Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
Market dynamics of the thermal barrier coatings (TBC) industry showcase a complex interplay of factors driving growth and shaping competition within the market. TBCs are critical in protecting components from high-temperature environments, primarily in industries like aerospace, automotive, and energy. One of the key dynamics influencing the market is the increasing demand from emerging economies as they invest heavily in infrastructural development and industrialization. Countries like China and India are witnessing rapid growth in aerospace and power generation sectors, thereby fueling the demand for TBCs. Additionally, stringent regulations regarding emissions and fuel efficiency are propelling the adoption of TBCs in the automotive industry, contributing to market expansion.
Technological advancements play a pivotal role in shaping the competitive landscape of the TBC market. Continuous research and development efforts are aimed at enhancing the performance and durability of coatings, thereby attracting more consumers. Innovations such as advanced ceramic formulations and novel coating techniques are driving market growth by offering superior heat resistance and longevity. Moreover, collaborations between research institutions and industry players are fostering innovation, leading to the development of cutting-edge TBC solutions.
The competitive dynamics within the TBC market are characterized by intense rivalry among key players striving to gain a competitive edge. Established companies are engaged in strategic initiatives such as mergers, acquisitions, and partnerships to expand their product portfolios and geographical presence. These strategic moves not only strengthen their market position but also enable them to cater to a diverse customer base. Furthermore, pricing strategies and product differentiation are employed to maintain a competitive advantage and capture market share amidst stiff competition.
Global economic factors significantly influence the market dynamics of TBCs. Fluctuations in raw material prices, currency exchange rates, and trade policies impact production costs and profit margins for industry participants. Economic downturns may lead to reduced consumer spending and investment, thereby affecting the demand for TBCs across various end-use industries. Conversely, economic recovery and growth stimulate industrial activities, driving the demand for TBCs for infrastructure development and maintenance projects.
Environmental regulations and sustainability concerns are emerging as crucial factors shaping the market dynamics of TBCs. Increasing awareness regarding environmental conservation and the need to reduce carbon footprint are driving industries to adopt eco-friendly coating solutions. As a result, manufacturers are focusing on developing TBCs with low VOC emissions and environmentally benign formulations. Compliance with stringent environmental standards not only enhances the marketability of TBC products but also aligns with corporate sustainability goals, thereby fostering long-term growth.
Customer preferences and industry trends also influence the market dynamics of TBCs. End-users are increasingly prioritizing reliability, performance, and cost-effectiveness when selecting coating solutions for their applications. Industry trends such as additive manufacturing and lightweight materials are creating new opportunities for TBC manufacturers to innovate and offer tailored solutions. Additionally, the shift towards predictive maintenance and condition monitoring is driving the demand for TBCs with enhanced durability and predictive performance capabilities.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Product, Technology, Application and Region |
Thermal Barrier Coatings Market Highlights:
Global Thermal Barrier Coatings Market Overview
Thermal Barrier Coatings Market Size was valued at USD 17.60 billion in 2023. The Thermal Barrier Coatings industry is projected to grow from USD 18.87 Billion in 2024 to USD 30.8 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.32% during the forecast period (2024 - 2032). The primary market drivers that have led to an increase in the demand for advanced coating technologies and, consequently, fueled market growth are technological advancements in the automobile industry.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Thermal Barrier Coatings Market Trends
-
Growth of Automotive Industry is driving the market growth
The growth of the automobile industry is a key factor in the market CAGR for thermal barrier coatings. TBC is used in automotive applications to lessen heat loss from engine exhaust system parts like exhaust manifolds, turbocharger casings, exhaust headers, downpipes, and tailpipes. Electric vehicles (EVs) are predicted to gradually become more prevalent on the road, which will help the automotive sector thrive. TBC demand is subsequently anticipated to increase over the course of the projection year as a result of this. In the upcoming years, it is anticipated that the restart of industrial activities and the demand for TBCs in industries including automotive, aerospace, power plants, and others will favorably impact market growth.
In 2020, the ceramics product segment dominated the market and held a more than 34% share of worldwide revenue. Yttria-stabilized zirconia, a kind of ceramic, is the TBC material that is utilized the most frequently. The material's poor thermal conductivity, high thermal expansion coefficient, and strong erosion resistance are some of its important characteristics. Physical vapor deposition, air plasma spray, and high-velocity oxygen fuel (HVOF) are the often-employed technologies for high operating temperature applications.
Thermal Barrier coating has excellent thermal resistance features, which allow gas turbines to operate at high operating temperatures with higher efficiencies. Afetr some course of period the market is anticipated to rise as a result of the rising demand for ceramic coatings in the automotive and aerospace sectors, which are largely used in automobile exhaust systems. TBCs, composed of metal and ceramic monolayers, shelter the hot gas from the turbine and combustor engine components, extending the life and improving the performance of the engines. To provide metal elements with thermal insulation from the hot gas stream, TBCs made of low-thermal barrier conductivity ceramics are currently used in petrol engines used for aeroplane propulsion, power generation and marine propulsion. The ceramic product sector is anticipated to maintain its leadership position by expanding at the quickest CAGR throughout the course of the projected period. Thus, driving the Thermal Barrier Coatings market revenue.
In 2023, Cabot Corporation introduced their new ENTERA™ aerogel particle range. ENTERA aerogel particles are a thermal insulation additive that enables the creation of ultra-thin thermal barriers for electric vehicle (EV) lithium-ion batteries. Cabot's portfolio includes three ENTERA aerogel materials, which formulators can combine into a variety of thermal barrier forms such as blankets, pads, sheets, films, foams, and coatings.
Thermal Barrier Coatings Market Segment Insights
Thermal Barrier Coatings Product Insights
The thermal barrier coatings market segmentation, based on product, includes Metal, Ceramic, and Intermetallic. The Ceramic segment held the highest share in the thermal barrier coatings market in 2022 and is projected to rise at a CAGR of 7.5%. Ceramic topcoats are the market leaders for thermal barrier coatings due to their low thermal conductivity and good thermal stability. A smooth and highly oxidation-resistant intermetallic alloy is often coated in two layers of a tough ceramic top coating. A ceramic topcoat is a coating made of ceramic materials that are applied to the surface of a high-temperature resistant metal or superalloy. This type of coating decreases the substrate's temperature while also insulating the substrate material.
Thermal Barrier Coatings Technology Insights
The thermal barrier coatings market segmentation, based on technology channel, includes high velocity oxygen fuel, electron-beam physical vapor deposition. The high velocity oxygen fuel category led the thermal barrier coatings market in 2022 and is expected to expand at a CAGR of 6.3%. Fuel and oxygen are combined, fed into a combustion chamber, and ignited during the thermal spray process known as high-velocity oxygen fuel (HVOF) coating. The gas created inside the combustion chamber is ejected during the process at supersonic speeds through a nozzle and has an exceptionally high temperature and high pressure. The substrate to be coated is then accelerated towards after a powder is introduced into a high-velocity gas stream. As a result, the coating has a low porosity and a strong connection to the substrate material, giving it resistance to wear and/or corrosion.
Thermal Barrier Coatings Application Insights
The thermal barrier coatings market segmentation, based on application, includes Stationary Power Plants and Automotive. The category for automotive held the biggest market share for thermal barrier coatings in 2023. In order to prevent melting and thermal cycling in automotive sector, thermal barrier coatings are frequently utilized. Thermal barrier coatings raise the allowed gas temperature above the superalloy melting point when combined with the cold airflow. However, boosting engine performance also raises the temperature inside the automotive inlet.
Figure1: Thermal Barrier Coatings Market, by Application, 2022&2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Thermal Barrier Coatings Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America dominated the market ly and contributed more than 29% of revenue in 2022. In the upcoming years, it is projected that rising product demand from a variety of applications, including stationary power plants, aerospace, automotive, and others, would open up profitable chances for the expansion of the regional market.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: Thermal Barrier Coatings SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Asia-Pacific thermal barrier coatings market is anticipated to see a high CAGR. The expansion of the industrial and automotive sectors in the area and the rising need for cleaner alternatives and worldwide power are to blame for this. The necessity for vapor deposition technology and the growing number of power generation projects in nations like China Thermal Barrier Coatings market and India Thermal Barrier Coatings market are beleived to have a significant impact on the market expansion.
The presence of significant OEMs, tier players, raw material suppliers, and makers of thermal barrier coatings in the Europe Thermal Barrier Coatings market also presents significant growth prospects. Further, the German Thermal Barrier Coatings market held the largest market share, and the UK Thermal Barrier Coatings market was the fastest-growing market in the European region.
Thermal Barrier Coatings Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Thermal Barrier Coatings market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Thermal Barrier Coatings industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Thermal Barrier Coatings industry to benefit clients and increase the market sector. In recent years, the Thermal Barrier Coatings industry has offered some of the most significant advantages in chemicals. Major players in the Thermal Barrier Coatings market, including Metallization Ltd, Flame Spray Coating Co., Metalizing Equipment Co. Pvt. Ltd, Air Products and Chemicals Inc, Precision Coatings Inc., ASB Industries Inc., CTS, C. Stack GmbH, THERMION.
Thermion offers a range of thermal barrier coating solutions involving corrosion, wear, friction, fretting, and more by prolonging the lifespan of tools, machinery, equipment, and mechanical assemblies and systems and reducing maintenance and downtime, the right coating can help your facilities maintenance procedures operate better and be more efficient. Applications for thermal barrier coating in warehouses and facilities maintenance include dock levelers, forklifts, freight haulers, delivery trucks, warehouse equipment and processing systems, to name a few.
Flame Spray Coating Co. offers Thermal spray coating, which involves spraying melted (or heated) materials onto a surface. The "feedstock" (coating precursor) is heated either chemically (combustion flame) or electrically (plasma or arc). Typically, the porosity, oxide content, macro and microhardness, bond strength, and surface roughness of a coating are measured in order to determine its quality. In general, when particle velocities rise, coating quality rises as well.
Key Companies in the Thermal Barrier Coatings market include
- Metallization Ltd
- Flame Spray Coating Co.
- Metalizing Equipment Co. Pvt. Ltd
- Air Products and Chemicals Inc
- Precision Coatings Inc.
- ASB Industries Inc.
- CTS
- Stack GmbH
- THERMION
Thermal Barrier Coatings Industry Developments
March 2021: Siemens and Praxair Surface Technologies (PST) agreed on a new contract in March 2021. An industry leader in the ever-expanding field of wear- and corrosion-resistant coatings is Praxair Surface Technologies, Inc. The biggest industrial manufacturing business is Siemens, a enterprise from Germany.
January 2021: Hannecard and ASB Industries formed a joint venture, and the business will go under the name Hannecard Roller Coatings, Inc. Innovative industrial coating service provider ASB Industries. One of the top manufacturers of industrial roller covers in rubber, polyurethane, composite, and other materials in Europe is Hannecard. Through this joint venture, Hannecard's experience and R&D will be available to ASB Industries. The well-known technology of ASB will be spread by Hannecard throughout Europe, Asia, and Africa.
In 2023, BASF expands its ecovio® offering for extrusion coating on paper and board by introducing a certified home and industrial compostable grade for cold and hot food packaging. The new extrusion coating grade ecovio® 70 PS14H6 is food-contact approved and has good barrier qualities against liquids, fats, grease, mineral oil, as well as temperature stability. It also has excellent adherence to a wide range of papers and boards. It so permits paper applications such as dairy product cups and pots (including frozen), sandwich and cereal bar wrappers, bowls and trays for sweets and snacks, and to-go cups for hot/cold drinks and soup.
Thermal Barrier Coatings Market Segmentation
Thermal Barrier Coatings Product Outlook
- Metal
- Ceramic
- Intermetallic
Thermal Barrier Coatings Technology Outlook
- High Velocity Oxygen Fuel
- Electron-Beam Physical Vapor Deposition
Thermal Barrier Coatings Application Outlook
- Stationary Power Plants
- Automotive
Thermal Barrier Coatings Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
