Thermal Barrier Coatings Market Size Projected to Reach USD 36.7 billion by 2031, With 6.6% CAGR: Transparency Market Research, Inc.
Transparency Market Research
6 min read
Transparency Market Research
Improvements in thermal conductivity and increased engine power demand are driving the market for thermal barrier coatings.
Wilmington, Delaware, United States, Dec. 22, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The thermal barrier coatings market was worth US$ 20.6 billion in 2022. By 2031, the industry is expected to reach US$ 36.7 billion and expand at a 6.6% CAGR. The automotive industry is striving to improve combustion efficiency due to stringent emission standards worldwide. TBCs enable combustion chamber temperatures to be raised, resulting in more efficient and cleaner engines.
Using TBCs to improve the performance and durability of aircraft engines is a major application of the aerospace industry. With the continued growth in air travel, there will be an increasing need for aerospace components with higher efficiency and reliability.
Several industrial processes and power plants use industrial gas turbines, which are major consumers of TBCs. With an increase in global energy consumption, the industrial gas turbine market will grow, resulting in an increase in TBC demand. The automotive industry is striving to improve combustion efficiency due to stringent emission standards worldwide. TBCs enable combustion chamber temperatures to be raised, resulting in more efficient and cleaner engines.
Based on coating material, aluminum oxide materials is expected to significantly drive the thermal barrier coating market.
By 2022, Asia Pacific was the dominant region in the global market.
Based on product type, ceramic products are expected to rise demand for thermal barrier coatings in the market.
Based on technology, thermal barrier coatings are likely to become more popular through vapor deposition.
Thermal barrier coatings are expected to drive demand in industrial settings in the coming years.
Global Thermal Barrier Coatings Market: Growth Drivers
A TBC can improve the efficiency of gas turbine components by allowing them to operate at higher temperatures, such as in power generation. The need for TBCs in power generation equipment grows as cleaner and more efficient energy sources are sought. Automobiles, especially high-performance models and racing cars, are increasingly using TBCs. Fuel efficiency and power output can be improved with these coatings due to their ability to allow higher operating temperatures.
Regulations aimed at reducing emissions and improving fuel efficiency are driving companies to develop technologies. In addition to bringing higher combustion temperatures to the engine, the TBC also keeps the engine's components intact, which makes it easier to achieve these goals.
Materials science and coating technology research and development drive innovations in TBCs. TBCs are being adopted in a variety of industries due to advancements in coatings, including thermal resistance and durability.
Global Thermal Barrier Coatings Market: Regional Landscape
The Asia Pacific region has experienced rapid industrialization, especially in countries such as China and India. Several industries use TBCs to increase their performance and efficiency, like automotive, aerospace, and power generation. Asia Pacific's rising demand for energy has increased the need for power generation systems that are more efficient and durable. As a means of improving efficiency and reliability of gas turbine engines, TBCs are often used.
Increasing air travel and defense spending are driving the aerospace sector in Asia Pacific. To comply with environmental regulations, industries are reducing emissions by improving their processes. For industries striving to meet environmental regulations, TBCs can enhance combustion efficiency. Industry may demand more advanced and durable coatings for their components because of ongoing research and development efforts to improve TBC technology. Thermal barrier coatings will likely be in high demand in the Asia Pacific region as emerging economies develop.
Global Thermal Barrier Coatings Market: Key Players
Developing environmentally friendly coating solutions is becoming more prevalent based on recent thermal barrier coatings market trends. Increasing their global footprint requires partnerships and acquisitions by leading companies.
Automotive and aerospace companies are expanding their product portfolios with new coating solutions. Brand awareness and new customer acquisition are being achieved through innovative marketing strategies.
A&A Thermal Spray Coatings
Praxair, Inc.
H.C. Starck Solutions
ASB Industries, Inc.
Air Products and Chemicals, Inc.
Flame Spray Coating Co.
THERMION
Metallisation Ltd.
Metallizing Equipment Co.Pvt.Ltd
The Fisher Barton Group
Key Developments
In May 2023, Boston launched its ENTERATM airgel particle portfolio. ENTERA airgel particles are thermal insulation additives that are used to develop ultra-thin thermal barriers for lithium-ion batteries in electric vehicles (EVs). ENTERA airgel products are available in blankets, pads, sheets, films, foams, and coatings that can be incorporated into a range of thermal barrier applications.
In August 2023, with the introduction of its direct code-compliant spray foam insulation that is patented and directly code-compliant, FirestableTM Insulation Company entered the building insulation market. International Building Code (IBC) compliance is immediate with this product, and no thermal insulation is required.
Global Thermal Barrier Coatings Market: Segmentation
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