Global Thermal Barrier Coatings Market: Snapshot
Thermal barrier coatings are advanced materials system that safeguards combustor and turbine engine component from wear, erosion, and corrosion along with improving the energy efficiency and longevity of these engine components. These coatings are known to offer thermal insulation as well. Advancements in the vapor deposition technologies such as electron beam vapor deposition technology are projected to drive the thermal barrier coatings market over the forecast period as this technology will be widely used in industrial and aerospace sector. The report states that the global thermal barrier coatings market was valued at US$12.4 bn in 2015 and is expected to reach US$22.4 bn by the end of 2024. The rise of the global market between 2016 and 2024 has been measured at CAGR of 6.6%.
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The growth of the automotive industry, especially in the region of Asia Pacific, is fuelling the demand for the thermal barrier coatings. The aerospace industry being the key end-user in the thermal barrier coatings market is contributing significantly to the expansion of thermal barrier coatings market as well. The rise in the number of applications for gas turbines in energy and aerospace and defense is also expected to augment the demand for thermal barrier coatings in the coming years. The rise in the price of raw materials coupled with the high cost of using superior manufacturing technology are the two key factors that are likely to restrain the growth of the global market.
Metal Coatings Emerge as Significant Product Type due to Better Performance
On the basis of product type, the thermal barrier coatings market is segregated into metal, intermetallic, ceramic and other product types of thermal barrier coatings. Metal accounts for the majority of the market share in 2015 and it is expected to remain so over the forecast period. The demand for metal coatings is expected to remain high as they offer the best protection of engine components from wear and tear. The ability of metals to resist extreme temperatures is expected to become their unique selling point over the course of the forecast period. The various types of metal coatings include aluminum, chromium, zinc, and nickel.
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North America to Ensure Lead as Applications of Thermal Barrier Increase
Geographically, the thermal barrier coatings market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. North America accounted for the largest share in the global market followed by Europe and Asia-Pacific in 2015. Europe accounts for a considerable market share due to the rise in the number of applications of thermal barrier coatings in various other sectors such as stationary power plants and aerospace among others.
Asia Pacific is projected to offer several lucrative opportunities to the global market in the coming years due to the booming automotive and industrial sectors. China accounts for the majority of the market share for thermal barrier coatings in this region. The Middle East and Africa is a potentially attractive market for thermal barrier coatings as the market share is expected to increase over the forecast period.
The important players shaping the trajectory of the global market are Praxair Surface Technologies, Inc., A & A Company Inc., H.C. Starck Inc., Air Products and Chemicals, Inc., ASB Industries, Inc., Flame Spray Coating Co., Metallisation Ltd., THERMION Inc., Metallizing Equipment Co. Pvt. Ltd., and The Fisher Barton Group.
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