Thermal Barrier Coatings Market Is Estimated To Witness High Growth Owing To Growing Aerospace Industry and Growth Opportunities in Gas Turbine Industry
The thermal barrier coatings market is estimated to be valued at USD 17.82 billion in 2024 and with CAGR of 5.2% over the forecast period (2024-2031). Growth in aerospace and power generation sectors are driving the demand for thermal barrier coatings. Furthermore, technological advancements for improving the performance and life of barrier coatings is expected to propel the market growth.
Growing Aerospace Industry
Thermal barrier coatings play a crucial role in the aerospace industry for reducing the heat transfer and improving the performance of gas turbines and aero-engines. Continuous growth in commercial aviation coupled with rising demand for new aircrafts is augmenting the demand for thermal barrier coatings from this industry.
Growth Opportunities in Gas Turbine Industry
Thermal barrier coatings enhance the performance and efficiency of gas turbines by protecting components such as blades and vanes from harsh operating temperatures. Rapid expansion of power sector along with shifting preference towards natural gas-based power generation is expected to create new opportunities for thermal barrier coatings in the gas turbine industry over the forecast period.
Demand from Aerospace Industry Driving Growth in the Thermal Barrier Coatings Market
The aerospace industry has seen significant growth over the past decade with increasing air passenger traffic globally. Thermal barrier coatings play a vital role in aerospace as they are applied to components of aircraft engines and hot section gas turbine parts to protect them from corrosion and heat. This helps improve the performance, efficiency, and lifespan of aircraft engines. With more people travelling by air every year, aircraft manufacturers are producing more planes which is increasing the demand for thermal barrier coatings from this industry. Several new planes being launched by leading manufacturers will sustain the demand prospects of thermal barrier coatings in the coming years.
Stringent Environment Regulations Pushing Use of Thermal Barrier Coatings in Power Generation Sector
Thermal barrier coatings are increasingly being used in power generation turbines to improve their efficiency and reduce emissions. Strict environmental regulations worldwide are mandating lower carbon emissions from power plants. Thermal barrier coatings allow turbines to run at higher operating temperatures without degradation, thereby improving efficiency. This helps power generators comply with emission norms in a cost-effective manner. Many coal-fired and gas power plants are upgrading their turbines with thermal barrier coatings to boost performance. The need to lower emissions and meet sustainability goals will drive further the adoption of these coatings in the power generation industry.
Fluctuating Raw Material Prices Pose Challenge for Thermal Barrier Coatings Producers
The key raw materials used in manufacturing thermal barrier coatings include metal oxides like zirconium oxide, ceramics, and various bond coats. Prices of these raw materials tend to fluctuate depending on supply-demand forces and global commodity prices. Any steep rise in raw material costs puts pressure on the margins of thermal barrier coating producers. Volatility in raw material prices poses a major challenge for companies to maintain stable and competitive product pricing in the market. This can negatively impact their sales and profitability. Thermal barrier coating manufacturers have limited control over raw material costs which remains a key market restraint.
Growing Demand from Automotive Turbocharger Industry Opens New Avenues
Use of turbochargers has increased significantly in the automotive industry to boost vehicle performance while meeting stringent fuel efficiency and emission norms. Turbocharger components like turbine wheels require protection from high temperatures generated during operation. This presents a major market opportunity for thermal barrier coatings producers. Their high temperature resistant properties make thermal barrier coatings suitable for automotive turbocharger applications. The automotive turbocharger market is growing at a fast pace driven by the demand for downsized but powerful engines. As more vehicles adopt turbocharging technology globally, it will drive the adoption of thermal barrier coatings in this end-use segment.
Potential in Industrial Gas Turbines for Distributed Power Generation
With increasing urbanization and rising energy needs globally, distributed power generation is gaining prominence. Industrial gas turbines are used for on-site power production in manufacturing facilities, commercial buildings, and data centers. Thermal barrier coatings help improve the uptime and maintenance cycles of industrial gas turbines used for distributed power generation. Their benefits of withstanding high heat make them suitable for coating turbine components of these systems. The distributed energy market is projected to grow substantially in the coming years. It emerges as a promising new application area for thermal barrier coatings which can further boost the market opportunities.
Link: https://www.coherentmarketinsights.com/market-insight/thermal-barrier-coatings-market-1012
Key Developments
- In 2023, Cabot Corporation, a leading global specialty chemicals and performance materials company, announced the introduction of its new ENTERA aerogel particle range. This innovative product line offers a versatile and high-performance solution for a variety of applications.
- In December 2022, OC Oerlikon Management AG, a leading global technology and engineering group, announced its plans to construct a new state-of-the-art assembly and production site for its surface solutions and equipment businesses in Switzerland.
- In May 2022, Air Products, a global leader in industrial gases, announced the launch of a new initiative called the Female Engineers & Technical Associates (FETA) program. This unique program is designed to enable the progression and career development of the next generation of female talent in the Kingdom of Saudi Arabia.
- In March 2021, Praxair Surface Technologies (PST), a leading player in wear-and-corrosion-resistant coatings, and Siemens, a Germany-based multinational conglomerate corporation and the largest industrial manufacturing company, signed a new agreement.
Key Players
Praxair Surface Technologies, Metallisation Ltd., Flame Spray Coating Co., Precision Coating, Inc., MesoCoat Inc., Cincinnati Thermal Spray, Inc., ASB Industries Inc., Thermion, A&A Company, TWI Ltd., A&A Coatings, Oerlikon Group, Honeywell International Inc., Parat Technologies, Hayden Corp, Air Products and Chemicals Inc, Starck Inc., ASB Industries Inc., and Ugam Chemicals
