Albany,NY, November 23, 2017 (Newswire.com) - The global thermal barrier coatings market is expected to demonstrate a positive growth trajectory over the coming years, as reported by Transparency Market Research (TMR). The increasing progress in the fields of the automotive industry, aerospace, and power plants are slated to be responsible for the vigorous growth of the market. The market’s vendor landscape comprises of a number of players, big and small that are vying for a good position in the market. With long term contracts, along with perpetual development and research activities to be carried out by the market participants, the thermal barrier coatings industry is set to witness a boom. Prominent names among the market participants are ASB Industries Inc., A &A Company Inc., Metallizing Equipment Co. Pvt. Ltd., Metallization Ltd., and H.C. Starck Inc.
The thermal barrier coatings market has three most significant end user industries viz. aerospace, automotive and stationery power plants. Automotive and aerospace industries account for a significant share of the overall thermal barrier coatings market and this trend is expected to continue in the future. The products use in stationery power plants will also grow at a steady pace during this time.
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The worldwide market for thermal barrier coatings had a valuation of US$12.4 bn in 2015 and is expected to surpass the value US$22 bn by 2024, exhibiting a 6.6% CAGR between the forecast years 2016 to 2024.
Metal Segment Leads Market Due to Demand from Automotive Sector
Based on the type of product, the metal segment is expected to witness a healthy CAGR over the coming years because of the better security they offer from oxidation, consumption, and chemicals. According to the discoveries of the report, the portion is required to hold an offer of 38.8% of the general market by 2024.
Topographically, North America will keep on dominating the market until 2024, representing about 26.7% of the market revenue. Innovative progressions and high demand of automobiles are fueling the interest for thermal barrier coatings in the region. Asia Pacific is assessed to offer enormous lucrative opportunities to this market in the coming years, on account of the extension of the industrial and automotive segments.
Aviation and Automotive Industries to Provide Lucrative Opportunity
Increasing worldwide power demand, mostly in the emerging economies, will augment the thermal barrier coatings market during the forecast years owing to the product requirement in gas turbines installed in stationary power plants. Increased spending in the research and development of newer and efficient technologies for product application have led to the development of vapor deposition and air plasma technologies. These technologies are expected to propel the global thermal barrier coatings market in the future. Robust growth expected in the global aviation industry and increasing importance of air cargo delivery along with increasing number of air passengers will fuel the growth of thermal barrier coatings market in the coming years. Global spending in the defense sector, mostly in defense aviation, is also expected to drive the thermal barrier coatings market during the forecast years.
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Price fluctuations due to volatile raw material prices may hamper the thermal barrier coatings market in the coming years. Product raw materials include rare earth metal oxides such as zirconia, ceria, niobium oxide, etc., the prices of which are subject to their availability.
Source: Transparency Market Research