Global Thermal Barrier Coatings Market: Snapshot
The global thermal barrier coatings market is poised for steadfast growth on the back of several favorable factors. Firstly, the escalating demand for gas turbines across a host of industry verticals such as energy, defense, and transportation is driving the thermal barrier coatings market. Gas turbines use thermal barrier coatings on turbine blades that helps to reduce the intensity of heat generated by turbines thus increase their longevity.
The growth of the automotive sector in Asia Pacific bodes well for this market. High-performance coatings are applied on automobile engine components that tend to absorb and disperse heat during the vehicle’s exhaust cycle. This helps to enhance engine performance thereby leading to higher operational efficiency.
However, high price volatility of raw materials and high formulation cost of high-performance ceramic coatings are challenging the market’s growth.
Owing to a number of favorable factors, the thermal barrier coatings market is predicted to clock a CAGR of 6.3% between 2017 and 2024.
Ceramic Product Segment to Emerge Attractive through 2024
Product type, technology, coating material, application, and geography are the criteria based on which the thermal barrier coatings market is segmented. Depending upon product type, metal, ceramic, intermetallic, and others are the segments into which the thermal barrier coatings market is segmented. Metal segment, out of these, is anticipated to hold the leading share in the overall market through 2024. Metals are widely used in thermal barrier coatings for several applications as they can withstand temperature extremities. Intermetallic is a key segment due to its anti-corrosive and anti-oxidation property. However, ceramic coatings is likely to register the leading growth rate through 2024 due to high temperature sustainability and resistance for thermal shocks.
In terms of technology, vapor deposition, HVOF, and air plasma are the segments into which the thermal barrier coatings market is divided. Vapor deposition is predicted to continue to retain dominance through 2024. This is because high deposition rate of coatings have spiked demand for vapor deposition technology. Advantages and rising popularity of electron beam vapor deposition technology also accounts for leading market share of vapor deposition technology segment. Air plasma technology, meanwhile, is anticipated to expand at a significant growth rate through 2024.
By coating material, Al203, ceramic YSZ, MCrAlY, and others are the segments into which the thermal barrier coatings market is divided. Of them, Al203 is the most attractive segment attributed to a few factors. This is because oxidation and corrosion resistance property of alumina helps in strengthen bond and hardness, and uptake of alumina based thermal barrier coatings in the aerospace and energy sector is on the rise.
Industrial Segment to Continue to Remain Lucrative
Application-wise, industrial, aerospace, automotive, and energy are the key segments into which the thermal barrier coatings market is divided. Vis-à-vis revenue, industrial segment held the leading market in recent years; the segment is predicted to retain dominance between 2017 and 2024. Aerospace is an attractive segment due to increasing demand for gas turbines.
By geography, the demand for thermal barrier coatings is evaluated across North America, the Middle East and Africa, Europe, Asia Pacific, and Latin America. Asia Pacific is predicted to expand at the leading growth rate due to exponential growth of automotive and industrial sector.
Key companies currently operating in the thermal barrier coatings market include Metallisation Ltd., Praxair Surface Technologies Inc., Metallizing Equipment Co. Pvt. Ltd., ASB Industries, Thermion Inc., H.C. Starck Inc., Metallizing Equipment Co. Pvt. Ltd., The Fisher-Barton Group, and Air Products and Chemicals Inc.
Global Thermal Barrier Coatings Market: Overview
The report provides an in-depth analysis, which includes growth trends and revenue projections of the thermal barrier coatings market at both regional and global level. The report evaluates the market for the 2017-2024 forecast period, with 2016 as the base year. Market size and revenue figures for 2015 are provided for historical reference.
The study provides a detailed overview of the thermal barrier coatings market by segmenting on the basis of product type, technology, coating material, application, and geography.
The executive summary section of the report provides a snapshot of demand-supply dynamics in the thermal barrier coatings market. This involves examining vital market dynamics such as market drivers, challenges, and trends that could influence the course of growth over the 2017-2024 forecast period. Going ahead, the report covers potential opportunities in the thermal barrier coatings market at global and regional level. Market dynamics are significant to analyze growth trends in the global market.
The report provides size of the thermal barrier coatings market in 2016 with forecasts for a 7-year 2017-2024 period provided herein. Revenue projections are provided in US$ Mn in this report. Market size and revenue projections for key segments under each category are a highlight of this report. Market dynamics prevalent in key geographical regions have also been taken into account to provide market size and revenue estimates.
In this report, revenue estimates for thermal barrier coating market have been derived through regional pricing trends. The price of commonly utilized raw material for each product type have been considered. Analysts employed industry-best analytical tools such as SWOT analysis and Porter’s five forces analysis to assess competition and to gauge market attractiveness through 2024.
Extensive Research Methodologies Lead to Valuable Market Insights
The analysis of the thermal barrier coatings market presented in this report is a result of an extensive primary and secondary research phase. The primary research phase involved interacting with industry experts and opinion leaders through e-mails, telephonic interviews, and face-to-face interviews. Insights obtained through these interactions have been duly included in the analysis of this market. Secondary research phase involved tapping industry sources which includes but is not limited to proprietary databases, financial reports, company websites, trade associations, statistical databases of accredited agencies, investor presentations, and SEC filings.
Market share estimations for key segments presented in the report have been obtained using standard analytical tools and historic and current values. This helps to gauge individual contribution of each segment in the growth of the overall market. The complete analysis of the thermal barrier coatings market provided in the report helps market players to assess growth spaces and make the best bet.
In-depth Competitive Analysis help Gauge Market Attractiveness
The competitive profiling of key players operating in the global thermal barrier coatings market across five key regions is included in the study. To present the competitive outlook, vendors’ winning strategies along with information on their financial standing, recent developments, and SWOTs have been provided in the report.