Thermal Barrier Coatings Market is expected to touch US$22 billion by 2024

The thermal barrier coatings market consists of players who are on their toes to deploy better techniques during the process of manufacturing. The competition in the market is intense because of which the market players are constantly recalibrating their efforts to sustain in the market. Research and development have become the catchphrases of key market players who have realized the worth of providing novel products. Lon-term contracts have also emerged as a beneficial strategy for market players. A &A Company Inc has established a contract with the U.S. Navy to supply ceramic coatings for valve balls. Other key players in the market include Metallisation Ltd., Thermion Inc., Flame Spray Coating Co., Praxair Surface Technologies Inc., H.C. Starck Inc., Metallizing Equipment Co. Pvt. Ltd., Air Products and Chemicals Inc., ASB Industries Inc., and The Fisher-Barton Group. These market players are anticipated to advent new strategies in order to gain a larger market share.

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Transparency Market Research (TMR) estimates the progress of the market over the period from 2016 to 2024. The market is expected to inflate at a CAGR of 6.6% over this forecast period. The market value that stood at US$12.4 bn in 2015 and it is projected to cross a value of US$22 bn by 2024. Based on the type of product, the metal segment dominated the market, and captured 38.8% of the total market share. The advancements in technology coupled with the sale of automobiles is responsible for this affluent growth of the metal segment. On a geographical basis, the market was reigned by North America with a share of 26.7% in total market revenue. Asia Pacific is also expected to exhibit lucrative growth over the forecast period.

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Growth of Stationary Power Plants Bolsters Market Growth

The heat produced by turbines is attenuated by thermal barrier coatings. This ensures that the functioning as well as the output of the turbines in enhanced, which in turn increases the overall productivity of industries where the turbines are deployed. Stationary power plants have emerged as a key sector wherein gas turbines are extensively used. The growth of these plants pushes market growth and offers lucrative growth opportunities for market players. Aerospace and automotive are amongst other industries that deploy gas turbines, which is another important standpoint for market growth. The technological developed in the field of oxy-fuels and electron beam physical vapor disposition have also propelled demand within the market. The performance of automobile engines defines the utility and performance of the vehicle, thus, making it integral for manufacturers to retain the integrity of these engines. Since thermal barrier coatings play an important role in maintaining the temperature within and outside an automobile engine, the market grows hand-in-hand with the automobile industry. The developing countries are at the forefront of market growth due to the prominence of several industries. The governments across these countries are focusing on enhancing the production standards of key industries such as automobiles, aerospace, and power. This also acts as a substantial contributor to market growth.

Cost of Synthesizing Coatings Hampers Demand

Several types of thermal barrier coatings are used across a range of industries. Amongst these types is the high-performance ceramic coating that hold utility across a wide range of industrial processes. Although the price of raw materials used to synthesize ceramic coatings isn’t high, the process employed for manufacturing these coatings is exorbitantly high-priced. Due to this reason, the market suffers an obstruction to growth. Nevertheless, the popularity of thermal barrier coatings across a wide array of industries is expected to keep bolstering market growth.

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