Thermal Barrier Coatings Market by Regional Analysis, Key Players and Forecast 2024
Several
players in the global thermal barrier coatings market are engaging in
long-term contracts and continual research and development activities
to sustain in this highly competitive arena, observes Transparency
Market Research (TMR) in a new study. To put this in perspective, A
&A Company Inc. in one of the suppliers of ceramic coatings for
valve balls to the U.S. Navy. Some other prominent companies
operating in the market are H.C. Starck Inc., Air Products and
Chemicals Inc., Praxair Surface Technologies Inc., ASB Industries
Inc., Metallisation Ltd., Flame Spray Coating Co., Metallizing
Equipment Co. Pvt. Ltd., Thermion Inc., and The Fisher-Barton Group.
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The
global market for thermal barrier coatings had a valuation of US$12.4
bn in 2015 and is anticipated to cross the mark of US$22 bn by 2024,
expanding at a 6.6% CAGR between 2016 and 2024.
North
America to Remain Leader in Revenue Generation through 2024
On
the basis of product, the metal segment will post a steady CAGR
during the review period due to the better protection they offer from
oxidation, corrosion, and chemicals. As per the findings of the
report, the segment is expected to hold a share of 38.8% of the
overall market by 2024.
Geographically,
North America will continue to dominate the market until 2024,
accounting for 26.7% of the overall market revenue. Technological
advancements and high sales of automobiles are fuelling the demand
for thermal barrier coatings in the region. Asia Pacific is estimated
to offer tremendous lucrative opportunities over the forecast period,
thanks to the expansion of the automotive and industrial sectors.
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Expansion
of Automotive Sector in Developing Countries to Augment Market
“Thermal
barrier coatings are extensively used for their ability to curtail
the heat that turbines generate in order to enhance their performance
and output,” says a TMR analyst. The increasing deployment of gas
turbines in various industries such as stationary power plants,
aerospace, and automotive is providing an upthrust to the market.
Besides this, the development of advanced technologies such as
electron beam physical vapor deposition and high-velocity oxy-fuel
technique is also working in favor of the global thermal barrier
coatings market.
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The
development of the automotive industry plays an important role in the
determining the progress of the global thermal barrier coatings
market. In automobiles, these coatings are responsible for
maintaining the temperatures of internal and external parts at an
optimum to ensure superior performance of the engine. Hence, the
booming automotive industry in emerging regions is allowing the
market to gain significant traction as these regions are witnessing
high production and consumption of automobiles.
High
Prices of Coatings Due to Manufacturing Technology to Hamper Growth
Prospects
Among
all the types of coatings, the high-performance ceramic coatings are
considered to be the superior one. Though the raw materials needed
for the production of these coatings are cheaper, the technology
adopted for their production renders their price high. Thus, the high
prices of technology implemented for making high-performance ceramic
coatings are keeping the global thermal barrier coatings market from
realizing full potential. Nevertheless, continual enhancements in
technologies used are likely to create lucrative opportunities for
the market.
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