The paper presents an analysis of possible improvements in HVOF/AF torches and associated processes. It is shown that increasing the efficiency of combustion devices, widening the available range of operating pressures as well as optimizing the powder injection and nozzle expansion lead to significant improvements in comparison with the currently utilized HVOF processes. The analysis is confirmed by experimental data obtained using an advanced HVOF torch.  The new torch operates at 90-95% thermal efficiency of a combustion module, generates higher temperature products of combustion and more dissociated molecules, and finally results in better control and homogeneity of particle temperature and velocity. Shock wave generators inside the nozzle/barrel are also included in the design to allow an improvement in powder injection and increase the heat exchange between products of combustion and particles. The design is supported by HVOF simulation software (SSW), which has been used to optimize and customize performance of the torch for different materials, applications, and pressure ranges.  SSW has also allowed for the minimization of the throat diameter providing throat surface area approximately 2 times less in comparison with other liquid fuel HVOF torches presently used in the industry. The reduction in throat diameter results in significantly less consumption of fuel and oxygen, and also results in an overall decrease of the operating costs. Coating quality, deposit efficiency and deposition rate in this case are the same or better in comparison with other liquid fuel HVOF processes. Other features of HVOF are under discussion in the paper, including the estimation of theoretical capability and limits of combustion based thermal spray processes.