Wilmington, Delaware, United States, April 25, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global cold spray coatings market is anticipated to grow at a 3.4% CAGR from 2023 to 2031. A market valuation of US$ 1.4 billion is anticipated by end of the forecast period.
The increasing adoption of cold gas spray coating in automotive and aerospace aftermarket repair and maintenance activities is expected to drive market growth during the forecast period. Cold spray coating technology has been used as a coating process for decades. It is bringing a revolution in the component repair field in numerous industries, especially in the aerospace industry.
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Cold spray gas coating is widely used in the aerospace industry to reduce sustainment costs. It is further gaining attention from manufacturers and end-users in the market, which is expected to fuel its demand in the coming years.
The burgeoning demand for high-performance and lightweight materials in the automotive industry is further expected to boost product demand during the forecast period. Furthermore, favorable government regulations regarding the application of lightweight materials to enhance fuel efficiency are anticipated to propel the demand for cold spray coatings in the automotive industry. This is estimated to foster growth in the overall market.
Key Takeaways from the Market Report
- The global cold spray coatings market is expected to be worth US$ 1.07 billion as of 2023.
- By technology, the high-pressure cold spray segment is expected to lead the market in 2023 by accounting for 61% market share.
- By end-use, the medical segment is expected to grow with a CAGR of 3.8% during the forecast period.
- As per TMR projections, the demand for cold spray coatings in China is expected to grow at a significant CAGR of 2.9% throughout the forecast period.
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Cold Spray Coatings Market: Growth Drivers & Trends
- The increasing application of cold spray coatings in a broad range of materials for specific applications, including repair and surface finishing, is anticipated to drive product demand during the forecast period. Moreover, a surge in demand for consumer electronics is expected to fuel the sales of cold spray coatings.
- The growing application of advanced nanostructured and amorphous materials in several end-use industries is escalating the demand for cold spray coatings. Rising uses of cold spray gas coatings in electrical & electronics and medical is further expected to create lucrative growth opportunities for the manufacturers of cold gas spray coatings.
- The cold spray coating technology has witnessed substantial demand in recent years in the repair and restoration of housings for Integrated Drive Generators (IDG). These are used in commercial aircraft, such as Boeing 747, 737NG, and 777, and Airbus A330, A340, and A320. This is attributed to the high viability and economic feasibility of the cold gas spray coating technology in intricately designed components made of aluminum or magnesium alloys.
Cold Spray Coatings Market: Regional Analysis
- North America is expected to dominate the market by accumulating over 39% by end of 2023. The market in this region is projected to grow with a CAGR of 2.8% during the forecast period. Growth is attributed to massive demand from the end-use segments, such as utility, transportation, and electrical & electronics.
- Europe is expected to account for a sizable market share in the forecast period. The market in this region is expected to grow with a CAGR of 2.6% during the forecast period. The presence of major countries with high military and defense expenditures, such as Germany, Russia, France, and the United Kingdom is driving the demand for coatings
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Cold Spray Coatings Market: Prominent Players
The global Cold Spray Coatings market is characterized by the presence of numerous regional as well as global entities. Some key Cold Spray Coatings providers profiled by TMR include:
- ASB Industries (Hannecard Roller Coatings, Inc)
- Bodycote Plc.
- Flame Spray Technologies BV
- Plasma Giken Co. Ltd
- VRC Metal Systems
- Centerline (Windsor) Limited
- WWG Engineering Pte. Ltd.
- Praxair S.T. Technology, Inc.
- Impact Innovations GmbH
- Concurrent Technologies Corporation
- Effusiontech Pty Ltd (SPEE3D)
- Titomic Limited
Prominent developments in the cold spray coatings domain by key players are as follows:
- In 2021, Bodycote plc declared the expansion of its cold spray coating capabilities with the induction of a new state-of-the-art cold spray coating system at its facility in Connecticut, United States of America. The new system enables Bodycote to provide a wider range of cold spray coatings and improve its service offerings for numerous industries, including defense, aerospace, and medical.
- The company also announced the development of a new sustainable coating solution called Verometal, which is manufactured using cold spray technology and offers high performance and durability.
Cold Spray Coatings Market- Key Segments
By Material
- Nickel
- Copper
- Aluminum
- Titanium
- Magnesium
- Others
By Technology
- High Pressure
- Low Pressure
By Application
- Engine Part
- Exhaust System
- Satellite
- Gearbox
- Pump
- Heated Glass
- Circuit Board
- Transformer
- Semiconductor
- Drilling Component
- Power Boiler
- Turbine
- Energy Component
- Dental Implant
- Harvesting Component
- Others
By End-use
- Automotive
- Aerospace
- Utility
- Electrical & Electronics
- Oil & Gas
- Medical
- Defense
- Marine
- Others
By Region
- North America
- Asia Pacific
- Latin America
- Europe
- Middle East & Africa
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