The global thermal barrier coatings market is expected to reach a market size of USD 22.30 billion by 2024, according to a new report by Grand View Research, Inc. The industry is expected to witness significant growth over the forecast period owing to the increased adoption of air plasma and vapor deposition technologies for coating application, thereby increasing the demand from various application segments, globally.
The rising demand from gas turbine applications across stationary power plants, aerospace, and automotive industries is also expected to propel demand over the forecast years. The technological advancements in the industry have widened the application scope of these coating products in the aforementioned segments. This is expected to offer significant growth potential for industry players in the industry during the forecast period.
Aerospace is the most important application segment, globally. The rapidly increasing air passenger traffic worldwide led to immense pressure on the aviation industry for more aircraft. This resulted in increased demand for aero-engines and turbines, which further resulted in increased demand for the product. This is expected to be a key trend in the industry during the projected years.
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summary of this report @ http://www.grandviewresearch.com/industry-analysis/thermal-barrier-coatings-tbc-market
U.S. thermal barrier coatings market revenue, by product, 2013 - 2024 (USD Million)
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Globally, the aerospace application segment
dominated the overall industry, and is expected to witness considerable growth
during the forecast period, growing at a CAGR of over 6% during the forecast
period; the rapid growth can be attributed to growing demand for gas turbines
in the aviation industry.
·
Growing adopting of the product in defense and
marine application is expected to propel growth over the next eight years. The
increasing military expenditures by emerging countries and increasing political
instability across the globe are among the key reasons that are expected to
impact the procurement of automobiles with advanced equipment and heat
management technologies.
·
North America dominated the thermal barrier
coatings industry in 2015 with an estimated revenue of over USD 3.5 billion;
the industry in this region is projected to grow significantly owing to the
increasing technological advancements in the region promoting the adoption of
thermal barrier coatings across applications.
·
In the North American industry, the stationary
power plants segment is expected to witness the highest growth during the
forecast period, projected to grow at a CAGR of nearly 7% in terms of revenue.
·
Globally, Asia Pacific is expected to witness
the highest growth during the forecast period in the industry, growing at a
CAGR of over 8%. This region is dominated primarily by China, the market in
which is expected to witness growth at a CAGR of nearly 9% during the forecast
period.
·
Key participants in the given industry include
Praxair Surface Technologies, Metallisation Ltd., TST Engineered Coating
Solutions, and Precision Coatings, Inc., among others. New product developments
and innovation related to improving barrier properties of coatings are expected
to strengthen their positions globally.
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more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/paints-coatings-and-printing-inks
Grand View Research has segmented the thermal barrier coatings market on the basis of product, application, technology, coating combination, and region:
Product Outlook (Revenue, USD Million; 2013 - 2024)
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Metal
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Ceramic
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Intermetallic
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Others
Application Outlook (Revenue, USD Million; 2013 - 2024)
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Stationary Power Plants
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Aerospace
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Automotive
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Others
Technology Outlook (Revenue, USD Million; 2013 - 2024)
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Electron-beam Physical Vapor Deposition
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High Velocity Oxy-fuel
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Chemical Vapor Deposition
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Air Plasma
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Others
Coating Combination Outlook (Revenue, USD Million; 2013 - 2024)
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Ceramic YSZ
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Al2O3
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MCrAiY
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Mullite-based
·
Others
Regional Outlook (Revenue, USD Million, 2013 - 2024)
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North America
o
U.S.
·
Europe
o
UK
o
Germany
·
Asia Pacific
o
China
o
India
o
Japan
·
Latin America
o
Brazil
·
Middle East & Africa
o
Saudi Arabia
For press release of this report - http://www.grandviewresearch.com/press-release/global-thermal-barrier-coatings-tbc-market
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