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Global Thermal Barrier Coatings Market to Reach US$ 26 Bn by 2026

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pranav suryawanshi
Global Thermal Barrier Coatings Market to Reach US$ 26 Bn by 2026

According to a new report published by Transparency Market Research (TMR) titled ‘Thermal Barrier Coatings – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026, the global thermal barrier coatings market was valued at around US$ 15 Bn in 2017 and is anticipated to expand at a CAGR of over 6.6% from 2018 to 2026. Rise in demand for thermal barrier coatings from automotive and aerospace industries drives the global market. In terms of value, the thermal barrier coatings market in Asia Pacific is anticipated to expand at a CAGR of over 7.7% during the forecast period. Rise in demand for thermal barrier coatings for gas turbines which are employed in various industries such as power plants, aerospace is likely to propel the thermal barrier coatings market. These turbines are widely used due to their easy availability, high reliability, low operating costs, and high power density.

 

Metal coatings segment is likely to dominate the global thermal barrier coatings market

 

Rise in the usage of thermal barrier coatings in automotive and aerospace industries is expected to propel the thermal barrier coatings market. Metallic coatings are usually deposited by vapor deposition technology. Metal coatings include nickel, zinc, chromium, and aluminum. These coatings provide superior protection from oxidation, corrosion, and protection from chemicals. Intermetallic compounds can be utilized in systems that require high thermal resistance in harsh working conditions such as steam generators and coal-fired gas turbines. The ceramic coatings segment of the thermal barrier coatings market is estimated to expand during forecast period.

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Rise in the usage of vapor deposition technology to manufacture components

 

In terms of technology, the market has been segmented into vapor deposition, high velocity oxy-fuel (HVOF), and air plasma. The vapor deposition segment accounted for a major share of the market in 2017. The trend is anticipated to continue during the forecast period. Air plasma accounted for a large share of the thermal barrier coatings market in 2017, as air plasma spray method is a commonly used process, which is used for high volume and high temperature coatings. The segment is expected to expand at a considerable pace during the forecast period.

 

 

 

High Demand for Aluminum Oxide Coatings in High Temperature Components

 

Based on coating materials, the thermal barrier coatings market has been segregated into aluminum oxide, ceramic YSZ, MCrAlY, and others. Aluminum oxide accounted for a dominant share of the market in 2017. It is expected to continue this trend maintain its dominance during the forecast period. Ceramic YSZ coating is widely used in turbine engines to protect the metal from the heat of combusted jet fuel and power turbine engine, which is exposed to high temperatures. MCrAlY coatings are employed for a number processes such as physical vapor deposition, vacuum plasma or air plasma spraying, and high velocity oxy-fuel spraying. This segment is anticipated to expand at a rapid pace during the forecast period.

 

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Industrial Segment to Dominate the Global Thermal Barrier Coatings Market

 

In terms of application, the thermal barrier coatings market has been divided into industrial, automotive, aerospace, and power plants. Thermal barrier coatings are used in industries that utilize heavy machines which operate at high speeds and temperatures. These coatings are used on industrial machinery to provide heat insulation, anti-condensation, and corrosion protection. Demand for thermal barrier coatings in automotive and aerospace industries is high and is expected to rise at a rapid space during the forecast period.

 

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Large Customer Base in Developing Region such as Asia Pacific to Create Opportunities

 

Based on region, the global thermal barrier coatings market has been categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe hold large share of the global thermal barrier coatings market, as most of industries are well established in these regions. North America constitutes a significant share of the global market. Use of these coatings in automotive and industrial segments in developing economies such as China, Japan, and India is projected to boost the market in Asia Pacific. The market in Middle East & Africa and Latin American is estimated to expand at a moderate pace during the forecast period.

Key players operating in the global thermal barrier coatings market include A&A Thermal Spray Coatings, Praxair, Inc., H.C. Starck GmBH, ASB Industries, Inc., Air Products and Chemicals, Inc. Flame Spray Coating Co., THERMION, Metallisation Ltd., Metallizing Equipment Co. Pvt. Ltd., and The Fisher Barton Group. The major players engage in acquisition or joint ventures to improve their market position.

 

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Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.

TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.

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