The thermal barrier coatings market is estimated to witness a CAGR of 7.03% to reach US$18,504.547 million in 2024 from US$12,306.258 million in 2018. Thermal barrier coatings are advanced materials that are applied to metallic surfaces like metal turbine blades, aircraft engines and on industrial gas turbines which are operated on the high temperature and this is used as a form of exhaust heat management. This thermal barrier coating helps the metal to protect them from the degradation processes like oxidation, etc. then thereby reducing the stress and fatigue and increasing the lifespan of the metal. Expansion of the automobile industry and increasing demand for the gas turbine is considered as the driving factor for the growth of the market. Technological advancement like air plasma and vapor decompositions for the coating application in the automobile industry and growing demand for other advanced coating technologies also fuels the growth of the market. However, fluctuations in the prices of raw materials are expected to restrain the growth of the market. The thermal barrier coatings market in the APAC region is anticipated to expand at a rapid pace during the forecast period due to growing industrialization and expansion of the automotive industry in the region.
Increase in production activities in the automobile sector.
Increased demand for advanced heat resistant coating by a growing global economy.
The high cost of raw materials
High manufacturing cost of the thermal barrier coating
The major players profiled in the Thermal Barrier Coating market include A&A Company H.C. Starck Inc. Metallizing Equipment Co. Pvt. Ltd. Precision Coating, Inc., Praxair Surface Technologies,TWI Ltd., Metallisation Ltd., ASB Industries Inc., Cincinnati Thermal Spray, Inc., and Air Products & Chemicals.
The thermal barrier coatings market has been analyzed through the following segments:
By Coating Material
Middle East and Africa