The global thermal spray wire market was valued at $1.2 billion in 2023, and is projected to reach $1.9 billion by 2029, growing at a CAGR of 7.5% from 2024 to 2029.
Thermal spray wires are materials used in thermal spraying, a coating process in which melted (or heated) materials are sprayed onto a surface. These wires are typically composed of metals or alloys and are fed through a spray gun, where they are melted by an energy source such as an electric arc, plasma, or combustion flame. The molten droplets are then accelerated toward the target substrate to form a coating. This method allows for the deposition of thin, dense, and durable coatings that enhance surface properties such as wear resistance, corrosion protection, thermal insulation, and electrical conductivity.
The growth of the thermal spray wire market is propelled by expansion in influence of the aerospace and automotive industries. The automotive and aerospace sectors, known for their continuous innovation and demand for high-performance materials, are increasingly turning to thermal spray wires to enhance the durability, wear resistance, and overall performance of critical components. Moreover, mainline carrier fleet in the U.S. is expected to expand by 54 aircraft annually, due to the aging of the current fleet. Thus, the growing popularity for thermal spray coatings in turbine blades, vanes, and other engine components is expected to boost the growth of thermal spray wires market.
However, high equipment and maintenance costs are expected to face a notable restraint in the thermal spray wires market during the forecast period. Thermal spray equipment, including spray guns, powder feeders, control systems, and auxiliary components, requires a substantial initial capital investment. Contrarily, rise in demand for renewable energy is expected to represent a significant opportunity for the thermal spray wire market, opening new avenues for enhanced performance, efficiency, and application possibilities. Thermal spray coatings applied using thermal spray wires provide protection against corrosion, erosion, and wear, thereby extending the lifespan and enhancing the performance of these critical components. In addition, thermal spray coatings improve aerodynamic efficiency and reduce surface roughness, leading to increased energy generation and operational efficiency of wind turbines. For instance, in May 2022, Greenlane Renewables Inc. secured a contract worth $6.8 million for a project converting dairy manure into renewable natural gas (RNG) in the U.S. RNG facilities have equipment exposed to corrosive environments, such as biogas reactors, pipes, or tanks. Thermal spray coatings provide corrosion protection by applying a layer of material resistant to chemical degradation.
Segmentation Overview
The thermal spray wire market is segmented into material type, process type, end use, and region. By material type, the market is divided into nickel-based alloys, cobalt-based alloys, aluminum alloys, stainless steel, and others. As per process type, it is categorized into flame spray, cold spray, arc spray, plasma spray, and others. Depending on end use, the market is divided into aerospace, automotive, oil & gas, power generation, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
By material type, the nickel-based alloys segment is expected to remain the largest type throughout the forecast period.
Depending on process type, the arc spray segment is anticipated to be in the forefront during the projection period.
According to end use, the aerospace segment is projected to witness growth during the forecast period.
Region wise, Asia-Pacific is predicted to dominate the market during the forecast period.
Competitive Scenario
The key market players in the thermal spray wire market include Astro Alloys Inc, THERMION, OC Oerlikon Management AG, Höganäs AB, Metallisation Limited, Polymet, Parat Tech, Flame Spray Technologies B.V., Praxair S.T. Technology, and Shanghai AlloTech Industrial Co., Ltd. These players have adopted several strategies, including mergers & acquisitions, partnerships, collaborations, and marketing & advertising, to maintain their foothold in the market.
Thermal spray wires are materials used in thermal spraying, a coating process in which melted (or heated) materials are sprayed onto a surface. These wires are typically composed of metals or alloys and are fed through a spray gun, where they are melted by an energy source such as an electric arc, plasma, or combustion flame. The molten droplets are then accelerated toward the target substrate to form a coating. This method allows for the deposition of thin, dense, and durable coatings that enhance surface properties such as wear resistance, corrosion protection, thermal insulation, and electrical conductivity.
The growth of the thermal spray wire market is propelled by expansion in influence of the aerospace and automotive industries. The automotive and aerospace sectors, known for their continuous innovation and demand for high-performance materials, are increasingly turning to thermal spray wires to enhance the durability, wear resistance, and overall performance of critical components. Moreover, mainline carrier fleet in the U.S. is expected to expand by 54 aircraft annually, due to the aging of the current fleet. Thus, the growing popularity for thermal spray coatings in turbine blades, vanes, and other engine components is expected to boost the growth of thermal spray wires market.
However, high equipment and maintenance costs are expected to face a notable restraint in the thermal spray wires market during the forecast period. Thermal spray equipment, including spray guns, powder feeders, control systems, and auxiliary components, requires a substantial initial capital investment. Contrarily, rise in demand for renewable energy is expected to represent a significant opportunity for the thermal spray wire market, opening new avenues for enhanced performance, efficiency, and application possibilities. Thermal spray coatings applied using thermal spray wires provide protection against corrosion, erosion, and wear, thereby extending the lifespan and enhancing the performance of these critical components. In addition, thermal spray coatings improve aerodynamic efficiency and reduce surface roughness, leading to increased energy generation and operational efficiency of wind turbines. For instance, in May 2022, Greenlane Renewables Inc. secured a contract worth $6.8 million for a project converting dairy manure into renewable natural gas (RNG) in the U.S. RNG facilities have equipment exposed to corrosive environments, such as biogas reactors, pipes, or tanks. Thermal spray coatings provide corrosion protection by applying a layer of material resistant to chemical degradation.
Segmentation Overview
The thermal spray wire market is segmented into material type, process type, end use, and region. By material type, the market is divided into nickel-based alloys, cobalt-based alloys, aluminum alloys, stainless steel, and others. As per process type, it is categorized into flame spray, cold spray, arc spray, plasma spray, and others. Depending on end use, the market is divided into aerospace, automotive, oil & gas, power generation, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
By material type, the nickel-based alloys segment is expected to remain the largest type throughout the forecast period.
Depending on process type, the arc spray segment is anticipated to be in the forefront during the projection period.
According to end use, the aerospace segment is projected to witness growth during the forecast period.
Region wise, Asia-Pacific is predicted to dominate the market during the forecast period.
Competitive Scenario
The key market players in the thermal spray wire market include Astro Alloys Inc, THERMION, OC Oerlikon Management AG, Höganäs AB, Metallisation Limited, Polymet, Parat Tech, Flame Spray Technologies B.V., Praxair S.T. Technology, and Shanghai AlloTech Industrial Co., Ltd. These players have adopted several strategies, including mergers & acquisitions, partnerships, collaborations, and marketing & advertising, to maintain their foothold in the market.
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Key Market Segments
By Material Type
- Nickel-Based Alloys
- Cobalt-Based Alloys
- Aluminum Alloys
- Stainless Steel
- Others
By Process Type
- Flame Spray
- Cold Spray
- Arc Spray
- Plasma Spray
- Others
By End-Use
- Aerospace
- Automotive
- Oil Gas
- Power Generation
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Thailand
- Malaysia
- Indonesia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Argentina
- Rest of LAMEA
- Astro Alloys Inc
- THERMION
- OC Oerlikon Management AG
- Höganäs AB
- Metallisation Limited
- Polymet
- Parat Tech
- Flame Spray Technologies B.V.
- Praxair S.T. Technology
- Shanghai AlloTech Industrial Co., Ltd
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: THERMAL SPRAY WIRE MARKET, BY MATERIAL TYPE
CHAPTER 5: THERMAL SPRAY WIRE MARKET, BY PROCESS TYPE
CHAPTER 6: THERMAL SPRAY WIRE MARKET, BY END-USE
CHAPTER 7: THERMAL SPRAY WIRE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
Key Market Players in the Thermal Spray Wire Market include:- Astro Alloys Inc
- THERMION
- OC Oerlikon Management AG
- Höganäs AB
- Metallisation Limited
- Polymet
- Parat Tech
- Flame Spray Technologies B.V.
- Praxair S.T. Technology
- Shanghai AlloTech Industrial Co., Ltd
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 300 |
| Published | June 2024 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value ( USD | $ 1.2 billion |
| Forecasted Market Value ( USD | $ 1.9 billion |
| Compound Annual Growth Rate | 7.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
