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The thermal spray market has witnessed robust growth in recent years and is set for continued expansion. This blog explores the current trends, future projections, and key factors driving this growth.

Current Market Landscape

• 2023-2024 Growth: The thermal spray market grew from $10.73 billion in 2023 to $11.42 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.5%.
• 2024-2028 Projection: Expected to reach $14.82 billion by 2028, the market is projected to grow at a CAGR of 6.7%.

Key Drivers for Recent Growth:

• Advancements in aerospace engineering.
• Increased demands from the automotive industry.
• Innovations in medical implants.
• Enhanced power generation efficiency.
• Corrosion resistance and material durability improvements.
• Rise of industrial automation.

Future Growth Drivers

• Material Science Advancements: Continued innovations in material science are fueling market expansion.
• Surface Coating Demand: Increased demand for surface coatings in aerospace and automotive sectors is driving growth.
• Healthcare Adoption: Rising use of thermal spray technology in medical devices.
• Renewable Energy Growth: Expansion in the renewable energy sector contributes to market demand.
• Technological Innovations: Advancements in coating technologies and stricter environmental regulations are also key factors.

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Emerging Trends:

• Advances in coating materials technology.
• Increased use of plasma spray techniques.
• Expansion into emerging markets.
• Focus on eco-friendly processes.
• Integration with digital manufacturing and automation.

Impact of Energy and Power Industries

• Sector Growth: The energy and power industries are a major growth driver for the thermal spray market. This sector involves generating, transmitting, and distributing energy and is expanding due to rising global electricity demands and advancements in renewable energy technologies.
• Thermal Spray Applications: Thermal spray coatings enhance turbine efficiency, prolong equipment lifespan, and mitigate corrosion in energy sector components.

Recent Statistics:

• In March 2024, the Office for National Statistics reported that the electricity, gas, steam, and air conditioning supply industry saw a significant turnover increase, reaching £22.0 billion ($31.02 billion) in 2022, a 59.6% increase from 2021.

Major Companies and Innovations

• Leading Players: Notable companies in the thermal spray market include Saint-Gobain Group, Linde plc, Sandvik AB, and many others.
• Technological Advancements: Companies are focusing on innovations like supersonic spraying technology to improve coating quality and efficiency.
  • Example: In June 2023, Castolin Eutectic launched the XupersoniClad, utilizing supersonic spraying technology for high-quality HEA coatings. This process offers higher efficiency and effectiveness compared to traditional methods.

Strategic Acquisitions

• Kymera International: In December 2023, Kymera International acquired Metallisation Ltd., expanding its thermal spray capabilities and enhancing its market position, particularly in the UK and European regions.

Market Segmentation

• By Product Type: Coatings, Materials, Thermal Spray Equipment.
• By Technology: Cold Spray, Flame Spray, Plasma Spray.
• By End-User Industry: Aerospace, Industrial Gas Turbines, Automotive, Electronics, Oil and Gas, Medical Devices, Energy and Power.

Regional Insights

• Current Leaders: North America was the largest market region in 2023.
• Future Outlook: Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The thermal spray market is set to continue its strong growth trajectory, driven by technological advancements, increasing demand across various industries, and evolving applications. The sector’s focus on innovation and efficiency is paving the way for a bright future in coating technologies.

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The Thermal Spray Global Market Report 2024  provides a comprehensive outlook of the thermal spray market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The thermal spray market forecast offers a thorough analysis on thermal spray market size, thermal spray market share, prominent players and their strategies.

The Table Of Content For The Thermal Spray Market Include:
1. Thermal Spray Market Executive Summary
2. Thermal Spray Market Segments
3. Thermal Spray Market Size And Thermal Spray Market Growth Rate
4. Key Thermal Spray Market Trends
5. Major Thermal Spray Market Drivers
……
25. Key Mergers And Acquisitions In The Thermal Spray Market
26. Top Thermal Spray Companies
27. Thermal Spray Market Opportunities And Strategies
28. Thermal Spray Market, Conclusions And Recommendations
29. Appendix

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