DUBLIN--(BUSINESS WIRE)--The "Thermal Barrier Coatings Market Size, Share & Trends Analysis Report By Technology (HVOF, Air Plasma), By Coating Combination (Ceramic YSZ, Al2O3), By Application, By Product, And Segment Forecasts, 2018 - 2024" report has been added to ResearchAndMarkets.com's offering.
The global thermal barrier coatings (TBC) market size is expected to reach USD 22.3 billion by 2024. The global market is estimated to witness a healthy CAGR of 6.7% during the forecast period.
Increasing demand for advanced heat resistant coatings from several end-use industries including energy, automotive, and aerospace is expected to have a positive impact on the market growth in the coming years.
Growing scope of applications in gas turbines, which are widely used across the energy sector, is also expected to propel the market demand. Increasing number of stationary power plant installations in emerging economies is projected to drive the demand further. In addition, increasing product penetration in aerospace application would also benefit market growth.
Rising adoption of air plasma and high-velocity oxygen fuel (HVOF) technologies in automotive and aerospace applications is expected to drive product demand in these sectors. Heavy investments by leading industry participants, such as the Praxier Surface Technologies, for the development of advanced and innovative coating solutions will also have a positive impact on the market growth.
Key Findings
- The TBC market was valued at USD 13.22 billion in 2016 and is expected to witness substantial growth over the forecast period due to increasing product penetration in energy, automotive, and aerospace applications.
- Ceramics segment led the market with a share of 33% in 2015. It is expected to grow further on account of high preference for ceramic-based coatings over metal-based coats.
- Air plasma technology is projected to register a CAGR of 7% from 2016 to 2024. Factors such as ease of application and low operational costs are driving the segment growth.
- Ceramic YSZ coating combination segment was valued at USD 4.6 billion in 2015 and is expected to witness a CAGR of 7.3% from 2016 to 2024. Increasing use of ceramic YSZ due to superior resistance properties and improved performance is expected to propel the segment growth.
- Asia Pacific is expected to witness the highest CAGR of 8% during the forecast period. China, in particular, is the fastest-growing economy in the region and is estimated to expand at a CAGR of 9% over the forecast period.
- Prominent development strategies adopted by the leading companies in this market are M&A activities, technical collaborations, and plant expansions.
Market Dynamics
Drivers
- Rising Demand for Gas Turbines
- Growth of Vapor Deposition Technologies
- Growth of Automotive Industry in Emerging Regions
Restraint
- High Raw Material Price Volatility
Companies Profiled
- Praxair Surface Technologies
- Metallisation Ltd.
- TST Engineered Coating Solutions
- Flame Spray Coating Co.
- Air Products & Chemicals
- Metallizing Equipment Co. Pvt. Ltd.
- TWI Ltd.
- Integrated Global Services
- A&A Company
- Thermion
- Precision Coating Inc.
- ASB Industries Inc.
- Cincinnati Thermal Spray Inc.
- H.C. Starck Inc.
- MesoCoat Inc.
Topics Covered
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Thermal Barrier Coating Industry Outlook
Chapter 4. Thermal Barrier Coating Product Outlook
Chapter 5. Thermal Barrier Coating Application Outlook
Chapter 6. Thermal Barrier Coating Technology Outlook
Chapter 7. Thermal Barrier Coating Coating Combination Outlook
Chapter 8. Thermal Barrier Coating Regional Outlook
Chapter 9. Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/research/j5d7fn/global_thermal?w=4
