Thermal Barrier Coatings Industry Overview
The global thermal barrier coatings market size was estimated at USD 15.49 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.8% over the forecast period.
Rapidly increasing demand for Thermal Barrier Coatings (TBC) in various applications, such as automotive, energy, and aerospace, is expected to be the key market driver. A rapid upsurge in global automobile production on account of increasing demand from emerging economies is likely to propel the product demand during the forecast period. In addition, technological developments in the automotive sector have resulted in a growing requirement for advanced coating technologies, thereby fueling market growth. Thermal barrier coatings are manufactured using epoxy resins, polymers, aluminates, and zirconia.
Gather more insights about the market drivers, restrains and growth of the Global Thermal Barrier Coatings market
Industry participants are engaged in extensive R&D for the development of efficient application technologies and products, while also taking several measures to increase production to fulfill the growing demand. On the other hand, volatile prices of raw materials may hinder industry growth.
Thermal barrier coatings are witnessing high demand from the automotive industry. In automotive application, TBC helps reduce heat loss from engine exhaust system components, including exhaust manifolds, turbocharger casings, exhaust headers, downpipes, and tailpipes. A gradual increase in Electric Vehicles (EVs) on roads is expected to positively propel the growth of the automotive industry. This, in turn, is further projected to create demand for TBCs during the forecast period.
However, the COVID-19 outbreak immensely affected the production of automobiles and disrupted the value chain of the automotive industry in 2020. A slowdown or halt in manufacturing activities and declining demand from consumers hampered the automotive industry in 2020. However, with the recommencing of industrial operations, the demand for TBCs in applications such as automotive, aerospace, power plants, and others is expected to positively influence the market growth in the coming years.
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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:
- TBC Product Outlook (Revenue, USD Million, 2017 – 2028)
- TBC Application Outlook (Revenue, USD Million, 2017 – 2028)
- Stationary Power Plants
- TBC Technology Outlook (Revenue, USD Million, 2017 – 2028)
- Chemical Vapor Deposition
- Air Plasma
- TBC Combination Outlook (Revenue, USD Million, 2017 – 2028)
- Ceramic YSZ
- TBC Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
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.
- A&A Company
- TWI Ltd.
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