Global Thermal Barrier Coatings market is estimated to be valued at US$ 8.8 Billion in 2021, according to the Global Thermal Barrier Coatings Market Report, by Product (Metal, Ceramics, Intermetallic, Others), By Coating Material (AL2O3, Ceramic YSZ, MCrAlY, Others), By Technology (HVOF, Vapor Deposition, Air Plasma), Application (Automotive, Industrial, Energy and Aerospace), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
Global Thermal Barrier Coatings market was valued at US$ 15.1 Billion in 2021. Thermal barrier coating is a crucial thermal insulation technology that enables the underlying substrate to operate near or above its melting temperature. Thermal Barrier Coatings market is projected to witness significant growth over the forecast period, due to increasing demand from various end use industries such as automotive, aerospace, power generation and industrial. Thermal barrier coatings (TBCs) perform the important function of insulating components, such as gas turbine and aero engine parts, operating at elevated temperature.
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Browse 50 market data tables* and 40 figures* on "Global Thermal Barrier Coatings Market” - Forecast to 2030.
Key Trends and Analysis of the Global Thermal Barrier Coatings Market:
- By technology, High Velocity Oxygen Fuel (HVOF) coating (HVOF) technology segment held the second largest market share in 2021, in the global thermal barrier coatings market. HVOF technology segment accounts for the highest revenue share as the technology enables the use of various coating materials such as ceramics, metals, and other alloys to provide coatings. The coating applied through HVOF technology offers high corrosion resistance and high adherence properties, fine-as-sprayed surface finishes, and low oxide levels.
- Growing population & rapid urbanization is boosting the demand for power generation activities across the globe, which in turn is expected to drive the demand for gas turbines for power generation. Gas turbines plays an important role in reducing Greenhouse Gas (GHG) emissions. Thus, such factors are expected to drive the demand for the global thermal barrier coatings market.
Key Takeaways of the Global Thermal Barrier Coatings Market:
- Asia Pacific held the dominant market share of 27.60% in 2021, in the global thermal barrier coatings market. Major industrial economies & sub regions, such as China, India, Japan, and ASEAN are boosting the demand for thermal barrier coatings. This is attributed to increasing demand for global power and cleaner solutions and growth of industrial and automotive sectors in the region. The auto-components industry in India is expected to register a turnover of US$ 100 Billion by 2020. Countries such as India and China are expected to contribute significantly to growth of the market owing to increasing number of power generation projects and demand for vapor deposition technology.
- Major players operating in the global Thermal Barrier Coatings 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
- Technology launches, merger & acquisitions, strategic partnership expansion and research & development activities are key strategies adopted by players in the global thermal barrier coatings market. For instance, on June 10, 2022, TWI Ltd. TWI provides engineering consultancy services to its Members and stakeholders with authoritative and impartial expert advice. They have Memorandum of Understanding (MoU) with Parahyangan Catholic to cover a number of joint opportunities and initiatives. The MoU was signed by TWI’s Innovation and Skills Director, Tat-Hean Gan, and the Rector of UNPAR, Mangadar Situmorang PhD, to establish a joint, industry-led postgraduate research centre as part of the NISRC International programme.
