USD 16.94 Billion
Report ID:
SQMIG15E2586 |
Region:
Global |
Published Date: January, 2025
Pages:
196
|Tables:
92
|Figures:
73
Global Thermal Barrier Coatings Market size was valued at USD 16.94 Billion in 2023 and is poised to grow from USD 17.82 Billion in 2024 to USD 26.73 Billion by 2032, growing at a CAGR of 5.2% in the forecast period (2025-2032).
The growing demand for thermal barrier coatings (TBC) in various applications, such as automotive, energy, and aerospace, is fueling the thermal barrier coatings market growth. A rapid upsurge in global automobile production on account of increasing demand from emerging economies is likely to propel the product demand during the forecast period. In addition, technological developments in the automotive sector resulted in a growing requirement for advanced coating technologies, thereby fueling market growth. Thermal barrier coatings are manufactured using epoxy resins, polymers, aluminates, and zirconia.
Industry participants are engaging in R&D for the development of efficient application technologies and products, while also taking several measures to increase production to fulfill the growing demand. On the other hand, volatile prices of raw materials may hinder industry growth. Thermal barrier coatings are witnessing high demand from the automotive industry. In automotive applications, TBC helps reduce heat loss from engine exhaust system components, including exhaust manifolds, turbocharger casings, exhaust headers, downpipes, and tailpipes. A gradual increase in electric vehicles (EVs) on roads is expected to positively propel the growth of the automotive industry. This, in turn, is further projected to create demand for TBCs during the forecast period.
Market snapshot - (2025-2032)
Global Market Size
USD 16.94 Billion
Largest Segment
Automotive
Fastest Growth
Stationary Power Plants
Growth Rate
5.2% CAGR
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The global thermal barrier coatings market is segmented into material types, technology, application, and region. Based on material type, the market is segmented ceramic oxide, MCrALY alloy, and mullite-based. Based on technology, the market is segmented into air plasma spray (APS), high-velocity oxy-fuel (HVOF) spray, physical vapor deposition (PVD), electrochemical deposition. Based on application, the market is segmented into aerospace, automotive, power generation, and stationary power plants. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Based on technology, the high-velocity oxy-fuel (HVOF) spray segment is dominating with the largest thermal barrier coatings market share. HVOF can accomplish deposition rates that are up to 10 times faster in comparison with the other thermal spray methods. This allows for faster coating application and reduces the overall cost of the coating process. HVOF can also be utilized in a wide range of coating materials, including ceramics, metals, and alloys. This makes it a versatile technology that can be used for a variety of applications. This technology provides a variety of benefits including improved performance, improved efficiency, low costs, superior electrical properties, the ability of components to operate in higher/lower temperatures and within harsh chemical environments, and enhanced lifespan of components. This technology is used in the power, oil & gas, water, mining, engineering chemicals, petrochemicals, aerospace, paper, and manufacturing sectors.
The air plasma spray (APS) segment is expected to witness significant growth during the forecast period. The air plasma segment is growing rapidly in the market because of the increasing usage to manufacture wearing and corrosion resistance materials. Air plasma spray (APS) coatings are an advanced solution used for protecting and improving the life of components exposed to harsh conditions. Due to their versatility and the many benefits, they offer, APS coatings are widely used in many industries, ensuring superior performance and increased longevity of critical components. When looking for a coating that offers resistance, protection and durability, air plasma spray is the right choice for your industrial needs. Air plasma technology is widely utilized to deposit ceramic thermal barrier coatings for gas turbine engines. The segment growth is further attributed to the growing adoption of air plasma technology in automotive applications, combustion chambers, and blades of turbines.
Based on application, the automotive segment is dominating the thermal barrier coatings market. In the automotive sector, thermal barrier coatings are utilized to enhance engine performance by reducing heat transfer and increasing durability. With stricter emissions regulations and a rising demand for fuel-efficient vehicles, automakers are increasingly adopting TBCs to meet these requirements. These coatings help engines run more efficiently and last longer, thus driving their use in automotive applications and contributing to market growth. The development of infrastructure projects such as power plants, factories, and transportation networks are driving the demand for thermal barrier coatings. TBCs help extend the lifespan of infrastructure components by protecting them from thermal damage and corrosion. This reduces maintenance costs and enhances the durability of vital infrastructure assets, thereby supporting the market for TBCs.
As per thermal barrier coatings market analysis, the stationary power plant segment is expected to be the fastest growing segment. The stationary power plants segment is growing rapidly in the market during the forecast period as they are a major source of pollution. In recent times, cleaner and more efficient power generation methods are gaining immense traction in the power plants, which is increasing the demand for thermal barrier coatings in the segment. Thermal barrier coatings can help to improve the efficiency of power plants by reducing heat loss, which can lead to lower emissions. Emerging economies such as China and India are experiencing rapid economic growth, which is leading to an increase in the demand for electricity. This is driving the construction of new stationary power plants, which is creating new opportunities for the thermal barrier coatings market.
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North America is dominating with the largest thermal barrier coatings market share. This growth is attributed to the increasing demand from various industries, including automotive, power generation, and aerospace sectors. In the aerospace industry, companies like General Electric and Pratt & Whitney have invested in advanced thermal barrier coatings, highlighting their importance in enhancing engine durability and efficiency. Similarly, thermal barrier coatings play a crucial role in enhancing the lifespan and efficiency of gas turbines, which are integral to the energy generation process in the power sector. Notable thermal barrier coatings producers, such as Chromalloy, are expanding their operations to cater to this growing demand. Mullite-based thermal barrier coatings are gaining popularity due to their excellent thermal insulation properties and resistance to corrosion and surface degradation processes.
Asia Pacific is anticipated to witness the fastest growth during the thermal barrier coatings market forecast period. Several factors such as the rapid growth of the aerospace industry and rising income levels are contributing to the growth of the market. Many international aircraft manufacturers have established assembly plants in countries like China, India, and Japan to gain access to low-cost skilled labor and larger addressable domestic markets. The region is expected to witness increased localized coating production to serve the demand from these domestic aircraft assembly facilities. Additionally, Asia Pacific is a major manufacturing hub for gas turbines used in power generation industries. The increasing investment in power projects across developing Asian countries will stimulate the demand for gas turbines and thermal barrier coatings. Countries like China and India also have a sizeable presence of manufacturing industries that use gas turbines for process heating and require protective coatings. The region therefore presents lucrative opportunities for both international and domestic coatings producers to expand their footprints.
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Growing Demand in Aerospace Sector
Growing Application in Energy Sector
Strict Environmental Regulations
High Expense of Advanced Coating Technology
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Leading market players are investing heavily in research and development to expand their product lines, which will help the Thermal Barrier Coatings market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Thermal Barrier Coatings industry must offer cost-effective items. Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Thermal Barrier Coatings industry to benefit clients and increase the market sector.
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the thermal barrier coatings (TBCs) are advanced protective solutions used in various industries, including aerospace and automobile production. These coatings are made from epoxy resins, polymers, aluminates, zirconia, and yttria-stabilized zirconia, The solutions help in improving the performance of components by reducing thermal conductivity and thermal expansion coefficient. TBCs provide erosion resistance and can withstand high operating temperatures in applications such as exhaust systems and aero engine technologies. Coating technologies like physical vapor deposition, air plasma spray, and high velocity oxyfuel (HVOF) are commonly used to apply TBCs. HVOF technology, for instance, utilizes a high-velocity gas stream to spray metal particles onto a substrate, creating a dense, uniform coating. TBCs play a crucial role in industries dealing with pollution and electricity demand, such as stationary power plants and the energy sector. They protect gas turbine blades and engines from surface degradation processes like corrosion, ensuring optimal performance and longevity.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 16.94 Billion |
Market size value in 2032 | USD 26.73 Billion |
Growth Rate | 5.2% |
Base year | 2024 |
Forecast period | (2025-2032) |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Thermal Barrier Coatings Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Thermal Barrier Coatings Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Thermal Barrier Coatings Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Thermal Barrier Coatings Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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