The global thermal barrier coatings market is rising continually over the past few years. These coating materials are extensively used in various industries, such as stationary power plants, automotive, aerospace, and aviation, to increase the durability and performance of different equipment used in these sectors. Also, thermal barrier coatings find considerable applications in other growing industries such as aerospace and oil & gas, which, in turn, accelerate the growth of the market on a global level.
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Market Research Future (MRFR), in its recent study report, asserts that the global thermal barrier coatings market is estimated to witness substantial growth by 2027. MRFR further also confirms that the market would register a phenomenal CAGR throughout the forecast period (20120-2027). Growing uses of these coatings in some of the burgeoning end-use industries such as aviation, aerospace, marine, and others is a key driving force for the market growth.
The spreading awareness towards the benefits that thermal barrier coating materials offer is another key growth driver for the market. Moreover, the high-velocity oxygen fuel segment absorbs a vast amount of thermal barrier coatings due to the unique features of these materials, such as strength, wear, and corrosion resistance. This, as a result, would drive the market growth, colossally, creating significant market demand.
Conversely, volatility in the prices and demand-supply gap in the raw materials required for the production of thermal barrier coatings is a major factor expected to impede the market growth during the forecast period. Nevertheless, rising incentives from the government would support the market growth throughout the assessment period, motivating key companies to manufacture advanced coating materials that can match the changing needs of end-users.
Players leading the global thermal barrier coatings market, include Metallisation Ltd (UK), Praxair Surface Technologies, Inc (US), Flame Spray Coating Co. (US), Air Products and Chemicals, Inc. (US), Metallizing Equipment Co. Pvt. Ltd. (India), Precision Coatings, Inc (US), CTS (US), ASB Industries, Inc. (US), THERMION (US), and H.C. Starck GmbH (US), among others.
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The Asia Pacific region accounts for a significant share in the global thermal barrier coatings market. The market growth attributes to the growing demand for thermal barrier materials in stationary power plants, automotive, industrial, and energy, among others. Automotive being the largest end-user segment, consumes a massive amount of thermal barrier coatings. China, Japan, and India, heading with their flourishing automotive sector, account for the largest consumer markets in the region.
North America is another lucrative market for thermal barrier coatings, globally. Increasing demand for ceramic and epoxy coatings in construction and automobile sectors drive the growth of the regional market. Besides, growing investments and advancement in the coating technologies foster the growth of the market in the region. Moreover, augmenting demand for protective coatings in the aerospace & aviation industries in the US, Canada, and Mexico has been propelling the growth of the North American thermal barrier coatings.
The European thermal barrier coatings market has been witnessing significant growth, too. The presence of well established automotive and aerospace industry in the region boosts the market growth, creating substantial market demand for these coating materials. Additionally, increasing numbers of thermal and stationary plants in the energy sectors drive colossal market demand in the region.
Highly competitive, the thermal barrier coatings market appears to be fragmented due to the presence of many large and small-scale players. To gain a substantial mart share, players incorporate strategic initiatives such as mergers & acquisitions, collaborations, expansion, innovations, and brand reinforcement. They also invest in R&D activities and for the acquisition of promising companies in emerging regions. Players are targeting R&D to innovate new technology and improve their already existing product line.
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Thermal Barrier Coatings Global Market – Segments
The market is segmented into four dynamics to widen the scope of understanding,
By Product : Metal, Ceramic, and Intermetallic.
By Technology : High Velocity Oxygen Fuel, Electron-Beam Physical Vapor Deposition, Chemical Vapor Deposition, Air Plasma Segments, and others.
By Application : Stationary Power Plants, Automotive, Aerospace, Aviation, and others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
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