Thermal Barrier Coatings Market Size, Industry Analysis Report, Regional Outlook (U.S., Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025
Report ID: GMI1314
Global Thermal Barrier Coatings Market size is expected to witness a significant growth from 2016 to 2024. Increasing use of vapour deposition and air plasma technologies for coating applications and growing demand for gas turbine applications in various industries will drive the market in the coming years.
The products are being increasingly used in the automotive industry to reduce heat loss from engine exhaust. Global automotive industry has been witnessing strong growth in recent years due to improving economic conditions and purchasing power of people in developing economies. Global passenger car sales rose from around 56 million units in 2010 to more than 69 million units in 2016. Likewise, heavy and medium weight commercial vehicle sales increased to over 24 million in 2016 from close to 19 million in 2010. This growth is expected to propel the thermal barrier coatings market during the forecast period.
Booming aviation sector will have a significant influence on the global thermal barrier coatings market due to the quest to improve the efficiency of gas turbine engines by increasing combustion temperatures. Global air traffic will likely increase by about 4% annually for the next two decades with up to 30,000 new air passenger aircrafts and more than 500 dedicated freighters demand. Robust growth expected in the global aviation industry and increasing importance of air cargo delivery along with increasing number of air passengers will fuel the growth of thermal barrier coatings market in the coming years. Global spending in the defence sector, mostly in defence aviation, is also expected to drive the thermal barrier coatings market during the forecast years. Asia pacific defence spending in 2016 was at an all-time high with China leading the way followed by India. Japan will also likely increase their spending due to deteriorating situation in the South China sea.
Increasing worldwide power demand, mostly in the emerging economies, will augment the thermal barrier coatings market during the forecast years owing to the product requirement in gas turbines installed in stationary power plants. Increased spending in the research and development of newer and efficient technologies for product application have led to the development of vapour deposition and air plasma technologies. These technologies are expected to propel the global thermal barrier coatings market in the future.
Price fluctuations due to volatile raw material prices may hamper the thermal barrier coatings market in the coming years. Product raw materials include rare earth metal oxides such as zirconia, ceria, niobium oxide, etc., the prices of which are subject to their availability.
By product, thermal barrier coatings market is segmented into metal coatings, ceramic coatings, intermetallic coatings, and others. Due to multi-layered protection and superior thermal resistance, ceramic coating products accounted for a substantial share of the global thermal barrier coatings market and will likely witness further growth in the future.
By technology, thermal barrier coatings market is categorized into air plasma spray, electron-beam physical vapor deposition, chemical vapor deposition, high velocity oxy-fuel and others. Among these, air plasma spray and electron beam physical vapour deposition technologies has a healthy growth potential in the coming years owing to the increased R&D spending in these technologies by companies in the value chain.
By coatings combination, thermal barrier coatings market is segmented as Yttria-stabilized zirconia (YSZ), mullite based, alumina based and others. YSZ provides excellent performance in diesel engines and gas turbines. Mullite based coatings are oxidation and corrosion resistant and provide high thermal stability and low thermal conductivity. Alumina provides high hardness and chemical inertness and are commonly used as an addition to YSZ and this combination coating is expected to have a healthy growth in the future owing to its superior properties.
Thermal barrier coatings market has three most significant end user industries viz. aerospace, automotive and stationery power plants. Automotive and aerospace industries account for a significant share of the overall thermal barrier coatings market and this trend is expected to continue in the future. The products use in stationery power plants will also grow at a steady pace during this time.
North American thermal barrier coatings market will grow at a significant rate in the forecast years mostly due to the product use in stationary power plants. Asia Pacific is also likely to observe healthy growth due to the widespread presence of end user industries such as automotive and stationary power plants. China will account for a significant share of the regional market due to the booming automotive industry in the country and increased defence spending in aviation and marine sectors. Latin American thermal barrier coatings market will also witness steady growth owing to the presence of emerging economies in the region while Europe is likely to experience moderate growth because of market stability in the demand for power plants.
Key thermal barrier coatings market players are Praxair Surface Technologies, ASB Industries Inc, TST Engineered Coating Solutions, H.C. Starck Inc, Metallisation Ltd, Air Products & Chemicals, Precision Coatings, and TWI Ltd.
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