Press release
Thermal Barrier Coatings Market to reach USD 58.9 Billion - Risk-adjusted numbers with COVID-19 analysis change scenario
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Thermal Barrier Coatings Market Dynamics
The rising demand for advanced heat resistant coatings from a few end-use industries such as energy, automotive, and aviation is expected to drive market growth in the coming years.
The expanding scope of applications in gas turbines, which are commonly used in the energy sector, is also expected to drive market demand. The growing number of stationary power plant establishments in emerging economies is expected to drive demand even higher. Similarly, increasing product entry in aviation applications would benefit market development.
Product demand in these parts is expected to be driven by rising recognition of high-velocity oxygen fuel (HVOF) and air plasma breakthroughs in automotive and aviation applications. Incredible speculations by driving industry members, for example, Praxier Surface Technologies, for the advancement of progressive and innovative coating solutions will also positively influence the development of the thermal barrier coatings market.
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Thermal Barrier Coatings Market Segmentation
The global thermal barrier coatings market is divided into three segments: product, application, and region. The global thermal barrier coatings market is classified into metal, ceramic, intermetallic, and others. The global thermal barrier coatings market is divided into five technology segments: electron-beam physical vapor deposition, air plasma, high-velocity oxygen fuel (HVOF), chemical vapor deposition, and others. Based on combination, the global thermal barrier coatings market is classified into Al2O3, ceramic YSZ, MCrAiY, Mullite-based, and Others. The global Thermal barrier coatings market is classified into stationary power plants, aerospace, automotive, and others. On the basis of region the global thermal barrier coatings market is bifurcated into North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa.
Thermal Barrier Coatings Market Share
Air plasma innovation is expected to grow at a 7.8% CAGR between 2022 and 2030. The section's development is being driven by factors such as ease of use and low operational costs. Ceramic YSZ covering mix fragment was valued at USD 6.1 billion in 2021 and is expected to grow at a 7.7% CAGR from 2022 to 2030. Expanding utilization of ceramic YSZ due to superior opposition properties and improved execution is expected to drive segment development.
In 2021, the aluminium oxide (Al2O3) coating combination accounted for 26% of the global market. The addition of alumina to YSZ TBC improves bond quality and strength, hardness, and oxidation and consumption resistance. Rising demand for aluminium oxide in applications that primarily use clay covering materials for multi-layer covering capacities is expected to drive Al2O3 demand. Ceramic YSZ dominated the market in 2021, owing to its pervasive warm obstruction properties and long life span. The segment is expected to grow at the fastest rate in the coming years due to expanding application scope in gas turbines of stationary power plants, air motors, and automotive segments and parts.
Thermal Barrier Coatings Market Regional Growth
With estimated revenue of USD 4,727 million, North America led the market in 2021. The area is expected to experience moderate growth as a result of the market's developed concept. Because of the region's rapidly expanding end-use application areas, the Asia Pacific provincial market is likely to experience significant growth in the coming years. China is expected to grow at a CAGR of around 10% in the coming years. This can be attributed to the country's rapid development in last-use application industries, such as stationary power plants and automobiles.
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Thermal Barrier Coatings Market Players
Air Products & Chemicals, Inc., Cincinnati Thermal Spray, Inc., ASB Industries Inc., Flame Spray Coating Co., Metallisation Ltd., H.C. Starck, Inc., MesoCoat Inc., Precision Coating, Inc., Praxair Surface Technologies, and The Welding Institute (TWI) Ltd. are the key players in the global thermal barrier coatings market.
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