THERMAL BARRIER COATINGS MARKET ANALYSIS

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

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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.

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

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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.