SAN FRANCISCO, Dec. 14, 2021 /PRNewswire/ -- The global thermal barrier coatings market size is expected to reach USD 21.69 billion by 2028, growing at a CAGR of 4.8% over the forecast period, according to a new study by Grand View Research, Inc. Increasing demand for advanced heat resistant coatings from several end-use industries including energy, automotive, and aerospace is expected to have a positive impact on the market growth in the coming years. The growing scope of applications in gas turbines, which are widely used across the energy sector, is also expected to propel the product demand.
Key Insights & Findings from the report:
The aerospace application segment accounted for a prominent share in 2020 and is further expected to witness significant growth over the forecast period
North America dominated the market in 2020. However, Asia Pacific is projected to be the fastest-growing regional market from 2021 to 2028
The ceramics product segment led the global market in 2020 and will remain dominant, growing at the fastest CAGR over the forecast period, due to its rising demand in various end-use industries
Prominent development strategies adopted by the leading companies in this market are merger & acquisition activities, technical collaborations, and plant expansions
The Electron-Beam Physical Vapor Deposition (EBPVD) technology segment is estimated to witness significant growth over the forecast period. EBPVD thermal barrier coatings are widely used for gas turbine engine components to improve engine durability and efficiency. The growing gas turbine market is anticipated to significantly drive the demand for EBPVD thermal barrier coatings over the forecast period.
Rising power generation activities across the globe owing to the growing demand for electricity as a result of population growth and rapid urbanization is boosting the growth of gas turbines for power generation. Gas turbines play an important role in reducing Greenhouse Gas (GHG) emissions. As compared to other combustion-based electricity generation applications, these are very proficient and also reduce carbon emissions. Thus, the growth in the power generation sector along with an increased focus on generating electricity through sustainable energy sources is projected to propel the growth of gas turbines in the coming years.
An increasing number of stationary power plant installations in emerging economies is projected to drive the demand further. In addition, increasing product penetration in the aerospace application would also benefit market growth in the coming years. The rising adoption of air plasma and High-Velocity Oxygen Fuel (HVOF) technologies in automotive and aerospace applications is expected to drive product demand in these sectors. Heavy investments by leading industry participants, such as Praxair Surface Technologies, for the development of advanced and innovative coating solutions, will also have a positive impact on the market growth during the forecast period.
Grand View Research has segmented the global thermal barrier coatings market on the basis of product, application, technology, combination, and region:
TBC Product Outlook (Revenue, USD Million, 2017 - 2028)
TBC Application Outlook (Revenue, USD Million, 2017 - 2028)
Stationary Power Plants
TBC Technology Outlook (Revenue, USD Million, 2017 - 2028)
Chemical Vapor Deposition
TBC Combination Outlook (Revenue, USD Million, 2017 - 2028)
TBC Regional Outlook (Revenue, USD Million, 2017 - 2028)
Central & South America
Middle East & Africa
List of Key Players of Thermal Barrier Coatings Market
Praxair Surface Technologies, Inc.
Flame Spray Coating Co.
Precision Coating, Inc.
Cincinnati Thermal Spray, Inc.
ASB Industries Inc.
Check out more studies on thermal and high temperature coatings, published by Grand View Research:
Thermal Insulation Coating Market– The global thermal insulation coating market size was valued at USD 6,660.5 million in 2016. Recent developments in the manufacturing and automobile sectors are likely to drive the demand for the heat barrier coats in these application segments.
High Temperature Coatings Market– The global high temperature coatings market size was valued at USD 3.3 billion in 2015. The industry is anticipated to witness moderate growth over the next few years on account of increasing product demand across various end-use industries such as metal processing, cookware and bakeware, and building and construction.
Thermal Spray Coatings Market– The global thermal spray coatings market size is projected to reach USD 14.1 billion by 2028. It is expected to grow at a CAGR of 4.1% from 2021 to 2028.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.