BEIJING, Nov. 23, 2022 (GLOBE NEWSWIRE) — The Global Thermal barrier coatings market The size accounted for $16.3 billion in 2021 and is projected to occupy a market size of $31.4 billion by 2030, growing at a CAGR of 7.6% from 2022 to 2030.
Thermal Barrier Coatings market statistics
- The global market value of thermal barrier coatings was USD 16.3 billion in 2021 and is expected to grow at a CAGR of 7.6% from 2022 to 2030
- North America Thermal Barrier Coatings Market Revenue Exceeds 30% Market Share in 2021
- Asia-Pacific Thermal Barrier Coatings Market Growth To Record A Substantial CAGR Of Over 8% From 2022 To 2030
- Among the products, ceramics collected around 35% of the shares in 2021
- Based on application, aerospace held over 31% of the total market share
- The increase in technological advances in the industry is a global trend of the thermal barrier coatings market that is fueling the demand of the industry
Growth factors of the Thermal Barrier Coatings market
- Growing demand for barrier coatings
- Increase in production activities in the automotive sector
- Growing applications in the aerospace industry
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Thermal Barrier Coatings Market Report Coverage:
|Market||Thermal barrier coatings market|
|Thermal barrier coatings market Size 2021||USD 16.3 billion|
|Thermal barrier coatings market Device market Forecast 2030||USD 31.4 billion|
|Thermal barrier coatings market CAGR In the period 2022 – 2030||7.6%|
|Thermal barrier coatings market Analysis period||2018 – 2030|
|Thermal barrier coatings market Reference year||2021|
|Thermal barrier coatings market Forecast data||2022 – 2030|
|Segments covered||By product, by technology, by combination, by application and by geographical area|
|Thermal barrier coatings market Regional scope||North America, Europe, Asia Pacific, Latin America, the Middle East and Africa|
|Key companies profiled||Air Products & Chemicals, Inc., ASB Industries Inc., Cincinnati Thermal Spray, Inc., Flame Spray Coating Co., HC Starck, Inc., Metallization Ltd., MesoCoat Inc., Praxair Surface Technologies, Precision Coating, Inc., and The Welding Institute (TWI) Ltd.|
|Report coverage||Market trends, drivers, restrictions, competitive analysis, player profiling, regulatory analysis|
Market dynamics of thermal barrier coatings
The growing demand for advanced heat resistant coatings from some end-use sectors such as energy, automotive and aviation is expected to drive the market growth in the coming years.
Expanding the scope of applications in gas turbines, commonly used in the energy sector, is also expected to stimulate market demand. The growing number of stationary power plant establishments in emerging economies is expected to further boost demand. Likewise, increased product entry into aeronautical applications would benefit market development.
Demand for products in these parts is expected to be driven by growing recognition of advances in high velocity oxygen fuel (HVOF) and air plasma in automotive and aviation applications. Incredible speculation by industry insiders i.e. Praxier Surface Technologies for the advancement of innovative and innovative coating solutions will also positively affect the development of thermal barrier coatings market.
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Segmentation of the thermal barrier coatings market
The global thermal barrier coatings market is segmented into three segments: product, application, and region. The global thermal barrier coatings market is categorized into metal, ceramic, intermetallic, and others. The global market for thermal barrier coatings is divided into five technology segments: electron beam physical vapor deposition, air plasma, high velocity oxygen fuel (HVOF), chemical vapor deposition, and others. Based on the combination, the global thermal barrier coatings market is categorized into Al2O3, YSZ ceramic, MCrAiY, mullite-based and others. The global thermal barrier coatings market is categorized into stationary power plants, aerospace, automotive and others. Based on the region, the global Thermal Barrier Coatings market is split into North America, Europe, Latin America, Asia-Pacific, Middle East and Africa.
Market share of thermal barrier coatings
Air plasma innovation is projected to grow at a CAGR of 7.8% between 2022 and 2030. Section development is driven by factors such as ease of use and low operating costs. YSZ Ceramic Roofing Mix Shard was valued at $6.1 billion in 2021 and is projected to grow at a CAGR of 7.7% from 2022 to 2030. Expanding YSZ Ceramic usage due to superior opposition properties and improved execution should drive the development of the segment.
In 2021, combination aluminum oxide (Al2O3) coatings accounted for 26% of the global market. The addition of alumina to YSZ TBC improves bond quality and strength, hardness, and resistance to oxidation and wear. Increasing demand for aluminum oxide in applications primarily using clay roofing materials for multilayer roofing capabilities is expected to stimulate demand for Al2O3. YSZ ceramic dominated the market in 2021, due to its pervasive hot clogging properties and long life. The segment is expected to grow at the fastest pace in the coming years due to the broadening of the application scope in stationary power plant gas turbines, air engines and automotive segments and parts.
Regional growth of the thermal barrier coatings market
With an estimated revenue of $4.727 million, North America led the market in 2021. The area is expected to experience moderate growth as a result of the developed concept of the market. Due to the rapid expansion of the region’s end-user application areas, the provincial Asia Pacific market is likely to experience significant growth in the coming years. China is expected to grow at a CAGR of around 10% over the next few years. This can be attributed to the country’s rapid development in end-use application industries, such as stationary power plants and automobiles.
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Thermal Barrier Coatings Market Players
Air Products & Chemicals, Inc., Cincinnati Thermal Spray, Inc., ASB Industries Inc., Flame Spray Coating Co., Metallization Ltd., HC Starck, Inc., MesoCoat Inc., Precision Coating, Inc., Praxair Surface Technologies, and The Welding Institute (TWI) Ltd. are the key players in the global thermal barrier coatings market. Partnerships, new product launches, and acquisitions are examples of major strategic projects undertaken by global companies. To strengthen their market positions, major players are focusing on new product development as part of their marketing strategies. The various techniques of these players include territorial expansion and research and development. Smaller organizations often focus on transportation upgrade methodologies to improve product proximity in the global marketplace through web-based business and benchmarking stages.
Questions this report answers
- What was the market size of the Thermal Barrier Coatings market in 2021?
- What will be the CAGR of the Thermal Barrier Coatings Market during the forecast period 2022 to 2030?
- Who are the major players in the global Thermal Barrier Coatings market?
- Which region held the largest share in the thermal barrier coatings market in 2021?
- What are the key market drivers of Thermal Barrier Coatings Market?
- Who is the biggest End User Thermal Barrier Coatings market?
- What will be the Thermal Barrier Coatings market value in 2030?
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