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  • Published On : Jun 2022
  • Code : CMI1012
  • Industry : Advanced Materials
  • Pages : 165
  • Formats :

Thermal Barrier Coatings (TBCs) insulate components in machinery such as gas turbines, ducting and nozzle guide vanes, aerospace parts, and other metallic surfaces that operate at relatively high temperatures. Along with efficiency at high temperature, TBCs facilitate low thermal conductivity and thermal shock, and high thermal expansion in gas turbines. Such factors are expected to increase demand for TBCs in large engine operations. Moreover, application of gas turbines in the expanding aerospace industry is expected to boost demand for TBCs. Furthermore, increasing demand for TBCs for automotive application such as coatings for internal combustion engines and gas turbines contributes to significant growth of the market.

The Thermal Barrier Coatings (TBCs) market was valued at US$ 15.1 Billion in 2021 in terms of revenue, exhibiting a CAGR of 6.0% during the forecast period (2022 to 2030).

Drivers

Growing demand for Thermal Barrier Coatings (TBC) in various applications, such as automotive, industrial energy, and aerospace, is expected to be boost the demand for thermal barrier coatings during forecast period. A rapid urge in the production & sales of automotive vehicles owing to increasing demand from emerging economies such as China, India, Indonesia, Brazil, South Africa etc. 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. Thermal barrier coatings are manufactured using epoxy resins, polymers, aluminates, and zirconi.

Among region, North America was the leading region with the highest market share in the market in 2021. The major attributes related to growth of North America region are growing technological advancement such as reduction of in-cylinder heat, thermal fatigue protection of metal surface and reduction of emissions, increasing demand for gas turbine, and lead the market in thermal barrier coatings application. These coatings aid in operating at higher temperatures leading to increased efficiency, and reduce CO2 emissions.

Figure 1. Global Thermal Barrier Coatings (TBCs) Market Value Share (%), By Region, 2021

Thermal Barrier Coatings  | Coherent Market Insights

Market Restraints

Fluctuations in raw material prices is expected to restrain the market growth of the global thermal barrier coatings. Various raw materials such as epoxy resins, polymers, aluminates, and zirconia are used in manufacturing thermal barrier power coatings. The prices of these raw materials gets periodically fluctuated, which in turn, affects the overall production cost of thermal power coatings. Additionally, lack of universal directives pertaining to applications of thermal barrier coatings is also restraining the market growth.

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Thermal Barrier Coatings (TBCs) Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: 15.1 Bn 
Historical Data for: 2017-2021 Estimated Year: 2022
Forecast Period 2020 to 2027 CAGR: 6.0% Forecast Period: 2022-2030
Geographies covered:
  • Region: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa
Segments covered:
  • By Product Type: Metal, Ceramics, Intermetallic, Others
  • By Coating Material: AL2O3, Ceramic YSZ, MCrAlY, Others
  • By Technology: HVOF, Vapor Deposition, Air Plasma
  • By Application: Automotive, Industrial, Energy and Aerospace
Companies covered:

Asahi Kasei Corporation, Ascend Performance Materials, BASF SE, Invista, Lanxess Ag, PetroChina Liaoyang Petrochemical, Radici Group, Rhodia, Shandong Haili Chemical Industry Company Ltd., and Shandong Hongye Chemical Company, Ltd

Growth Drivers:
  • Increasing demand for Thermal Barrier Coatings (TBCs) in various automotive applications
  • Rapidly expanding aerospace industry in developing & developed countries such China, India, Brazil, U.S. France etc. as in turn resulting demand for thermal barrier coatings
Restraints & Challenges:
  • Highly fluctuating prices of raw materials is expected to be the key challenge for market growth during the forecast period

Market Trends

Growing use of .thermal barrier coatings in high temperature applications such as automotive, aerospace, gas turbines is expected to boost the demand for thermal barrier coatings. An increasing number of stationary power plant installations in emerging economies is projected to drive the demand further. In addition, increasing product penetration in the aerospace application would also benefit market growth during the forecast period.

Figure 2. Global Thermal Barrier Coatings (TBCs) Market Value Share (%), By Application, 2021

Thermal Barrier Coatings  | Coherent Market Insights

Among application energy & aerospace application segment was the dominant segment with the highest market share in 2021 and is estimated to be the leading segment in the market over the forecast period. The increasing demand for energy and rapidly expanding aerospace industry in developing & developed countries such as China, India, Japan, U.S., Franc, Germany is expected boost the demand for thermal barrier coatings, thereby driving market growth.

Global Thermal Barrier Coatings (TBCs) Market - Impact of Coronavirus (COVID-19) Pandemic

Market was negatively impacted by the effect of COVID-19 pandemic. Various end-use sectors such as energy generation, aerospace automotive, and otherswere also affected due to the covid-19 pandemic, which in turn decreased the demand for the Thermal Barrier Coatings (TBCs). The covid-19 pandemic had a negative impact on the global thermal barrier coatings market in the first and second quarter of 2020, but ease of restrictions and improving situation led to a little growth in demand of the thermal barrier coatings  across the globe.

Recent Developments

  • In March 2021, Praxair Surface Technologies (PST) and Siemens signed a new agreement. Praxair Surface Technologies, Inc. is a leading player in the ever-expanding world of wear-and-corrosion-resistant coating. Siemens is a German multinational conglomerate corporation and the largest industrial manufacturing company. The new contract covers a range of coating services across all Siemens products. Aerospace and industrial gas turbine components such as blades, vanes, casings, and discs will be coated by PST’s aluminising, platinum aluminising, slurry, and thermal spray processes. The new coatings will be completed at PST’s Germany, Italy, the U.K., & the U.S.
  • In May 2022, Air Products, a world leader in industrial gases, launched new initiative Female Engineers & Technical Associates (FETA), a unique program to enable the progression and career development of the next generation of female talent in the Kingdom of Saudi Arabia Such initiatives are expected to create skill full coating specialist in Middle East, which in turn is expected to increase the market penetration.
  • In January 2021, ASB Industries and Hannecard made joint venture and will operate under the name Hannecard Roller Coatings, Inc. ASB Industries is innovative industrial coating service provider. Hannecard is one of Europe's leading suppliers of industrial roller coverings in rubber, polyurethane, composite and materials. By this joint venture, ASB industries will be able to benefit from Hannecard’s expertise and R&D. Hannecard will expand ASB's recognized technology throughout Europe, Asia and Africa.

Competitive Section

Major players operating in the global Thermal Barrier Coatings (TBCs) market include A&A Thermal Spray Coatings, Air Products and Chemicals, Inc., ASB Industries Inc., Cincinnati Thermal Spray, Inc., Flame Spray Coating Co., H.C. Starck Inc., MesoCoat Inc., Metallisation Ltd., Praxair Surface Technologies, Precision Coating, Inc, THERMION Inc, TWI Ltd.

Thermal barrier coatings are coatings applied to metal surfaces, operating at a high temperature such as parts of gas engine turbines. These coatings are used to further increase engine operating temperatures and reduce cooling requirements, and therefore, achieve high engine efficiency, increases lifespan of components and lower emission.

Growing automobile and aerospace industries is expected to aid in growth of the thermal barrier coatings market. However, high price of raw materials and manufacturing technologies of thermal barrier technologies, are some of the factors expected to adversely affect growth of this market.

Growing demand for thermal power coatings from automotive industry is expected to boost the market growth of thermal barrier coatings. In automotive application, thermal barrier coatings are used to reduce heat loss from engine exhaust system components, including exhaust manifolds, turbocharger casings, exhaust headers, downpipes, and tailpipes. A gradual increase in Electric Vehicles (EVs) on roads is expected to positively propel the growth of the automotive industry. This, in turn, is further expected to create demand for TBCs during the forecast period.

Market Dynamics

North America is expected to retain its dominance in the thermal barrier coatings market over the forecast period. This is mainly attributed to increasing sales of automobiles and technological advancement. In 2021, 2.9 million trucks were sold according to the sales tracker Autodata, which is a slight increase over 2.1 million trucks 2020. In Asia Pacific, growing automobile and industrial sectors, are projeced to aid in growth of thermal barrier coatings market. The players in global thermal barrier coatings market are primarily focusing on R&D activities to develop advanced thermal barrier coating.

Thermal barrier coatings possess excellent properties such as superior heat resistance capacity, which enable gas turbines to operate at high operating temperatures with higher efficiencies. The growing demand for thermal barrier coatings in the automotive and aerospace industries, primarily applied in the exhaust systems of automobiles, is expected to drive market growth over the forecast period.

Key features of the study:

  • This report provides an in-depth analysis of global Thermal barrier coatings market, and provides market size (US$ billion & KT) and compound annual growth rate (CAGR %) for the forecast period (2022-2030), considering 2021 as the base year
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global Thermal barrier coatings market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered as a part of this study include A&A Thermal Spray Coatings, Air Products and Chemicals, Inc., ASB Industries Inc., Cincinnati Thermal Spray, Inc., Flame Spray Coating Co., H.C. Starck Inc., MesoCoat Inc., Metallisation Ltd., Praxair Surface Technologies, Precision Coating, Inc, THERMION Inc, TWI Ltd
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up gradation, market expansion, and marketing tactics
  • The global Thermal barrier coatings market report caters to various stakeholders in this industry including investors, suppliers, Thermal barrier coatings manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global Thermal barrier coatings market

Detailed Segmentation:

  • Global Thermal barrier coatings Market, By Product Type:
    • Metal
    • Ceramics
    • Intermetallic
    • Others
  • Global Thermal barrier coatings Market, By Coating Materials:
    • AL2O3
    • Ceramic YSZ
    • MCrAlY
    • Others
  • Global Thermal barrier coatings Market, By Technology:
    • HVOF
    • Vapor Deposition
    • Air Plasma
  • Global Thermal barrier coatings Market, By Application:
    • Automotive
    • Industrial
    • Energy and Aerospace
  • Global Thermal barrier coatings Market, By Region:
    • North America
      • By Country:
        • U.S
        • Canada
    • Latin America
      • By Country:
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • By Country:
        • Germany
        • U.K
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Country:
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East & Africa
      • By Country/Region:
        • Middle East
        • Africa
  • Company Profiles
    • A&A Thermal Spray Coatings 
      • Company Overview
      • Product Portfolio
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Air Products and Chemicals, Inc.
    • ASB Industries Inc.
    • Cincinnati Thermal Spray, Inc.
    • Flame Spray Coating Co.
    • C. Starck Inc.
    • MesoCoat Inc.
    • Metallisation Ltd.
    • Praxair Surface Technologies
    • Precision Coating, Inc.
    • THERMION Inc.
    • TWI Ltd.

“*” marked represents similar segmentation in other categories in the respective section

Frequently Asked Questions

Global Thermal Barrier Coatings (TBCs) market was valued at around US$ 15.1 Billion in 2021.
Growing demand for Thermal Barrier Coatings (TBCs) from automotive applications is one of the major factors that is expected to drive growth of the market over the forecast period.
Growing use of .thermal barrier coatings in high temperature applications such as automotive, aerospace, gas turbines is expected to boost the demand for thermal barrier coatings.
Fluctuation in raw material prices is expected to increase the overall production cost. This is expected to be the key challenge for market growth during the forecast period.
Major players operating in the market include A&A Thermal Spray Coatings, Air Products and Chemicals, Inc., ASB Industries Inc., Cincinnati Thermal Spray, Inc., Flame Spray Coating Co., H.C. Starck Inc., MesoCoat Inc., Metallisation Ltd., Praxair Surface Technologies, Precision Coating, Inc, THERMION Inc, TWI Ltd.
The market is estimated to grow at around 6.0% CAGR in the forecast period (2022-2030).

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