According to the Market Statsville Group (MSG), the global tungsten carbide (WC) based thermal spray coating market size is expected to grow from USD 732.1 million in 2022 to USD 1,556.9 million by 2033, growing at a CAGR of 7.1% from 2023 to 2033
The market for tungsten carbide (WC) based thermal spray coating is anticipated to grow during the forecast period due to its high demand in automotive, aerospace & defense, oil & gas, and other industries. The HVOF tungsten carbide thermal spray technique infuses the powder particles with kinetic energy. When these highly energetic particles collide with the substrate, their velocity falls to zero, and they absorb their kinetic energy, causing them to attach to the workpiece almost instantaneously. The coating is rapidly built up as subsequent particles arrive practically simultaneously. The market possesses a tremendous supply trend with the increase in demand from various SMEs and Large enterprises of diversified industrial applications. Additionally, factors such as rising disposable income, rapid urbanization and industrialization led to growing industries such as aerospace, automotive, mining, and many more which significantly increased the demand and supply for tungsten carbide (WC) based thermal spray coating. This creates a lucrative growth opportunity for the market in the upcoming years. Furthermore, manufacturers and distributors opt for strategic alliances such as product launches, acquisitions, mergers, and many more to cater to the supply needs of SMEs and Large enterprises specializing in the growing market era.
Tungsten Carbide (WC) based thermal spray coating is a type of protective coating applied to a material's surface to enhance its wear resistance and extend its service life. Tungsten Carbide is a hard, dense material made up of tungsten and carbon atoms, and it has a very high melting point and excellent mechanical properties. In the thermal spray process, tungsten carbide powder is melted and then sprayed onto the surface of the substrate using a high-velocity flame or plasma jet. As the molten droplets of tungsten carbide powder hit the substrate, they rapidly solidify and bond to the surface, forming a dense and durable coating. The resulting tungsten carbide coating is extremely hard and wear-resistant, making it ideal for use in various industrial applications, including cutting tools, mining equipment, and oil and gas drilling equipment. It also has excellent corrosion resistance and can withstand high temperatures and harsh environments.
The pandemic has disrupted the global supply chain, causing shortages of raw materials and delays in production and shipping. This has led to increased costs and longer lead times for tungsten carbide powder and other materials used to produce thermal spray coatings. The pandemic has caused a decrease in demand for some products that use tungsten carbide coatings, such as automotive and aerospace parts, which reduces orders and revenue for manufacturers of thermal spray coatings. Many companies in the tungsten carbide coating industry have been forced to temporarily shut down their operations due to government-mandated lockdowns and safety concerns. Some companies in the thermal spray coating industry have shifted their focus to producing coatings for medical equipment, such as hospital bedsa and ventilators, in response to the pandemic.
High-Velocity Oxygen Fuel (HVOF) coating is a process used to improve or restore a component's surface (properties or geometry). This surface engineering technique enables equipment life extension by increasing erosion, wear resistance, and corrosion protection. HVOF features is driving the market growth during the forecast period as it is required for various industries such as power generation, the automotive sector, aviation and aerospace industry, and oil and gas industry, among others. The HVOF tungsten carbide (WC) process does not create any waste contamination and removes any potential chances of exposure to hexavalent chrome. Application of HVOF tungsten carbide coating is significantly more efficient, as it takes just 2 to 3 hours, whereas chrome plating takes nearly 24 hours to complete. HVOF tungsten carbide coatings impart a decrease in the material's ductility, resulting in saving time and cost required for embrittlement-relief treatment for materials. Thus, it is in high demand across various industries.
HVOF spraying is currently one of the dominant thermal spray processes in the mining and oil and gas industries, among other industries. However, the high flame temperature in HVOF spraying results in phase transformations, oxidation, and decarburization in the case of carbides. Decarburization of carbides, particularly tungsten carbide (WC), produces hard, brittle phases with low impact and fracture toughness. This reduces the performance and longevity of the coatings and overlays when they are exposed to the highly erosive environments in the mining and oil and gas industries. Besides, the Aerospace industry is the largest HVOF thermal spray coatings market consumer. This growth is mainly attributed to the boom in the aerospace industry and the demand backlog, which is almost equal to 10 years. North America is in the lead in the aerospace industry because of the availability of big manufacturers such as Boeing. Automotive is another major industry for HVOF thermal spray coatings. Moreover, big aircraft manufacturers of aircrafts such as Boeing & Airbus will increase their production capacity to fulfil the demand for commercial & defence aircraft.
HVOF-sprayed coatings maybe 0 to 25% more costly than other processes, such as chrome plating. The higher cost structure of HVOF-sprayed coatings is derived from the fact that the process may not be best suited for deposition on inner diameters, flange faces, and complex geometries that require repositioning and multiple rearrangements during spraying. Thus, the high cost associated with the HVOF tungsten carbide coating-based thermal spray coating is restraining the market growth during the forecast period. Annual operating costs for HVOF thermal spray process for dynamic components.
One such equipment technology development is high-velocity air fuel (HVAF) spraying. Like HVOF spraying, HVAF spraying utilizes a fuel that is combusted to produce a flame that is used to melt and accelerate the powder particles to high speeds that are 4,000 ft/s. However, unlike HVOF spraying, where oxygen gas is used as the oxidant, in HVAF spraying, the air is used as the source of oxygen for the combustion reaction. So that air contains approximately 21 vol.% oxygen, the HVAF spray flame temperature is lower than that of HVOF spraying, heating the particles less and mitigating the occurrence of oxidation and decarburization when WC-based coatings are fabricated.
HVAF-sprayed coatings are typically dense and adhere well to the substrate, similar to HVOF-sprayed coatings. This technology is well-suited for WC-based coatings on pump casings that are used in the oil and gas industry. The mining and oil and gas industries employ HVAF spraying as a repair technology. In terms of wear/erosion/cavitation resistance, corrosion protection, and production cost, HVAF tungsten carbide coatings generally outperform HVOF coatings. The higher particle velocities used in HVAF ensure the densest possible coatings and high bond strength. In addition, gas-tight coatings can be easily applied to create an impermeable barrier that protects components in highly corrosive and aggressive environments. Compared to HVOF, the use of compressed air (~21% Oxygen) in HVAF processes significantly reduces the oxide content in the coatings, resulting in optimum coating quality and properties. Thus, the advancement in technology, such as HVAF spraying, and its positive features compared to HVOF is the factor that creates opportunities for market growth during the forecast period.
The study categorizes the tungsten carbide (WC) based thermal spray coating market based on type, and end-use area at the regional and global levels.
Based on the end-use, the market is divided into aerospace & aviation, automotive, power generation, chemical & petrochemical, electronics, metals & metallurgy, oil & gas, healthcare & medical devices, and others. The aerospace & aviation segment is expected to dominate the market share with 34.1% in 2022 in the global tungsten carbide (WC) based thermal spray coating market. The aerospace and aviation industry is one of the major end-users of tungsten carbide-based thermal spray coating due to its high wear resistance and ability to withstand high temperatures. It is used to coat engine parts, landing gear, and other components that are subject to high stress and wear.
Based on the regions, the global tungsten carbide (WC) based thermal spray coating market has been segmented across Europe, North America, the Middle East & Africa, Asia-Pacific, and South America. Europe is projected to account for the highest market share of 32.1% in 2022. The region has a well-established manufacturing industry and a strong focus on industrial research and development, which has helped to drive demand for high-performance surface coatings. The use of tungsten carbide-based thermal spray coatings in Europe is widespread across several end-use industries, including aerospace, automotive, and general manufacturing. The coatings are used to enhance the durability and wear resistance of various metal components in these industries. In addition, Europe has a stringent regulatory framework that requires industries to use environmentally friendly surface coatings. Tungsten carbide-based thermal spray coatings are considered to be environmentally friendly as they do not contain any toxic substances, making them a preferred choice for many European industries. The demand for tungsten carbide-based thermal spray coatings in Europe is expected to grow in the coming years due to the increasing need for durable and wear-resistant coatings in various industrial applications.
The tungsten carbide (WC) based thermal spray coating market is a significant competitor, and extremely cutthroat in the sector are using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.
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