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Thermal Barrier Coatings Market Report Impressive Growth, Revenue, Geography, Forecast To 2023
Thermal barrier coatings belong to a class of coverings which are applied on the metallic surface to offer excellent flexibility, heat stability, and chemical resistance to the finished material. Moreover, they also provide versatility, reliability and durable nature to the product.
The global thermal barrier coatings market has been driven by the range of its application in various sectors such as stationary power plants, automotive, aerospace, aviation, and others. Moreover, it is estimated that the automotive segment is set to witness the highest growth in the market due to the growing consumption of heat resistant materials in the sector over the forecast period.
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The global thermal barrier coatings market is segregated into the product, technology and application. On the basis of the product, the market is further categorized into metal, ceramic, intermetallic segments. On the basis of technology, the market is segmented into high velocity oxygen fuel, electron-beam physical vapor deposition, chemical vapor deposition, air plasma. On the basis of application, the market is classified into stationary power plants, automotive, aerospace, aviation, and others.
The ceramics segment is the most widely used type in the market due to its growing consumption in heavy end-use industries such as automotive, aerospace, aviation, industrial, and others. Moreover, durability, wear resistance and phase stability are the major factors behind the popularity of this segment. The increasing use of ceramic type, yttria-stabilized zirconia in major industries is estimated to drive the market during the assessment period.
The high velocity oxygen fuel is the leading technology used in the market and is anticipated to observe a rapid growth due to an increased demand for thermal paints in various applications. This technology is used in heat barrier paints to improve the performance, efficiency of the engines and systems. Moreover, excellent flexibility, mechanical properties, UV and chemical resistance are some of the properties offered by the technology in the industry.
The global thermal barrier coatings market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds the major portion of the global market and is anticipated to continue its dominance due to rising demand for thermal insulation materials in various applications. Countries such as China, Japan and India are the major players in this region. The North America region is estimated to witness a higher growth in the U.S., Canada and Mexico owing to increasing demand for industrial coatings in stationary power plants, aerospace, aviation and others. The enactment of new rules and regulations set by the European Union has driven the manufacturers to use eco-friendly product in the end-use industries.
Some of the major players functioning in the global thermal barrier coatings market are Praxair Surface Technologies, Inc (U.S.), Metallisation Ltd (U.K), Flame Spray Coating Co. (U.S.), Metallizing Equipment Co. Pvt. Ltd. (India), Air Products and Chemicals, Inc. (U.S.), Precision Coatings, Inc (U.S.), ASB Industries, Inc. (U.S.), CTS (U.S.), H.C. Starck GmbH (U.S.), and THERMION (U.S.A).
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