What are the growth opportunities of Thermal Barrier Coatings market in upcoming period?

Posted on 2022-11-21 by researchinsights in Chemicals // 0 Comments

San Francisco, California , USA, Nov 21, 2022 — /EPR Network/ —

Thermal Barrier Coatings Industry Overview

The global Thermal Barrier Coatings Market size is expected to reach USD 21.69 billion by 2028, growing at a CAGR of 4.8% over the forecast period, according to a new study by Grand View Research, Inc. 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. The growing scope of applications in gas turbines, which are widely used across the energy sector, is also expected to propel the product demand.

The Electron-Beam Physical Vapor Deposition (EBPVD) technology segment is estimated to witness significant growth over the forecast period. EBPVD thermal barrier coatings are widely used for gas turbine engine components to improve engine durability and efficiency. The growing gas turbine market is anticipated to significantly drive the demand for EBPVD thermal barrier coatings over the forecast period.

Rising power generation activities across the globe owing to the growing demand for electricity as a result of population growth and rapid urbanization is boosting the growth of gas turbines for power generation. Gas turbines play an important role in reducing Greenhouse Gas (GHG) emissions. As compared to other combustion-based electricity generation applications, these are very proficient and also reduce carbon emissions. Thus, the growth in the power generation sector along with an increased focus on generating electricity through sustainable energy sources is projected to propel the growth of gas turbines in the coming years.

Thermal Barrier Coatings Market Segmentation

Grand View Research has segmented the global thermal barrier coatings market on the basis of product, application, technology, combination, and region:

Based on the Product Insights, the market is segmented into Metals, Ceramics Intermetallics and Others.

The ceramics product segment led the market and accounted for more than 34% of the global revenue share in 2020. The most commonly used TBC material is yttria-stabilized zirconia, which is a form of ceramic.
The ceramic product segment is expected to remain dominant by growing at the fastest CAGR during the forecast period, owing to the superior thermal resistance properties offered, which enable gas turbines to operate at high operating temperatures with higher efficiencies. The growing demand for ceramic coatings in the automotive and aerospace industries, primarily applied in the exhaust systems of automobiles, is expected to drive market growth over the forecast period.

Based on the Application Insights, the market is segmented into Stationary Power Plants, Aerospace, Automotive and Others.

The aerospace application segment led the market with a revenue share of more than 31% in 2020. The increasing purchasing power of consumers has resulted in increased air passenger traffic over the past few years.

Based on the Technology Insights, the market is segmented into EBPVD, HVOF, Chemical Vapor Deposition, Air Plasma and Others.

The air plasma technology segment led the market with a revenue share of more than 35% in 2020. Air plasma technology is used for wearing, corrosion protection, and thermal insulation, as well as for repair and restoration in several industrial sectors.
The HVOF technology is a TBC process that is used to restore or improve a component’s dimensions or properties. This technology provides a variety of benefits including improved performance, improved efficiency, low costs, superior electrical properties, the ability of components to operate in higher/lower temperatures & within harsh chemical environments, and enhanced lifespan of components.

Based on the Combination Insights, the market is segmented into Ceramic YSZ, Al2O3, MCrAiY, Mullite-based and Others.

The ceramic Yttria-stabilized Zirconia (YSZ) combination segment led the market and accounted for more than 38% revenue share in 2020. YSZ is a ceramic in which the crystal structure of zirconium oxide is made stable at room temperature by adding yttrium oxide.
Mullite is a compound of alumina and silica, with the formula 3Al2O3-2SiO2. It has low density, good mechanical properties, high thermal stability, low thermal conductivity, and is corrosion and oxidation resistant. However, it gets crystallized, which leads to cracking and delamination.

Thermal Barrier Coatings Regional Outlook

North America
Europe
Asia Pacific
Central & South America
Middle East & Africa (MEA)

Key Companies Profile

The market is moderately fragmented with a limited number of market players controlling the industry dynamics. The commercial aerospace industry holds significant potential for implementing IoT technologies.

Some prominent players in the global Thermal Barrier Coatings market include

Praxair Surface Technologies, Inc.
Metallisation Ltd.
Flame Spray Coating Co.
Precision Coating, Inc.
MesoCoat Inc.
Cincinnati Thermal Spray, Inc.
ASB Industries Inc.
Thermion
A&A Company
TWI Ltd.

Order a free sample PDF of the Thermal Barrier Coatings Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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