LONDON, Oct. 19, 2016 /PRNewswire/ -- The global thermal barrier coatings market is expected to reach a market size of USD 22.30 billion by 2024, according to a new report by Grand View Research, Inc. The industry is expected to witness significant growth over the forecast period owing to the increased adoption of air plasma and vapor deposition technologies for coating application, thereby increasing the demand from various application segments, globally.
The rising demand from gas turbine applications across stationary power plants, aerospace, and automotive industries is also expected to propel demand over the forecast years. The technological advancements in the industry have widened the application scope of these coating products in the aforementioned segments. This is expected to offer significant growth potential for industry players in the industry during the forecast period.
Aerospace is the most important application segment, globally. The rapidly increasing air passenger traffic worldwide led to immense pressure on the aviation industry for more aircraft. This resulted in increased demand for aero-engines and turbines, which further resulted in increased demand for the product. This is expected to be a key trend in the industry during the projected years.
Further key findings from the report suggest:
Globally, the aerospace application segment dominated the overall industry, and is expected to witness considerable growth during the forecast period, growing at a CAGR of over 6% during the forecast period; the rapid growth can be attributed to growing demand for gas turbines in the aviation industry.
Growing adopting of the product in defense and marine application is expected to propel growth over the next eight years. The increasing military expenditures by emerging countries and increasing political instability across the globe are among the key reasons that are expected to impact the procurement of automobiles with advanced equipment and heat management technologies.
North America dominated the thermal barrier coatings industry in 2015 with an estimated revenue of over USD 3.5 billion; the industry in this region is projected to grow significantly owing to the increasing technological advancements in the region promoting the adoption of thermal barrier coatings across applications.
In the North American industry, the stationary power plants segment is expected to witness the highest growth during the forecast period, projected to grow at a CAGR of nearly 7% in terms of revenue.
Globally, Asia Pacific is expected to witness the highest growth during the forecast period in the industry, growing at a CAGR of over 8%. This region is dominated primarily by China, the market in which is expected to witness growth at a CAGR of nearly 9% during the forecast period.
Key participants in the given industry include Praxair Surface Technologies, Metallisation Ltd., TST Engineered Coating Solutions, and Precision Coatings, Inc., among others. New product developments and innovation related to improving barrier properties of coatings are expected to strengthen their positions globally.
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