Thermal Barrier Coatings Market Size, Share & Trends Analysis Report By Technology (Air Plasma, EBPVD), By Product (Ceramics, Metals), By Application (Stationary Power Plant, Aerospace), By Combination, And Segment Forecasts, 2021 - 2028

Report Overview

The global thermal barrier coatings market size was estimated at USD 15.49 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.8% over the forecast period. Rapidly increasing demand for Thermal Barrier Coatings (TBC) in various applications, such as automotive, energy, and aerospace, is expected to be the key market driver. 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 have 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 engaged in extensive 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 application, 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.

However, the COVID-19 outbreak immensely affected the production of automobiles and disrupted the value chain of the automotive industry in 2020. A slowdown or halt in manufacturing activities and declining demand from consumers hampered the automotive industry in 2020. However, with the recommencing of industrial operations, the demand for TBCs in applications such as automotive, aerospace, power plants, and others is expected to positively influence the market growth in the coming years.

Product Insights

The ceramics product segment led the market and accounted for more than 34% of the global revenue share in 2020. The most commonly used TBC material is yttria-stabilized zirconia, which is a form of ceramic. The key properties of this material include low thermal conductivity, high thermal expansion coefficient, and good erosion resistance. For high operating temperature applications, the common technologies used are physical vapor deposition, air plasma spray, and High-Velocity Oxyfuel (HVOF).

The ceramic product segment is expected to remain dominant by growing at the fastest CAGR during the forecast period, owing to the superior thermal resistance properties offered, which enable gas turbines to operate at high operating temperatures with higher efficiencies. The growing demand for ceramic coatings in the automotive and aerospace industries, primarily applied in the exhaust systems of automobiles, is expected to drive market growth over the forecast period.

Application Insights

The aerospace application segment led the market with a revenue share of more than 31% in 2020. The increasing purchasing power of consumers has resulted in increased air passenger traffic over the past few years. As a result, there is a growing requirement for advanced and highly-efficient aero-engine technologies to cater to the rapidly growing demand in the aviation industry.

This is expected to have a significant impact on the overall market growth during the forecast period. Expanding aerospace industry in North America is expected to boost the product demand in the region. The presence of key aerospace manufacturers, such as Boeing, is expected to further aid the market growth. Potential customers for TBCs in the aerospace segment are Airbus, Boeing, and Lockheed Martin.

Technology Insights

The air plasma technology segment led the market with a revenue share of more than 35% in 2020. Air plasma technology is used for wearing, corrosion protection, and thermal insulation, as well as for repair and restoration in several industrial sectors. The growing application scope in combustion chambers, turbine blades, and automotive applications is expected to drive the demand for this technology worldwide, thereby positively impacting the market growth over the forecast period.

The HVOF technology is a TBC process that is used to restore or improve a component’s dimensions or properties. 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 & within harsh chemical environments, and enhanced lifespan of components. The technology is used in the power, oil & gas, water, mining, engineering chemicals, petrochemicals, aerospace, paper, and manufacturing sectors.

Combination Insights

The ceramic Yttria-stabilized Zirconia (YSZ) combination segment led the market and accounted for more than 38% revenue share in 2020. YSZ is a ceramic in which the crystal structure of zirconium oxide is made stable at room temperature by adding yttrium oxide. These oxides are commonly called zirconia and yttria. The most important application of this material is in TBCs for gas turbines. The rising demand for gas turbines from key end-use industries, such as power generation and aerospace, is expected to drive the demand for ceramic YSZ, thereby also driving the overall market.

Mullite is a compound of alumina and silica, with the formula 3Al2O3-2SiO2. It has low density, good mechanical properties, high thermal stability, low thermal conductivity, and is corrosion and oxidation resistant. However, it gets crystallized, which leads to cracking and delamination. Therefore, this material is suitable as a zirconia alternative for applications such as diesel engines. The rapidly growing demand for advanced coating technologies in the automotive industry is expected to have a considerable impact on the growth of this segment over the forecast period.

Regional Insights

North America dominated the global market and accounted for the largest revenue share of over 29% in 2020. The U.S. dominated the North American regional market in 2020 and the trend is projected to continue over the forecast period. Growing product demand from various applications, such as stationary power plants, aerospace, automotive, and others, is anticipated to create lucrative opportunities for the growth of the regional market in the coming years.

Aerospace is one of the key markets for TBCs. The presence of developed economies, such as the U.S. and Canada, has led to the large-scale development of the aviation industry in the region. The availability of highly skilled labor, high disposable incomes, and strong economy of countries in the region are the key reasons for a rise in air traffic in North America. Thus, the growth of the aerospace industry is anticipated to potentially drive the market in North America during the forecast period.

Thermal Barrier Coatings Market Share Insights

The global market is highly fragmented with the presence of various key players. The competition in the market is primarily driven by the application scope and use of thermal spray coatings in various industries. Strategic partnerships, acquisitions, geographical expansions are among the prominent strategies adopted by the players operating in the market. For instance, in November 2019, Praxair Surface Technologies and GE Aviation opened their second facility in Singapore for their PG Technologies business. The facility contains the latest Electron Beam Physical Vapor Deposition (EBPVD) coater as well as other coating processes of PG Technologies. Some of the prominent players in the global thermal barrier coatings market include:

• Praxair Surface Technologies

• Metallisation Ltd.

• Flame Spray Coating Co.

• Precision Coating, Inc.

• MesoCoat Inc.

• Cincinnati Thermal Spray, Inc.

• ASB Industries Inc.

• Thermion

• A&A Company

• TWI Ltd.

Thermal Barrier Coatings Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global thermal barrier coatings market report on the basis of product, application, technology, combination, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2028)

  • Metals

  • Ceramics

  • Intermetallics

  • Others

• Application Outlook (Revenue, USD Million, 2017 - 2028)

  • Stationary Power Plants

  • Aerospace

  • Automotive

  • Others

• Technology Outlook (Revenue, USD Million, 2017 - 2028)

  • Electron-Beam Physical Vapor Deposition

  • High-Velocity Oxy-Fuel

  • Chemical Vapor Deposition

  • Air Plasma

  • Others

• Combination Outlook (Revenue, USD Million, 2017 - 2028)

  • Ceramic YSZ

  • Al2O3

  • MCrAiY

  • Mullite-based

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2028)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • U.K.

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • South Africa