Thermal Barrier Coatings Industry size is expected to register 4.5% CAGR between 2024 and 2032 propelled by the increasing demand in aerospace industry.
Selbyville, Delaware , Jan. 18, 2024 (GLOBE NEWSWIRE) -- Thermal barrier coatings market size is estimated to be valued at over USD 26.1 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
The increasing demand from the aerospace industry for enhanced engine performance and fuel efficiency will drive the demand for thermal barrier coatings. In the power generation sector, the rising need for efficient turbines is amplifying the demand for various coatings to withstand high temperatures and improve operational lifespan. The influx of stringent environmental regulations for promoting energy efficiency is another factor influencing the product demand. Rising technological advancements have also led to the development of advanced thermal barrier coating materials and coating techniques. Additionally, the growing awareness of the benefits of thermal barrier coatings (TBCs) in preventing thermal degradation and improving equipment durability across various industries will drive the industry growth.
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Metallic Coatings to observe high demand
Thermal barrier coatings market share from the metallic coatings segment is estimated to rise at substantial CAGR from 2024 to 2032, owing to their excellent thermal insulation properties and durability. The increasing demand from aerospace and power generation industries requiring high-temperature resistance will fuel the adoption of metallic TBCs given their versatility and effectiveness in preventing thermal degradation in various applications. Additionally, the ongoing research and development activities focused on enhancing the performance of metallic coatings will drive the segment growth.
EB-PVD method to gain traction
The electron beam physical vapor deposition (EB-PVD) application method segment is projected to accumulate sizeable revenue share of the thermal barrier coatings market by 2032. This is due to the ability of EB-PVD to produce high-quality, uniform coatings with excellent thermal insulation properties. The increasing demand for EB-PVD in aerospace and gas turbine applications can be ascribed to its superior thermal protection. The continuous advancements in EB-PVD technology to enhance the coating performance will also boost the segment expansion.
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Europe to remain a lucrative destination
Europe thermal barrier coatings market is projected to expand at rapid pace during 2024-2032, driven by the increasing investments in aerospace and power generation sectors. The stringent environmental regulations for promoting energy efficiency is pushing the adoption of TBC to enhance engine performance. Additionally, the rising focus on sustainability along with the technological advancements in coating formulations will fuel the demand for thermal barrier coatings across the region.
Thermal Barrier Coatings Market Participants
Some of the prominent industry players operating in the thermal barrier coatings industry include Praxair Surface Technologies, Chromalloy Gas Turbine LLC, A&A Thermal Spray Coatings, H.C. Starck Solutions, MesoCoat Inc., The Fisher Barton Group, ASB Industries, Inc., Metallisation Ltd., Aremco Products, Inc., Bodycote plc, Oerlikon Metco, TST Coatings, Inc., Flame Spray Coating Company, APS Materials Inc., Air Products and Chemicals, Inc. These industry players are focusing on innovation strategies to cater to the escalating end-user requirements. For instance, in May 2023, Cabot Corporation, a specialty chemicals and performance materials company, launched ENTERA™ aerogel particles, a thermal insulation additive designed for creating ultra-thin thermal barriers in electric vehicle (EV) lithium-ion batteries.
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