Thermal Barrier Coatings Industry Trends and Opportunity
The global Thermal Barrier Coatings (TBC) Market size is expected to reach USD 22.30 billion by 2024, according to a new report by Grand View Research, Inc. The global market is estimated to witness a healthy CAGR of 6.7% during the forecast period. Increasing demand for advanced heat resistant coatings from several end-use industries including energy, automotive, and aerospace is expected to have a positive impact on the market growth in the coming years.
Growing scope of applications in gas turbines, which are widely used across the energy sector, is also expected to propel the market demand. Increasing number of stationary power plant installations in emerging economies is projected to drive the demand further. In addition, increasing product penetration in aerospace application would also benefit market growth.
Rising adoption of air plasma and high-velocity oxygen fuel (HVOF) technologies in automotive and aerospace applications is expected to drive product demand in these sectors. Heavy investments by leading industry participants, such as the Praxier Surface Technologies, for the development of advanced and innovative coating solutions will also have a positive impact on the market growth.
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Further key findings from the study suggest:
- The TBC market was valued at USD 13.22 billion in 2016 and is expected to witness substantial growth over the forecast period due to increasing product penetration in energy, automotive, and aerospace applications
- Ceramics segment led the market with a share of 33% in 2015. It is expected to grow further on account of high preference for ceramic-based coatings over metal-based coats
- Air plasma technology is projected to register a CAGR of 7% from 2016 to 2024. Factors such as ease of application and low operational costs are driving the segment growth
- Ceramic YSZ coating combination segment was valued at USD 4.6 billion in 2015 and is expected to witness a CAGR of 7.3% from 2016 to 2024. Increasing use of ceramic YSZ due to superior resistance properties and improved performance is expected to propel the segment growth
- Asia Pacific is expected to witness the highest CAGR of 8% during the forecast period. China, in particular, is the fastest-growing economy in the region and is estimated to expand at a CAGR of 9% over the forecast period
- Prominent development strategies adopted by the leading companies in this market are M&A activities, technical collaborations, and plant expansions
Grand View Research has segmented the global thermal barrier coatings market on the basis of product, technology, coating combination, application, and region:
Thermal Barrier Coatings Product Outlook (Revenue USD Million, 2013 – 2024)
Thermal Barrier Coatings Technology Outlook (Revenue, USD Million, 2013 – 2024)
- Electron-beam Physical Vapor Deposition
- High-Velocity Oxygen Fuel (HVOF)
- Chemical Vapor Deposition
- Air Plasma
Thermal Barrier Coating Combination Outlook (Revenue, USD Million, 2013 – 2024)
- Ceramic Yttria-Stabilized Zirconia (YSZ)
- Aluminum Oxide (Al2O3)
Thermal Barrier Coatings Application Outlook (Revenue, USD Million, 2013 – 2024)
- Stationary Power Plants
About Grand View Research:
Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research database is used by the world’s renowned academic institutions and Fortune 500 companies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.
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