Albany, NY -- (SBWIRE) -- 11/08/2018 -- According to a new report published by Transparency Market Research (TMR) titled 'Thermal Barrier Coatings – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026, the global thermal barrier coatings market was valued at around US$ 15 Bn in 2017 and is anticipated to expand at a CAGR of over 6.6% from 2018 to 2026. Rise in demand for thermal barrier coatings from automotive and aerospace industries drives the global market. In terms of value, the thermal barrier coatings market in Asia Pacific is anticipated to expand at a CAGR of over 7.7% during the forecast period. Rise in demand for thermal barrier coatings for gas turbines which are employed in various industries such as power plants, aerospace is likely to propel the thermal barrier coatings market. These turbines are widely used due to their easy availability, high reliability, low operating costs, and high power density.
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Metal coatings segment is likely to dominate the global thermal barrier coatings market
Rise in the usage of thermal barrier coatings in automotive and aerospace industries is expected to propel the thermal barrier coatings market. Metallic coatings are usually deposited by vapor deposition technology. Metal coatings include nickel, zinc, chromium, and aluminum. These coatings provide superior protection from oxidation, corrosion, and protection from chemicals. Intermetallic compounds can be utilized in systems that require high thermal resistance in harsh working conditions such as steam generators and coal-fired gas turbines. The ceramic coatings segment of the thermal barrier coatings market is estimated to expand during forecast period.
Rise in the usage of vapor deposition technology to manufacture components
In terms of technology, the market has been segmented into vapor deposition, high velocity oxy-fuel (HVOF), and air plasma. The vapor deposition segment accounted for a major share of the market in 2017. The trend is anticipated to continue during the forecast period. Air plasma accounted for a large share of the thermal barrier coatings market in 2017, as air plasma spray method is a commonly used process, which is used for high volume and high temperature coatings. The segment is expected to expand at a considerable pace during the forecast period.
High Demand for Aluminum Oxide Coatings in High Temperature Components
Based on coating materials, the thermal barrier coatings market has been segregated into aluminum oxide, ceramic YSZ, MCrAlY, and others. Aluminum oxide accounted for a dominant share of the market in 2017. It is expected to continue this trend maintain its dominance during the forecast period. Ceramic YSZ coating is widely used in turbine engines to protect the metal from the heat of combusted jet fuel and power turbine engine, which is exposed to high temperatures. MCrAlY coatings are employed for a number processes such as physical vapor deposition, vacuum plasma or air plasma spraying, and high velocity oxy-fuel spraying. This segment is anticipated to expand at a rapid pace during the forecast period.
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Industrial Segment to Dominate the Global Thermal Barrier Coatings Market
In terms of application, the thermal barrier coatings market has been divided into industrial, automotive, aerospace, and power plants. Thermal barrier coatings are used in industries that utilize heavy machines which operate at high speeds and temperatures. These coatings are used on industrial machinery to provide heat insulation, anti-condensation, and corrosion protection. Demand for thermal barrier coatings in automotive and aerospace industries is high and is expected to rise at a rapid space during the forecast period.
Large Customer Base in Developing Region such as Asia Pacific to Create Opportunities
Based on region, the global thermal barrier coatings market has been categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe hold large share of the global thermal barrier coatings market, as most of industries are well established in these regions. North America constitutes a significant share of the global market. Use of these coatings in automotive and industrial segments in developing economies such as China, Japan, and India is projected to boost the market in Asia Pacific. The market in Middle East & Africa and Latin American is estimated to expand at a moderate pace during the forecast period.