Market Synopsis:
Thermal barrier coatings are advanced materials that are usually applied to metallic and ceramic surfaces of equipment in order to prevent heat loss at elevated temperature. As per the report that has been published by Market Research Future (MRFR), the global thermal barrier coatings market is anticipated to project significant expansion during the forecast period of 2017-2023.
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Thermal barrier coatings have widespread application in various industrial sectors such as automotive, aerospace, stationary power plants, aviation and others. Rise in the application of thermal barrier coatings to improve performance and increase durability of equipment in various industries is majorly driving the growth of the global thermal barrier coatings market.
The easy availability of raw materials such as polymers, epoxy resins, aluminates and others that are used for manufacturing thermal barrier coatings is one of the major factors fueling the expansion of the global thermal barrier coating market. The rapid expansion of automotive and aerospace industry has increased the demand for good quality thermal barrier coatings, leading to the significant growth of the global thermal barrier coatings market.
The benefits of thermal barrier coatings such as providing corrosion resistance and phase stability to the equipment at elevated temperature are inducing high demand for thermal barrier coatings in various industries, which in turn is propelling the expansion of global thermal barrier coatings market.
Market Segmentation:
The global thermal barrier coatings market has been segmented on the basis of product, technology and application. Based on product, the thermal barrier coatings market is segmented into metal, ceramic and intermetallic. Among these, the ceramic segment accounts for the major share in the global thermal barrier coatings market owing to its increasing use in aviation, aerospace and marine industries to provide thermal resistance and protection from high temperature.
Based on technology, the thermal barrier coatings market is segmented into high-velocity oxygen fuel, electron-beam physical vapor deposition, chemical vapor deposition, and air plasma. Among these, the high-velocity oxygen fuel segment is projected to be the fastest growing segment in the global thermal barrier coatings market due to its increased demand as this technology offers strength, wear and corrosion resistance to the equipment.
Based on end-users, the thermal barrier coatings market is segmented into stationary power plants, aerospace, automotive, aviation and others. Among these, the stationary power plants segment accounts for the largest share in the global thermal barrier coatings market owing to the increased application of thermal barrier coatings in gas turbines operating at very high temperature.
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Regional Analysis:
The global thermal barrier coatings market is geographically segmented into five major regions such as North America, Asia Pacific, Europe, Latin America and the Middle East and Africa. Among these, the Asia Pacific region accounts for a major share in the global thermal barrier coatings market owing to the high demand for thermal barrier coatings in the rapidly developing automotive industry in this region. The North America region is projecting significant growth in the global thermal barrier coatings market owing to the increasing demand for thermal barrier coatings in the aerospace, automotive, and construction and building industries.
The vast use of thermal paints and thermal barrier coatings in the stationary power plants, aerospace and automotive industries is fueling the expansion of thermal barrier coatings market in the Europe region. Whereas, growing consumption of thermal paints in the energy sector and increased demand for thermal insulating materials in aviation and automotive industries are driving the thermal barrier coatings market in the Latin America and the Middle East and Africa regions.
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Competitive Analysis:
In order to sustain the highly competitive environment of the global thermal barrier coatings market, the manufacturers are focusing on business expansion through strategic mergers and acquisitions. Increasing investments in research and development for new product launch is aiding the players to gain a competitive edge in the global thermal barrier coatings market.
In July 2018, Zircotec, one of the leading players in thermal barrier coatings market, has announced that it has developed colored thermal barrier coating. This colored range of thermal barrier coatings is developed on request of a supercars manufacturing company.
The prominent players that are profiled in a report on the global thermal barrier coatings market by MRFR are Praxair Surface Technologies, Inc ( the U.S.), Metallisation Ltd ( the U.K), Flame Spray Coating Co. ( the U.S.), Metallizing Equipment Co. Pvt. Ltd. (India), Air Products and Chemicals, Inc. ( the U.S.), Precision Coatings, Inc ( the U.S.), ASB Industries, Inc. ( the U.S.), CTS ( the U.S.), H.C. Starck GmbH ( the U.S.), and THERMION ( the U.S.), among others.
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