BEIJING, Nov. 23, 2022 (GLOBE NEWSWIRE) — The Global Thermal Barrier Coatings Market The size accounted for USD 16.3 billion in 2021 and is expected to occupy a market size of USD 31.4 billion by 2030, growing at a CAGR of 7.6% from 2022 to 2030.
Thermal Barrier Coatings Market Statistics
- The global thermal barrier coatings market value 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 Register Substantial CAGR of over 8% from 2022 to 2030
- Among the products, ceramics gathered around 35% of the shares in 2021
- According to applications, aerospace occupied more than 31% of the total market share
- Growing technological advancements in industry is a global thermal barrier coatings market trend fueling industry demand
Thermal Barrier Coatings Market Growth Factors
- Growing demand for barrier coatings
- Increase production activities in the automotive sector
- Growing applications in the aerospace sector
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Thermal Barrier Coatings Market Report Coverage:
|Market||Thermal Barrier Coatings Market|
|Thermal Barrier Coatings Market Size 2021||$16.3 billion|
|Thermal Barrier Coatings Market Device market Forecast 2030||$31.4 billion|
|Thermal Barrier Coatings Market CAGR from 2022 to 2030||7.6%|
|Thermal Barrier Coatings Market Analysis period||2018 – 2030|
|Thermal Barrier Coatings Market base year||2021|
|Thermal Barrier Coatings Market Forecast data||2022 – 2030|
|Segments Covered||By product, by technology, by combination, by application and by geography|
|Thermal Barrier Coatings Market Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Profiled Key Companies||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 cover||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis|
Thermal Barrier Coatings Market Dynamics
Rising demand for advanced heat resistant coatings from a few end-use industries such as energy, automotive, and aviation is expected to drive the market growth in the coming years.
The increasing scope of applications in gas turbines, which are commonly used in the power industry, is also expected to drive the market demand. The growing number of stationary power plant establishments in emerging economies is expected to further increase demand. Likewise, increasing the entry of products in aeronautical applications would benefit the development of the market.
Demand for products in these parts is expected to be driven by growing recognition of breakthroughs in high velocity oxygen fuel (HVOF) and air plasma in automotive and aerospace applications. Incredible speculations by industry members e.g. Praxier Surface Technologies for the advancement of progressive and innovative coating solutions will also positively influence the development of the thermal barrier coatings market.
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Thermal Barrier Coatings Market Segmentation
The global thermal barrier coatings market is divided into three segments: product, application and region. The global thermal barrier coatings market is categorized into metal, ceramic, intermetallic, and others. The global thermal barrier coatings market 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, aerospace, automotive and others. On the basis of region, the global thermal barrier coatings market is divided into North America, Europe, Latin America, Asia-Pacific, Middle East & Africa.
Thermal Barrier Coatings Market Share
Air plasma innovation is expected to grow at a CAGR of 7.8% between 2022 and 2030. The development of the section is driven by factors such as ease of use and low operating costs. YSZ ceramic coating mix fragment was valued at USD 6.1 billion in 2021 and is expected to grow at a CAGR of 7.7% from 2022 to 2030. The increasing use of YSZ ceramic due to opposing properties superior and improved execution should drive the development of the segment.
In 2021, the combination of aluminum oxide (Al2O3) coatings accounted for 26% of the global market. Adding alumina to YSZ TBC improves bond quality and strength, hardness, and resistance to oxidation and consumption. Growing demand for aluminum oxide in applications that primarily use clay coating materials for multi-layer coating capabilities is expected to drive the demand for Al2O3. YSZ ceramic dominated the market in 2021, due to its ubiquitous hot clogging properties and long service life. The segment is expected to grow at the fastest rate in the coming years due to the expansion of application scope in gas turbine stationary power plants, air motors, and automotive segments and parts.
Thermal Barrier Coatings Market Regional Growth
With an estimated revenue of $4,727 million, North America dominated the market in 2021. The region is expected to witness moderate growth due to the developed concept of the market. Due to the rapid expansion of end-use application areas in the region, the provincial Asia-Pacific market is expected to witness significant growth in the coming years. China is expected to grow at a CAGR of around 10% in the coming 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 major players in the global thermal barrier coatings market. Partnerships, new product launches and acquisitions are examples of important 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 different techniques of these actors include territorial expansion and R&D. Smaller organizations often focus on transportation upgrade methodologies to improve the proximity of their products to the global marketplace through web-based business and benchmarking stages.
Questions this report answers
- What was the market size of 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 key players in the Global Thermal Barrier Coatings Market?
- Which region held the largest thermal barrier coatings market share in 2021?
- What are the key market drivers of Thermal Barrier Coatings Market?
- Who is the largest end-user of Thermal Barrier Coatings Market?
- What will be the value of the thermal barrier coatings market in 2030?
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