Thermal Barrier Coatings Market Growth Analysis | 2023-2028

Market Insights

The thermal barrier coatings market was estimated at USD 17.73 billion in 2022 and is likely to grow at a CAGR of 4.71% during 2023-2028 to reach USD 23.52 billion in 2028.

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Market Dynamics

Introduction

Thermal barrier coatings are coating systems of high temperature for surfaces of gas turbines, aero-engine parts, transportation vehicles, and power stations that operate at a higher temperature. It protects the surface from the impact of hot gas that is needed for power generation, marine propulsion, aircraft propulsion, and others.

Thermal barrier coatings are equipped with properties such as resistance against a thermal barrier, wear and tear, and high temperature. It can offer a temperature reduction of 300 K on the component surface. Industrial, aerospace, automotive, and energy are some of the areas where thermal barrier coatings are used.

Market Drivers:

• Demand from Aerospace Industry: The expansion of the aerospace industry significantly drives the growth of thermal barrier coatings. These coatings are used in aircraft components like engine parts, landing gears, and air foils to protect them from damaging effects of extreme heat and may increase their lifespan. According to a forecast by Airbus, >42,000 new aircraft deliveries will be made between 2024-2043. The rise in production of aircraft fleet in coming years due to the anticipated growth in air travel demand will in turn foster the growth of thermal barrier coatings.
• Demand from the Automotive Industry: According to the consumer’s need, there is a growing demand for high-performance vehicles with high fuel efficiency and improved component lifespan. Thermal barrier coating’s ability to improve engine efficiency and performance by reducing the heat loss and allowing engine components to operate at higher temperature, will drive its growth in the automotive industry. Further, these coatings can enhance the runtime of vehicles' critical components, reducing maintenance needs and overall costs.
• Power Generation: To meet the growing population demand, electricity generation is also growing. According to the IEA, global renewable power generation is forecast to climb to over 17,000 TWh by 2030, an increase of almost 90% from 2023, with wind energy being one of the leading energy sources. Therefore, to improve the turbine efficiency, there will be a growing need for thermal barrier coatings, which will enable turbines to run at elevated temperatures and need fewer cooling solutions.

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Challenges:

The major challenge that can be faced by the thermal barrier coatings is fluctuations in raw material prices. The vital raw material used for the production of this coating is zirconia, which is a rare earth element. The instability in the cost of this raw material can be due to geopolitical factors or trade wars, leading to a hinderance in market growth. Furthermore, the disruption in the supply chain of raw materials or the manufacturing of finished products can affect the growth of the market.

Opportunities:

Innovations in superalloy coatings, multi-layer coatings, and improved durability will offer opportunities for thermal barrier coating manufacturers to develop products that can withstand higher temperatures and improve overall efficiency.

Segments Analysis

By Product Type

The market is segmented as metal, intermetallic, ceramic, and others. The ceramic segment dominated the global market, owing to their high thermal resistance and multi-layered protection.

By Technology Type

The thermal barrier coatings market is segmented as vapor deposition, high-velocity oxygen fuel (HVOF), and air plasma. The vapor deposition segment is expected to remain the dominant segment during the forecast period, owing to their high deposition rate of coatings.

By Coating Material Type

The market has been segmented as Al2O3, ceramic YSZ, MCrAlY, and others. The Al2O3 segment is expected to lead the market during the forecast period. Low thermal conductivity and high thermal stability of Al2O3 coatings have led to their dominance in the thermal barrier coatings market.

By Application Type

The market is segmented as industrial, automotive, aerospace, and energy. The industrial segment led the market and is also expected to hold its dominance during the forecast period. Significant economic development in the emerging economies has led to a strong focus on the industrial sector, which in turn, is driving the demand for thermal barrier coatings. The aerospace industry is also expected to offer lucrative opportunities in the thermal barrier coatings market, owing to rising passenger traffic across the globe, which has resulted in extended flight hours and is driving the demand for new aircraft.

Regional Insights

Asia-Pacific is expected to lead the thermal barrier coatings market in the coming five years. The market is driven by the increasing demand for automobiles and is further proliferated by the industrial sector. Europe and North America, the latter boasting more than 25% market share in 2022, also offer sizeable growth opportunities due to their base of major aircraft and automotive OEMs, tier players, raw material suppliers, and thermal barrier coating manufacturers.

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Key Players

Some of the thermal barrier coating manufacturers are:

• A & A Thermal Spray Coatings
• Praxair Surface Technologies, Inc.
• H.C. Starck Inc.
• ASB Industries, Inc.
• Air Products and Chemicals, Inc.
• Flame Spray Coating Co.
• Thermion Inc.
• Metallisation Ltd.
• Metallizing Equipment Co. Pvt. Ltd.
• The Fisher Barton Group.

Note: The above list does not necessarily include all the top players in the market.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s thermal barrier coatings market realities and future market possibilities for the forecast period of 2023 to 2028. After a continuous interest in our thermal barrier coatings market report from the industry stakeholders, we have tried to further accentuate our research scope to the thermal barrier coatings market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The thermal barrier coatings market is segmented into the following categories:

By Product Type

• Metal
• Intermetallic
• Ceramic
• Others

By Technology Type

• Vapor Deposition
• High Velocity Oxygen Fuel (HVOF)
• Air Plasma

By Coating Material Type

• Al2O3
• Ceramic YSZ
• MCrAlY
• Others

By Application Type

• Industrial
• Automotive
• Aerospace
• Energy

By Region

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Segmentation

• Current market segmentation of any one of the product type by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected].