ALBANY, New York, February 21, 2017 /PRNewswire/ --
According to a new market report published by Transparency Market Research entitled "Thermal Barrier Coatings Market (Product Type - Metal, Intermetallic, Ceramic, Others; Technology - Vapor Deposition, HVOF, Air Plasma; Coating Material - Al203, Ceramic YSZ, MCrAlY, Others; Application - Industrial, Automotive, Aerospace, Energy) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024,"in terms of revenue, the global thermal barrier coatings market was valued at US$12,400.0 Mn in 2015, and is expected to reach US$ 22,497.0 Mn by 2024, growing at a CAGR of 6.6% from 2016 to 2024.
Thermal barrier coatings are advanced materials which is principally applied on metallic surfaces, such as aero-engine parts and gas turbines, which is operated at extreme high temperatures as a system of exhaust heat management. Thermal barrier coatings has low thermal conductivity, low density, high melting point, high thermal shock resistance, high surface emissivity, resistance to chemical and oxidation environment and resistance to mechanical corrosion, for which it is commonly used across many sectors such as aerospace and automotive, among others. Growth of automotive industries in emerging regions has been one of the crucial factors for the expansion of thermal barrier coatings market. Advancements of technology combined with the introduction of new variety of products is anticipated to create more market opportunities for the thermal barrier coatings.
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By product type, the thermal barrier coatings market has been segmented into metal, intermetallic, ceramic and other type of products. Metal segment accounted for majority of the market share in 2015 and it is anticipated to remain so throughout the forecast period from 2016 to 2024. The thermal barrier coatings market is also segregated by technology into vapor deposition technology, HVOF and air plasma. Vapor deposition technology accounted for majority of the market share in 2015 and is anticipated to remain so over the forecast period from 2016 to 2024. This technology segment is anticipated to retain its position across diverse regions over the estimated period from 2016 to 2024. By coating materials, the thermal barrier coatings market has been segmented into Al2O3, ceramic YSZ, MCrAlY and other types of coating materials.Al2O3 accounted the maximum market share in 2015 and is expected to retain its market dominance in the coming years. On the basis of application, the thermal barrier coatings market has been segregated by industrial, automotive, aerospace and energy. Aerospace is one of the most dominant segment in 2015 and it is anticipated to increase over the forecast period.
North America has the leading market share for thermal barrier coatings market in 2015 and is likely to retain its position over the forecast period. The increase in the demand for gas turbines is one of the crucial driving factors for the thermal barrier coatings market in this region. Europe accounted for majority of the market share in 2015 owing to the rise in the number of aerospace and energy sectors in this region. Asia Pacific is estimated to be the most attractive market for thermal barrier coatings market owing to the growth of automotive and industrial sector in the emerging countries such as India and ASEAN, among others. China is the most attractive market in Asia-Pacific as it accounts for majority of the market share in this region. Demand for vapor deposition technology is expected to rise further in this region. Growth of industrial sector is one of the vital driving factors for the thermal barrier coatings market in Latin America. Brazil is one of the most attractive market in Latin America. The incremental opportunity is considerably higher for Brazil market as it books for a significant market share in the thermal barrier coatings market in this region. Middle East & Africa is an emerging market for thermal barrier coatings market and it is expected to grow at a decent pace over the forecast period.
The important market players in the thermal barrier coatings market are A & A Company Inc., 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., and The Fisher Barton Group.
The market has been segmented as follows:
Global Thermal Barrier Coatings Market: By Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
Global Thermal Barrier Coatings Market: By Product Type
Global Thermal Barrier Coatings Market: By Technology
- Vapor Deposition
- Air Plasma
Global Thermal Barrier Coatings Market: By Coating Materials
- Ceramic YSZ
Global Thermal Barrier Coatings Market: By Application
Rest of Middle East & Africa
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SOURCE Transparency Market Research