- Increasing demand from the aerospace and automotive sector for Thermal Barrier Coatings are driving the demand for the market.
- Market Size – USD 15.29 Billion in 2019, Market Growth - CAGR of 4.9%, Market Trends – High demand from the automotive sector.
NEW YORK, Oct. 27, 2020 /PRNewswire/ -- The Global Thermal Barrier Coatings Market is projected to reach USD 25.82 billion in 2027. Increasing demand in the coming years is anticipated to have a positive effect on the market growth of advanced thermal barrier coatings from many end-use industries, including power, automotive, and aerospace industries.
The increasing application of gas turbines, extensively used in the energy industry, is also anticipated to fuel competition on the market. There are expected to be more market drivers for a growing number of stationary power stations in developing economies. An increase in product penetration will also be advantageous for market development in aerospace applications.
In the automotive and aerospace industry, expanded use of air plasma and high-velocity oxygen fuel (HVOF) developments would boost commodity demand. Substantial investment in specialized and creative coating technologies from leading industry players like Praxair Surface Technologies would also have a positive effect on the development of the sector.
Thermal barrier coatings are made of epoxy resins, polymers, and zirconia. Throughout the advancement of productive design technology and goods, the industry players are interested in R&D activities while still following numerous production measures to satisfy that demand.
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Raw materials' high costs will impede the growth of the industry. Yet the demand will be powered by attempts by Original Equipment Manufacturers (OEMs) to produce innovative goods due to factors like technological and economic growth and improved lifestyles, and expanded disposable income.
The COVID-19 Impact:
The pandemic COVID-19 would undoubtedly jeopardize the growth of the sector to some level. Important players in the industry are unclear about the market's prospects and continue to change their approaches to assist themselves in this struggle. The pandemic had a huge effect on aviation, and most global companies needed to halt production and other operations. In certain parts of the world, there is a shortage of workers due to frequent lockdowns. COVID-19 impacted foreign markets, exportation, and imports, contributing to a major decrease in production. The largest companies in the market try to clear out their stocks and keep their cash reserves in focus. People's real discretionary income would definitely be lowered, and manufacturers will have new products that fulfill the needs of customers at even lower prices.
To identify the key trends in the industry, click on the link below:
Further key findings from the report suggest
- In view of growing product penetration in energy, automotive, and aviation use, the TBC market is expected to expand significantly over the forecast period.
- The ceramics segment dominates the market share. Due to the high preference for ceramic coatings over metal-based coats, it is expected to grow further.
- The market development of air plasma technology is driven by factors such as ease of use and low operating cost.
- The Ceramic YSZ Coating Segment is expected to see a significant CAGR as the usage of ceramic YSZ has increased due to its superior resistance properties and improved efficiency.
- Over the forecast era, Asia Pacific is predicted to see the highest CAGR. China is the region's fastest-growing economy and is expected to expand over the projected timeframe.
- In February 2018, the wholly-owned subsidiary of Praxair Surface Technologies and GE Aviation, PG Technologies, has expanded production to Singapore by increasing its coating capacity to meet growing requirements from the aviation sector. The facility plans to increase the electron-beam physical vapor deposition (EBPVD) capability and add other aeronautical coating processes to a new installation.
- Key players in the market include A&A Thermal Spray Coatings, H.C. Stark GmbH, ASB Industries, Inc., Flame Spray Coating Co., Metallizing Equipment Co. Pvt. Ltd., Praxair Technology, Inc., Air Products and Chemicals, Inc., Thermion, Metallizing Equipment Co. Pvt. Ltd. and Integrated Global Services, among others.
For the purpose of this report, Reports and Data has segmented the Global Thermal Barrier Coatings Market on the basis of product, technology, coating combination, application, and region:
Product Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Technology Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Electron-beam Physical Vapor Deposition
- High-Velocity Oxygen Fuel (HVOF)
- Chemical Vapor Deposition
- Air Plasma
Coating Combination Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Ceramic Yttria-Stabilized Zirconia (YSZ)
- Aluminum Oxide (Al2O3)
Application Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- · Stationary Power Plants
- · Aerospace
- · Automotive
- · Others
Regional Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- North America
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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