Cold Spray Technology Market Size, Share and Trends 2024 to 2034

Cold Spray Technology Market Size and Forecast 2024 to 2034

The global cold spray technology market size is calculated at USD 1.09 billion in 2024 and is predicted to reach around USD 2.16 billion by 2034, expanding at a CAGR of 7.06% from 2024 to 2034. Increasing demand for cold spray technology from the aerospace industry is the key factor driving the cold spray technology market growth. Also, expanding the electrical industry in emerging economies coupled with materials innovation is expected to fuel market growth soon.

Cold Spray Technology Market Key Takeaways

• North America dominated the global market with the largest market share of 42% in 2023.
• Asia Pacific is anticipated to grow at the fastest CAGR during the forecast period.
• By material, the aluminum segment contributed the highest market share of 29% in 2023.
• By material, the titanium segment is expected to grow at the fastest CAGR over the forecast period. 
• By service, the cold spray coatings segment captured the biggest market share of 90% in 2023.
• By service, the cold spray additive manufacturing (CSAM) segment is anticipated to grow at the fastest CAGR from 2024 to 2034.
• By end use, in 2023, the aerospace segment generated the major market share of 27% in 2023.
• By end use, the electrical and electronics segment is estimated to grow rapidly during the forecast period.

Role of Artificial Intelligence (AI) in the Cold Spray Technology Market

The implementation of AI technology has significantly transformed the dimensions of the cold spray technology market by offering better enhancements in terms of precision, scalability, and operations, helping improve the range of predictive analysis and enabling businesses to showcase their market trends. Furthermore, AI analytics tools can extract the required data from the vast data sets, which helps to employ data-based operations. As AI technologies progress, they directly help the market grow at a remarkable rate.

• In June 2024, Aibuild unveiled the launch of Aibuild 2.0. The new version of Aibuild’s software platform introduces improved capabilities, and new branding strategies created to boost the advancement in the large-format Additive Manufacturing industrial technologies, such as cold spray, concrete, and paste extrusion.

U.S. Cold Spray Technology Market Size and Growth 2024 to 2034

The U.S. cold spray technology market size is exhibited at USD 320 million in 2024 and is projected to be worth around USD 650 million by 2034, growing at a CAGR of 7.28% from 2024 to 2034.

North America dominated the global cold spray technology market in 2023. The dominance of the segment can be attributed to the increasing demand for products produced using cold spray technology from the automotive and transportation industries in the region. The region is also experiencing substantial growth due to the abundance of commodities in its nation. Moreover, growing investments in R&D activities for designing autonomous cars in countries like the U.S. and Canada are expanding market growth in the region.

• In November 2022, Titomic announced the launch of its D623 medium-pressure Cold Spray Additive Manufacturing (CSAM) machine. With the abilities including the wear-resistant coatings and restoration of high-wear parts, among other updates.

Asia Pacific will witness the fastest growth in the cold spray technology market during the forecast period. The growth of the region can be credited to the increasing demand for cold spray technology from the aerospace industry in developing countries such as India and China. Furthermore, in India, the adoption of cold spray technology is escalating, especially in the utility sector, because of its potential benefits. The region also has a flourishing automotive sector that will contribute to the market growth during the forecast period.

Market Overview

The cold spray technology market is the industry for innovative techniques of cold spray, which utilize compressed gas to propel metal particles onto the material at high speed. The coating is used to restore structural and corrosive elements which cannot be eliminated with welding. Cold spray coating technology is preferred over the thermal spray method as it reduces porosity, increases hardness, enhances adhesion strength, and retains feedstock powder properties.

Cold Spray Technology Market Growth Factors

• Increasing urbanization along with the growth in the middle-class population is expected to boost cold spray technology market growth shortly.
• Ongoing shifts in the expenditure priorities of customers in emerging economies like India and China can propel market growth soon.
• Developments in hybrid manufacturing techniques that combine cold spray with subtractive or additive processes will likely propel the market growth further.

Market Scope

Market Dynamics

Driver

Better performance and durability

The cold spray technology market provides exceptional longevity and wear resistance properties, which makes it highly preferred for applications in industries like automotive and aerospace. The coating done by this technique can bear extreme conditions, such as abrasion, stress, and harsh climatic changes. In addition, this higher strength ensures that the material remains reliable and functional over a longer duration of time, even in challenging operational situations.

• In April 2024, Evonik added Ancamine 2844, an epoxy cure hardener created for plural component spray applications, to its curing agent portfolio. This innovative high-functional aliphatic amine hardener provides ultra-fast cure properties and fast property development in harsh low-temperature and high-humidity conditions, as well as marine and protective coating applications.

Restraint

Technical complexity of the system

The requirement for specialized knowledge and training, along with the technical complexities of the system, can be the major obstacle hindering the adoption of the cold spray technology market. The technical person must need extensive training to learn and understand the whole operation, which can be difficult in areas with limited access to technical resources.

Opportunity 

Surge in the renewable energy sector

There is an increasing demand for renewable energy sources, which directly raises the requirement for reliable and robust materials that can bear the environmental stresses related to these applications. Furthermore, the cold spray technology market can enhance the longevity and overall performance of components, including solar panel supports and wind turbine blades, by offering better resistance to corrosion, wear, and environmental degradation.

• In March 2024, Linde, an industrial gas company, introduced its next-generation post-additive manufacturing cold spraying gas supply solution, LINSPRAY Connect, which will substantially improve the safety and reliability of the cold spraying process. The innovative supply solution was developed in partnership with German cold spraying technology leader Impact Innovations.

Material Insights

The aluminum segment dominated the cold spray technology market in 2023. The dominance of the segment can be attributed to the extensive features of this metal, such as great ductility, low density, better resistance to corrosion, and good electrical conductivity. This alloy coating can be used to repair industrial parts for cost-saving purposes. Additionally, the surface of aluminum powder gets rapidly oxidized, and hence, it is hard to make high-density deposits while mimicking the effect of the oxide layer.

• In September 2022, PSI atomization technology optimizes aluminum powder production for Additive Manufacturing. Through its HERMIGA atomizer range, PSI offers consumers ATEX-rated equipment to produce high-quality spherical aluminum powders.

The titanium segment is expected to grow at the fastest rate in the cold spray technology market over the forecast period. The growth of the segment can be linked to the titanium's good biocompatibility, high strength, and better corrosion resistance properties. Titanium is also widely used in chemical, medical, petroleum, sports equipment, and aviation sectors. The technique of cold sparring can create oxygen-sensitive compounds such as titanium without leading to chemical degradation of the powder.

Service Insights

The cold spray coatings segment accounted for the majority share of the cold spray technology market in 2023. The dominance of the segment is due to cold spray coatings preventing oxidation, chemical reactions, and residual stresses of the material. Also, the cold spraying coating technique is being increasingly adopted because of their capability to offer protective layers which enhances the longevity and maintenance of the existing materials.

The cold spray additive manufacturing (CSAM) segment is anticipated to grow at the fastest rate in the cold spray technology market over the projected period. The growth of the segment can be driven by increasing demand for sustainable solutions and developments in the latest technologies. However, the current developments in CSAM technology are highly focused on electric motors utilized in the automotive sector to decrease the emission of carbon dioxide from automobiles.

• In October 2024, Titomic Limited, based in Brisbane, Australia, declared the launch of its Augmented Reality (AR) software suite for the D523 portable cold spray Additive Manufacturing machine. This is said to be the first application of AR technology in cold spray AM. The D523 cold spray Additive Manufacturing machine is utilized in defense, manufacturing aerospace, and oil & gas industries.

End-Use Insights

The aerospace segment held the largest share of the global cold spray technology market. The dominance of the segment can be linked to the increasing application scope of this technology because of its advantages, such as protection from wear and corrosion, reduction in harmful gas emissions, and electrical resistance. Furthermore, a good impact on the market is expected to come from the surge in the civil aviation sector, especially in countries like China and India, due to their increasing disposable income.

The electrical & electronics segment is estimated to grow rapidly in the cold spray technology market during the forecast period. The dominance of the segment is due to the increasing use of spray technology in the many components like refrigeration units, electrical contacts, transformers, electric motors & electric generators,  &semiconductors displays, and circuit boards, etc., which necessitates good electrical, oxidation, and corrosion resistance to function in harsh environments. 

Cold Spray Technology Market Companies

• 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

Latest Announcements by Market Leaders

• In October 2024, Titomic Limited announced a new application for the quotation of 2,000,000 ordinary fully paid securities under the ASX code TTT. This move indicates the company’s steps towards expanding its financial base and offering new opportunities for investment in the stock market.
• In July 2022, Impact Innovations’ Cold Spray Additive Manufacturing technology (CSAM) demonstrated the powder bed fusion-based 3D printing processes due to equipment size limitations or protective atmosphere necessity, especially when depositing reactive materials such as Ti-6Al-4V.

Recent Developments

• In July 2024, VRC Metal Systems launched the Dragonfly Cold Spray System, an additive manufacturing solution tailored for in-field repairs in sectors such as aeronautical maintenance, maritime, repair and overhaul, and energy. 
• In February 2023, Kennametal Inc. launched a brand-new, higher-performance turning grade with state-of-the-art coating technology, KCP25C with KENGold is the best choice for metal-cutting inserts with superior wear and higher metal removal rates in steel-turning applications.
• In June 2023, OC Oerlikon Management AG announced substantial advancement in thermal spray equipment. With the introduction of Metco IIoT, the first-ever Industry 4.0 platform for the thermal spray industry, and the integration of digitalization.

Segments Covered in the Report

By Material

• Nickel
• Copper
• Aluminum
• Titanium
• Magnesium
• Others

By Service

• Cold Spray Additive Manufacturing
• Cold Spray Coatings

By End-Use

• Aerospace
• Automotive
• Defense
• Electrical and Electronics
• Utility
• Others

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa