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
-market-fig-1.png "Thermal Barrier Coatings | CMI")
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.
| 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 |
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| 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 |
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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
-market-fig-2.png "Thermal Barrier Coatings | CMI")
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
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:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section
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