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
Global Thermal Barrier Coatings Market: By Technology
- Vapor Deposition
- Air Plasma
Global Thermal Barrier Coatings Market: By Coating Materials
- Ceramic YSZ
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