Thermal Barrier Coatings Market: Analysis
The global thermal barrier coatings market is rising continually over the past few years. These coating materials are extensively used in various industries, such as stationary power plants, automotive, aerospace, and aviation, to increase the durability and performance of different equipment used in these sectors. Also, thermal barrier coatings find considerable applications in other growing industries such as aerospace and oil & gas, which, in turn, accelerate the growth of the market on a global level.
Market Research Future (MRFR), in its recent study report, asserts that the global thermal barrier coatings market is estimated to witness substantial growth by 2023. MRFR further also confirms that the market would register a phenomenal CAGR throughout the forecast period (2017-2023). Growing uses of these coatings in some of the burgeoning end-use industries such as aviation, aerospace, marine, and others is a key driving force for the market growth.
The spreading awareness towards the benefits that thermal barrier coating materials offer is another key growth driver for the market. Moreover, the high-velocity oxygen fuel segment absorbs a vast amount of thermal barrier coatings due to the unique features of these materials, such as strength, wear, and corrosion resistance. This, as a result, would drive the market growth, colossally, creating significant market demand.
Conversely, volatility in the prices and demand-supply gap in the raw materials required for the production of thermal barrier coatings is a major factor expected to impede the market growth during the forecast period. Nevertheless, rising incentives from the government would support the market growth throughout the assessment period, motivating key companies to manufacture advanced coating materials that can match the changing needs of end-users.
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Thermal Barrier Coatings Market – Competitive Analysis
Highly competitive, the thermal barrier coatings market appears to be fragmented due to the presence of many large and small-scale players. To gain a substantial mart share, players incorporate strategic initiatives such as mergers & acquisitions, collaborations, expansion, innovations, and brand reinforcement. They also invest in R&D activities and for the acquisition of promising companies in emerging regions. Players are targeting R&D to innovate new technology and improve their already existing product line.
Players leading the global thermal barrier coatings market, include Metallisation Ltd (UK), Praxair Surface Technologies, Inc (US), Flame Spray Coating Co. (US), Air Products and Chemicals, Inc. (US), Metallizing Equipment Co. Pvt. Ltd. (India), Precision Coatings, Inc (US), CTS (US), ASB Industries, Inc. (US), THERMION (US), and H.C. Starck GmbH (US), among others.
Thermal Barrier Coatings Global Market – Segments
The market is segmented into four dynamics to widen the scope of understanding,
By Product : Metal, Ceramic, and Intermetallic.
By Technology : High Velocity Oxygen Fuel, Electron-Beam Physical Vapor Deposition, Chemical Vapor Deposition, Air Plasma Segments, and others.
By Application : Stationary Power Plants, Automotive, Aerospace, Aviation, and others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Thermal Barrier Coatings Market –Regional Analysis
The Asia Pacific region accounts for a significant share in the global thermal barrier coatings market. The market growth attributes to the growing demand for thermal barrier materials in stationary power plants, automotive, industrial, and energy, among others. Automotive being the largest end-user segment, consumes a massive amount of thermal barrier coatings. China, Japan, and India, heading with their flourishing automotive sector, account for the largest consumer markets in the region.
North America is another lucrative market for thermal barrier coatings, globally. Increasing demand for ceramic and epoxy coatings in construction and automobile sectors drive the growth of the regional market. Besides, growing investments and advancement in the coating technologies foster the growth of the market in the region. Moreover, augmenting demand for protective coatings in the aerospace & aviation industries in the US, Canada, and Mexico has been propelling the growth of the North American thermal barrier coatings.
The European thermal barrier coatings market has been witnessing significant growth, too. The presence of well established automotive and aerospace industry in the region boosts the market growth, creating substantial market demand for these coating materials. Additionally, increasing numbers of thermal and stationary plants in the energy sectors drive colossal market demand in the region.
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Industry/ Innovation/Related News:
July 29, 2019 —- MAHLE Motorsports (North America), a leading supplier of forged racing pistons and rings, introduced ceramic thermal barrier coating for PowerPak pistons.
The company now offers a proprietary thermal barrier coating application for any PowerPak performance forged piston (gas or diesel). This new thermal application dramatically reduces the heat transfer for improved performance and adds a layer of insulation to the piston crown to protect against thermal shock. Thermal Barrier Coating is developed primarily to improve engine efficiency in race engines that need increased torque and HP.
June 17, 2019 —- Oerlikon Balzers Coating USA Inc., a leading provider of metal coating services, exhibited its line of abradable and thermal barrier coatings to powder and services for additive manufacturing at the Paris International Airshow – 2019. The technology specialists support customers throughout their entire value chain. Its portfolio ranges from coatings for cutting tools and machining of aerospace components to wear protection for critical parts, from abradable and thermal barrier coatings to powder and services for additive manufacturing. Oerlikon Balzers coatings are a sustainable, non-hazardous, and REACH-conforming option to hard chrome plating.
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