The global thermal barrier coatings market is facing
tough competition, especially in Asia Pacific. To ensure steady
sales, companies are engaging in long-term contracts. For instance, A
&A Company, Inc. has been supplying ceramic coatings for valve
balls to the U.S. Navy. The other players such as Praxair Surface
Technologies, Inc., H.C. Starck Inc., and ASB Industries are expected
to focus on research and development activities and extending
contracts to remain ahead of the competition.
The research report states that the global thermal
barrier coatings market will be worth US$22.4 bn by the end of 2024
as compared to US$12.4 bn in 2015. During the forecast years of 2016
and 2024, the global market is expected to progress at a CAGR of 6.6%
due to the strengthening automotive market across the globe.
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North America to Command Influence as Region Shows
Adoption of Technological Advancements
In terms of product, the global market is segmented
into metal, intermetallic, ceramic, and others. The metal segment is
projected to show steady growth during the forecast period as they
offer better protection from corrosion, oxidation, and chemicals.
Analysts anticipate that the metal segment will acquire a share of
38.8% in the overall market by the end of 2024.
Geographically, the global thermal barrier coatings
market is segmented into North America, Asia Pacific, Europe, the
Middle East and Africa, and Latin America. Out of all the regional
markets, North America is anticipated to be the dominant one.
Increasing technological advancements are expected to drive this
dominance through the forecast period. By the end of 2024, the North
America thermal barrier coatings market is expected to acquire a
share of 26.7% in the overall market.
Emergence of End-use Industries Leads to Extensive
Usage of Thermal Barrier Coatings
The extensive usage of gas turbines in various
industries such as automotive, stationary power plants, and aerospace
is expected to spike the demand for thermal barrier coatings. These
coatings are predominantly used for reduce the heat that turbines
generate in order to improve their output and performance. The market
for thermal barrier coatings will also remain boisterous due to the
development of advanced technologies such as high-velocity oxy-fuel
technique and electron beam physical vapor deposition.
Emergence and growth of automotive industries in
several developing nations are also anticipated to play a pivotal
role in determining the progress of the global thermal barrier
coatings market. The automotive industry will be largely responsible
for thermal barrier coatings to keep the temperatures of external and
internal parts at an optimum to ensure improved performance of the
engine. Analysts anticipate that the burgeoning automotive industry
in Asia Pacific will provide a significant fillip to the global
market in the coming years as the region is witnessing high
consumption and production of automobiles.
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High Cost of Manufacturing Technology Raises Cost
of Products
Amongst all the types of coatings, the
high-performance ceramic coatings are considered to be superior one.
Though the raw materials required to make these coatings are cheaper,
it is the usage of technologies that adds to their rising cost. Thus,
the high prices of technology involved in making superior coatings is
expected to discourage consumption and hamper market growth.
This review is based on Transparency Market
Research’s report, titled “Thermal Barrier Coatings Market -
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast,
2016-2024.”
The market has been segmented as follows:
Global Thermal Barrier Coatings Market: By Product
Type
- Metal
- Intermetallic
- Ceramic
- Others
Global Thermal Barrier Coatings Market: By
Technology
- Vapor Deposition
- HVOF
- Air Plasma
Global Thermal Barrier Coatings Market: By Coating
Materials
- Al2O3
- Ceramic YSZ
- MCrAlY
- Others
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