NEW YORK, April 29, 2019 (GLOBE NEWSWIRE) -- The global thermal barrier coatings market is likely to expand from USD 14.5 billion in 2017 to USD 22.5 billion by 2024, witnessing a CAGR of 6.5% over the forecast period. The growth can be primarily attributed to the growing use of thermal barrier coatings across various applications such as aerospace, energy, and automotive, among others. Moreover, rising demand for gas turbines along with significant growth in the automotive industry is further expected to propel the market demand over the forecast period.
Technological advancements have fostered the demand for advanced coating technologies for use in various end-use industries, thereby boosting the market demand. Key properties offered by thermal barrier coatings such as low thermal conductivity, high melting point, low density, high thermal shock resistance, high surface emissivity, resistance to chemical and mechanical corrosion, have extended its application scope.
Key findings from the report:
- The global thermal barrier coatings market is likely to reach USD 22.5 billion by 2024
- Ceramic segment held the major share of the market in 2017, and the trend is likely to continue over the next seven years
- Air plasma segment accounted for the major share of the market in 2017, and is likely to witness a healthy CAGR during 2018 to 2024
- Automotive segment held a significant share of the market in 2017
- North America dominated the global market in 2017, however Asia-Pacific is expected to grow at the fastest CAGR over the forecast period
- Some of the key companies operating in the industry include A & A Company, Inc.; H.C. Starck Inc.; Praxair Surface Technologies, Inc.; ASB Industries, Inc.; Flame Spray Coating Co.; Air Products and Chemicals, Inc.; THERMION Inc.; Metallizing Equipment Co. Pvt. Ltd.; The Fisher Barton Group; Metallisation Ltd.; TST Engineered Coating Solutions; among others
High velocity oxy-fuel technology drives the demand for the global market
The air plasma technology accounted for the largest share of the global market in 2017 and the trend is expected to continue over the coming years. However, the high velocity oxy-fuel technology is expected to witness healthy CAGR over the forecast period. This technology facilitates the use of several materials such as ceramics, metals, and alloys, in order to produce coatings of better quality. Also, technological developments coupled with the introduction of new variety of products are likely to generate more opportunities for the market.
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Thermal barrier coatings market - Regional insight
North America dominated the global market for thermal barrier coatings in 2017, and is projected to maintain its dominance over the next seven years. The aforementioned growth can be primarily attributed to the increasing demand for gas turbines along with significant technological advancements in the region. However, Asia-Pacific is expected to emerge as the fastest growing region owing to the rapidly expanding end-use industries across the region. Furthermore, considerable growth in the automotive industries in emerging economies has been one of the crucial factors driving the market demand.
The report segments thermal barrier coatings market on the basis of product, technology, coating combination, application, and region.
By Product
- Metal coatings
- Ceramic coatings
- Intermetallic coatings
- Others
By Technology
- Air plasma
- Electron-beam physical vapor deposition
- High velocity oxy-fuel
- Chemical vapor deposition
- Others
By Coating Combination
- Ceramic YSZ
- MCrAIY
- Mullite-based
- Al2O3
- Others
By Application
- Automotive
- Aerospace
- Stationary power plants
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Central & South America (CSA)
- Middle East & Africa (MEA)
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