The global thermal barrier coatings market is evaluated at US$12.152 billion for the year 2020, growing at a CAGR of 10.30%, to reach a market size of US$24.140 billion by the year 2027.
A thermal barrier coating is used to insulate an object from thermal energy or heat. The object to be insulated from heat is coated by the thermal barrier in a manner such that there is no direct contact of the object with the high-temperature source. With the ever-increasing population and urbanization around the world, there is an apparent demand for cleaner energy and power to meet the growing needs, which is anticipated to propel industries during the forecast period to adopt a high number of devices and equipment used in sustainable energy products such as gas turbines. The operations carried out by such gas turbines involve high-temperature ranges, which might lead to early corrosion, damage, and low lifespan of turbine components and hence, demanding a safe and efficient power production. Also, the aviation industry is expected to grow during the forecasting period because of the rising number of airports and aeroplanes across the globe. As aeroplane fuel burns at high temperatures, there stays a significant risk of corrosion and damage to blades and metal surfaces of components in an aeroplane due to gas having high temperatures. Thermal barrier coatings can thus, protect rotor blades and other components in an aircraft from corrosion and other damage. The power plant and aerospace industry are the key drivers of the thermal barrier coating market globally.
The coronavirus pandemic has negatively affected the thermal barrier coating industry. The prices of raw materials required for making these coatings have fluctuated because of the non-uniformity of production and supply cycles. As the COVID restrictions around the world were imposed, the halt of airlines has also impacted the thermal barrier coating market as the demand for such coatings declined due to lesser needs in the aviation industry. Also, other major consumers of the thermal barrier coating market, such as the automobile industry, especially premium automobiles and highspeed racing vehicles, showed a significant decline in demand for coatings as restrictions were placed all over, leading to cancellation or postponing of events.
High-temperature turbine power plants for green energy demand
The growing population has called for increasing energy and power demand, which are generated by power plants. These plants adopt generating low carbon footprint energy with the help of gas turbines which operate under extremely high temperatures. As there is a risk of damage and corrosion in case of prolonged direct contact with the high-temperature gas, thermal barrier coatings are the suitable choice for covering the metal surfaces of the turbine in order to generate higher yield and increase the operating temperature range. As per the release of the United States Energy Information Administration (EIA), global industrial energy consumption worldwide is expected to see a rise of 30% from 2018 to 2050. Also, EIA projects the global residential and commercial energy demand to increase by 65% between 2018 and 2050. With increasing urbanization and access to electricity, the thermal barrier coatings market is anticipated to grow substantially during the forecast period.
Growing Aerospace and Future Defence Investments
The aerospace industry is projected to grow in the forecasted period because of an increase in the number of airports and airplanes across the globe. Additionally, with the increasing adoption of air plasma as well as High-Velocity Oxygen Fuel (HVOF), the thermal barrier coating market is expected to be driven by this industry. As per the Commercial Market Outlook (CMO) by Boeing, the world’s largest aerospace company, it projects to deliver more than 43,500 airplanes globally by 2040, which is a 70% increase from pre-pandemic production. Also, according to Boeing’s Defence and Space Market Outlook for the period 2021-30, it forecasts future defence deals worth $2.6 trillion globally, where aircraft delivery is almost half of the deals. In another press release on 18th November 2021 by Airbus, another major player in the aerospace industry, 408 aircraft were ordered for the Dubai air show. As an increasing number of aircraft and defence investments by countries are anticipated in the forecast period, the demand for the thermal barrier coatings market will proportionally increase.
Asia Pacific to see significant growth in the Thermal Barrier Coatings market
With a significant number of power plants and ever-increasing urbanization and demand for energy, India and China are projected to observe significant growth in the thermal barrier coatings market. In the Commercial Market Outlook (CMO) released by Boeing for the period 2021-40, out of 43,500 airplanes expected to be delivered globally, Asia Pacific holds a large share of 17,645 airplanes. With the increase in energy demands, aeroplanes, and government defence investments, the Asia Pacific region is anticipated to rise rapidly in terms of market share.
|Market size value in 2020||US$12.152 billion|
|Market size value in 2027||US$24.140 billion|
|Growth Rate||CAGR of 10.30% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Coating Technology, Product, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Praxair Surface Technologies, Racine Flame Spray, Saint-Gobain, Curtiss-Wright, Honeywell International, Ultramet, Northwest Mettech Corp., Thermacote, Hayden Corporation, Keco Coatings|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the thermal barrier coatings market?
A1. The global thermal barrier coatings market is projected to grow at a CAGR of 10.30% over the forecast period.
Q2. What is the size of the global thermal barrier coatings market?
A2. Thermal Barrier Coatings Market was valued at US$12.152 billion in 2020.
Q3. Which region holds the largest market share in the thermal barrier coatings market?
A3. The Asia Pacific region is anticipated to hold a significant share in the thermal barrier coatings market owing to a significant number of power plants and ever-increasing urbanization and demand for energy.
Q4. What will be the thermal barrier coatings market size by 2027?
A4. The thermal barrier coatings market is estimated to reach a total market size of US$24.140 billion by 2027.
Q5. What factors are anticipated to drive the thermal barrier coatings market growth?
A5. With increasing urbanization and access to electricity, the thermal barrier coatings market is anticipated to grow substantially during the forecast period.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Global Thermal Barrier Coatings Market Analysis, by Coating Technology
5.2. Plasma Spray
5.3. Combustion Flame Spray
5.4. High-Velocity Oxy/Air Fuel
5.5. Arc Spray
5.6. Cold Gas
6. Global Thermal Barrier Coatings Market Analysis, by Product
7. Global Thermal Barrier Coatings Market Analysis, by Application
7.2. Power Generation
8. Global Thermal Barrier Coatings Market Analysis, by Geography
8.2. North America
8.3. South America
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.4. South Korea
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. Praxair Surface Technologies
10.2. Racine Flame Spray
10.5. Honeywell International
10.7. Northwest Mettech Corp.
10.9. Hayden Corporation
10.10. Keco Coatings
Praxair Surface Technologies
Racine Flame Spray
Northwest Mettech Corp.
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