A recent report published by
Infinium Global Research on the thermal barrier coatings market provides an in-depth
analysis of segments and sub-segments in the global as well as regional thermal
barrier coatings market. The study also highlights the impact of drivers,
restraints, and macro indicators on the global and regional thermal barrier
coatings market over the short term as well as long term. The report is a
comprehensive presentation of trends, forecasts, and dollar values of the global
thermal barrier coatings market. According to the report, the global thermal
barrier coatings market is projected to grow at a CAGR of about nearly 8% over
the forecast period of 2022-2028.
The value of the thermal barrier
coatings market in 2022 was about USD 20 billion and is expected to reach nearly USD
31 in 2028 and is expected to be growing with a CAGR of nearly 8%. The thermal
barrier coating is the high-temperature coating that is used at elevated
temperature applications. They are majorly manufactured from the low thermal
conductivity ceramics that provide thermal insulation to metallic components.
They are very effective for gas turbines that are operated at higher gas
temperatures. Additionally, they also provide a thermal barrier and flow- and
wear-resistance to any metallic surface. The thermal barrier coatings are
consisting of four layers including a metal substrate, metallic bond coat,
thermally-grown oxide (TGO), and ceramic topcoat. They are majorly used in the
automotive, aerospace, and power generation sectors. A rapid upsurge in global
automobile production on account of increasing demand from emerging economies
is likely to propel the product demand during the forecast period. In addition,
technological developments in the automotive sector have resulted in a growing
requirement for advanced coating technologies, thereby fuelling market growth. COVID-19
was an incomparable global public health emergency that has affected almost
every industry and is projected to impact this various industry growth during
the forecast period. During the Covid-19, pandemic people were compelled to
stay in their homes. The governments of many countries turned their focus to
healthcare from other industries. This significantly disrupted their supply
chain operations and manufacturing as lockdowns were imposed by the respective
governments. Manufacturing facilities were shut down due to the pandemic in almost every country globally. Logistical restrictions, manpower
shortage, material unavailability, and other restrictions had reduced the
growth of the industry.
The rapidly growing adaption of
thermal barrier coating across various end-use industries is the key factor
that drives the growth of the thermal barrier coatings market. The demand for
advanced heat resistance coating in the automotive, aerospace, and energy
sectors is rising rapidly. Thus this is contributing to the growth of the
thermal barrier coatings market. In the automotive industry, they are
specifically designed for exhaust heat management. The technological
advancements in the automotive industry and the aggregate rate of automotive
production are driving its demand in the automotive sector. Furthermore, the
benefits offered by the thermal barrier coatings are anticipated to escalate
its growth in the automotive and aerospace sectors. On the other hand, high
fluctuations in raw material prices are expected to hamper the growth of the
thermal barrier coatings market. Moreover, ongoing advancements in automotive
coating technologies are projected to create several growth opportunities in
the thermal barrier coatings market over the forecast period. The introduction
of advanced air plasma and vapor deposition technologies in the coating
promotes the growth of the thermal barrier coatings market in the near future.
In addition, the growing use of eco-power solutions in several manufacturing
industries led to the high adoption of thermal barrier coating in these
industries in upcoming years.
The report provides a regional
outlook covering geographies such as North America, Europe, Asia-Pacific, and
the Rest of the World. North America has held a significant market share in the
thermal barrier coatings market followed by Europe. North America is expected
to dominate the thermal barrier coatings market during the forecast years. The
high consumption of thermal barrier coatings and the presence of established
automotive and power industries are the fundamental factors that drive the
growth of the North American thermal barrier coatings market. In addition, Asia
Pacific is the fastest-growing region in the thermal barrier coatings market.
The factors that promote the growth of this market in the Asia Pacific region
include the rapidly growing automotive industry, increased spending on the
aerospace sectors, and the booming power industry. Aerospace is one of the key
markets for TBCs. The presence of developed economies, such as the U.S. and
Canada, has led to the large-scale development of the aviation industry in the
region. The availability of highly skilled labor, high disposable incomes, and
strong economy of countries in the region are the key reasons for a rise in air
traffic in North America. Thus, the growth of the aerospace industry is
anticipated to potentially drive the market in North America during the
forecast period.
The report on the global thermal
barrier coatings market covers segments such as coating material, product type,
technology, and end-users. On the basis of coating material, the sub-markets
include ceramic YSZ, AL2O3, MCrAlY, mullite-based, and others. On the basis of
product type, the sub-markets include metals, ceramics, intermetallics, and
others. On the basis of technology, the sub-markets include high-velocity
oxy-fuel (HVOF), electron beam-physical vapor deposition, chemical vapor
deposition, and air plasma. On the basis of end-users, the sub-markets include
stationary power plants, aerospace, automotive, and others.
The report provides profiles of
the companies in the market such as Metallisation Ltd., Praxair Surface
Technologies, A&A Thermal Spray Coatings, H.C. Starck Inc., THERMION Inc.,
Air Products and Chemicals, Inc., Flame Spray Coating Co., ASB Industries, The
Fisher Barton Group, and Metallizing Equipment Co. Pvt. Ltd.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the market
using analytical tools such as Porter's five forces analysis and DRO analysis
of the thermal barrier coatings market. Moreover, the study highlights current
market trends and provides forecasts for 2022-2028. We also have highlighted
future trends in the market that will affect the demand during the forecast
period. Moreover, the competitive analysis given in each regional market brings
an insight into the market share of the leading players.
Please Choose One of them.