then expected to grow at a CAGR of 5.19% from 2029 and reach $19.42 billion in 2034.

Growth in the historic period resulted from the growth of power generation sector, rising industrial equipment maintenance needs, rising investment in renewable energy and rising oil and gas exploration. Factors that negatively affected growth in the historic period were high initial capital investment and stringent environmental and safety regulations.

Going forward, expansion of automotive production, growing demand in healthcare equipment, increase in mining and heavy machinery operations and increasing aerospace industry demand will drive the growth. Factors that could hinder the growth of the thermal spray market in the future include availability of alternative coating technologies, skilled workforce shortage and impact of trade war and tariff.

The thermal spray market is segmented by product type into coatings materials and thermal spray equipment. The coatings materials market was the largest segment of the thermal spray market segmented by product type, accounting for 84.57% or $9.66 billion of the total in 2024. Going forward, the coatings materials segment is expected to be the fastest growing segment in the thermal spray market segmented by product type, at a CAGR of 5.86% during 2024-2029.

The thermal spray market is segmented by technology into cold spray, flame spray and plasma spray. The cold spray market was the largest segment of the thermal spray market segmented by technology, accounting for 43.38% or $4.95 billion of the total in 2024. Going forward, the cold spray segment is expected to be the fastest growing segment in the thermal spray market segmented by technology, at a CAGR of 6.48% during 2024-2029.

The thermal spray market is segmented by end‑user industry into aerospace, industrial gas turbines, automotive, electronics, oil and gas, medical devices, energy and power and other end user industries. The aerospace market was the largest segment of the thermal spray market segmented by end‑user industry, accounting for 27.70% or $3.16 billion of the total in 2024. Going forward, the electronics segment is expected to be the fastest growing segment in the thermal spray market segmented by end‑user industry, at a CAGR of 6.12% during 2024-2029.

North America was the largest region in the thermal spray market, accounting for 33.37% or $3.81 billion of the total in 2024. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the thermal spray market will be Asia Pacific and Middle East where growth will be at CAGRs of 7.61% and 6.93% respectively. These will be followed by Africa and Eastern Europe where the markets are expected to grow at CAGRs of 6.87% and 5.81% respectively.

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. OC Oerlikon (Oerlikon Metco) was the largest competitor with 3.25% share of the market, followed by Linde plc (Praxair Surface Technologies) with 3.11%, Bodycote plc with 1.33%, Kennametal Inc. with 1.28%, Höganäs AB with 1.15%, Curtiss-Wright Surface Technologies with 1.06%, Castolin Eutectic GmbH with 1.03%, Aimtek Inc. with 0.90%, Compagnie de Saint-Gobain S.A. (Saint-Gobain) with 0.88% and FM Industries Inc. with 0.80%.

The top opportunities in the thermal spray market segmented by product type will arise in the coatings materials segment, which will gain $3.18 billion of global annual sales by 2029. The top opportunities in the thermal spray market segmented by technology will arise in the cold spray segment, which will gain $1.82 billion of global annual sales by 2029. The top opportunities in the thermal spray market segmented by end‑user industry will arise in the aerospace segment, which will gain $1.08 billion of global annual sales by 2029. The thermal spray market size will gain the most in China at $812.23 million.

Market-trend-based strategies for the thermal spray market include focus on enhancing biocompatibility, wear resistance and compliance in medical devices and pharmaceutical equipment, focus on integration of advanced coating technologies to improve the performance and lifespan of aerospace components and focus on adopting sustainable and cost-effective materials to meet environmental regulations and reduce operational costs.

Player-adopted strategies in the thermal spray market include focus on expanding diagnostics segment through new launches and focus on expanding diagnostics segment through strategic partnerships.

To take advantage of the opportunities, the analyst recommends the thermal spray market companies to focus on expanding medical and pharmaceutical applications, focus on advancing aerospace applications with digital integration, focus on sustainable and cost-effective coating solutions, focus on the coating materials segment for higher growth, focus on cold spray as the fastest growing segment, expand in emerging markets, continue to focus on developed markets, focus on strengthening distribution channels for wider market reach, focus on competitive and value-based pricing strategies, focus on building industry-specific promotional campaigns, focus on leveraging partnerships and digital outreach and focus on medical devices and electronics as high-growth end-use segments.

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