As per the leading research firm, Value Market Research, the Global Thermal Barrier Coating was valued at USD 14.13 Billion (by revenue) in 2017 and is anticipated to reach USD 22.528 Billion by 2024 with a CAGR of 6.9%.
Rising utilization of vapor deposition and air plasma technologies for coating applications along with the increasing demand for gas turbine application across various industries is escalating the demand of the market. Also, rising investment in the R&D for novel and efficient technologies are anticipated to increase the product application. The advent of these advanced technologies is expected to propel the global thermal barrier coatings market in the future.
The report - "Global Thermal Barrier Coatings Market Report By Product (Metal, Ceramic, Intermetallic, Others), Technology (Electron-beam Physical Vapor Deposition, High Velocity Oxy-fuel, Chemical Vapor Deposition, Air Plasma, and Others), Combination (Ceramic YSZ, Al2O3, MCrAiY, Mullite-based, and Others), Application (Stationary Power Plants, Aerospace, Automotive, Others) And By Regions - Industry Trends, Size, Share, Growth, Estimation and Forecast, 2017-2024" studies the market and identifies and explores the profit making areas.
Thermal barrier coatings are used for insulating metallic components such as, gas turbine and aero engine parts, allow engines to operate at significantly higher gas temperature. Turbine blades, combustor cans, ducting and nozzle guide vanes are the various components where thermal barrier coating are mostly used. They help to increase the operating temperature of gas turbines and improve the shelf life of the metallic components. Yttria Stabilized Zirconia (YSZ) is the most common thermal barrier coating material used since it has resistance to thermal shock and the thermal fatigue, it is basically deposited by using plasma spraying processes.
In the report the segmentation has been done by product, technology, combination, application, and region. Product segment comprises of metal, ceramic, intermetallic, and others. Owing to the high thermal expansion coefficient, chemical, and thermal stability and low thermal conductivity the ceramic product is gaining high demand across the various end-user industry. Technology section covers electron-beam physical vapor deposition, high-velocity oxy-fuel, chemical vapor deposition, air plasma, and others. Out of which, high-velocity oxy-fuel is gaining traction in the market owing to rising usage of this technology for wear and corrosion resistant coatings on materials, such as ceramic and metallic layers. Basically, this method is mostly used for depositing cermet material and other corrosion-resistant alloys. Based on a combination the market has been segmented into ceramic YSZ, Al2O3, MCrAiY, Mullite-based, and others. Al2O3 is dominating the segment since it is more stable material among other chemical compound and also considered as an oxygen barrier structure and thus its coating decreases the diffusivity of oxygen and salt penetration. Thermal barrier coating has an application area across stationary power plants, aerospace, automotive, and others. Among which, aerospace is leading the segment owing to rising usage of this technology for protecting aircraft turbine sections and extending the life of the metallic component. Regionally, the market has been analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America is ruling the global thermal barrier coatings owing to the rising use of the technology in stationary power plants in the region. Also, rising demand for ceramic and epoxy coatings across construction, aerospace and automotive sectors is expected to push this market uphill.
The Report Segments Global Thermal Barrier Coating Market -
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