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The thermal barrier coatings (TBC) market size is estimated to grow at a CAGR of 5.36% between 2023 and 2028. The market size is forecast to increase by USD 4.83 billion. The accelerated growth of the market is due to various factors, including the increasing demand for fuel-efficient aircraft and gas turbine engines, the growing use of advanced thermal barrier coating materials, and the high production and application costs of thermal barrier coatings. The research report on the Thermal Barrier Coatings (TBC) Market, offers industry forecasts and segmentation based on Type into ceramic, metal, and intermetallic. It also segments the market by End-user, which comprises aerospace, automotive, power plants, and others. Geographically, the report covers North America, APAC, Europe, the Middle East and Africa, and South America. The market size, historical data for 2018 - 2022, and future forecasts are presented in terms of value of USD 5.7 billion for all these mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the thermal barrier coatings market growth is the increasing demand for fuel-efficient aircraft and gas turbine engines. The need for minimizing emissions is fuelling the demand for fuel-efficient aircraft and gas turbine engines, which is driving major growth of the global thermal barrier coatings market. In addition, thermal barriers are cutting-edge coatings that offer an essential answer to coating alternatives by improving the longevity and performance of engine parts exposed to high temperatures.
For example, thermal barrier coatings are used in Pratt & Whitney PurePower Geared Turbofan engines to lower emissions and increase fuel efficiency. In addition, these coatings are used in the aerospace industry, such as on the Boeing 787 Dreamliner, to improve fuel efficiency. Furthermore, the increased focus on emission reduction and fuel efficiency highlights the vital role that thermal barrier coatings play, making them a key player in the global market for these technologies. Hence, such factors are positively impacting the thermal barrier coatings market. Therefore, it is expected to drive the market growth during the forecast period.
A key factor shaping the thermal barrier coatings market growth is the growing use of advanced thermal barrier coating materials. There is a growing tendency in the global thermal barrier coatings market towards the use of cutting-edge materials such as rare earth oxides and yttria-stabilized zirconia to improve the efficacy of thermal barrier coatings. In addition, due to its remarkable thermal and chemical stability, yttria-stabilized zirconia is highly valued and plays a vital role in safeguarding turbine components used in power production and aviation.
Moreover, in sectors such as aerospace and automotive, rare earth rare-earth oxides including lanthanum and cerium provide exceptional resilience to high temperatures, enabling these coatings to endure harsh circumstances. In addition, these cutting-edge materials are essential for satisfying industry demands for more robust and effective thermal barrier coatings in order to lower maintenance costs and increase energy efficiency. Hence, such factors are driving the market growth during the forecast period.
High production and application costs of thermal barrier coatings are one of the key challenges hindering the thermal barrier coatings market growth. The global thermal barrier coatings market is associated with the high cost of production and application that especially affects businesses where cost is a concern. In addition, these coatings, which raise costs since they are necessary to safeguard important components in high-temperature conditions, call for sophisticated materials and exact application techniques.
For instance, the expense of creating and implementing thermal barrier coatings might be unaffordable in the aerospace industry, where engine components must have extraordinary heat resistance. In addition, gas turbines in the power generating sector gain from these coatings, although their widespread application may be hindered by the expense of implementation, particularly in areas where cost-effectiveness is crucial. Hence, such factors are negatively impacting the thermal barrier coatings market. Therefore, it is expected to hinder the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Thermal Barrier Coatings Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
A&A Thermal Spray Coatings: The company offers thermal barrier coatings used in the aircraft industry in the combustion section of turbine engines of aircrafts.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The ceramic segment is estimated to witness significant growth during the forecast period. There is an increasing adoption ceramic coatings segment and is becoming the most prevalent type in terms of revenue in the global thermal barrier coatings market, due to several important features. For example, the need for increased operating temperatures in several sectors, including aerospace and energy, is propelling the adoption of ceramic coatings.
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The ceramic segment was the largest segment and was valued at USD 5.5 billion in 2018. Moreover, these coatings are ideal for gas turbines, turbine engines, and industrial equipment because they provide outstanding corrosion resistance, durability, and thermal insulation. Some of the examples of this segment include yttria-stabilized zirconia and plasma-sprayed alumina. In addition, ceramic coatings are becoming essential in contemporary manufacturing processes, with an emphasis on enhancing fuel efficiency and lowering emissions. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
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North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Some of the main factors that are contributing to the thermal barrier coatings market growth in North America include the rising demand from several industries, including the automotive, power generation, and aerospace sectors.
In addition, prominent companies such as General Electric and Pratt & Whitney have invested in advanced coatings, demonstrating the broad acceptance of thermal barrier coatings in the aerospace sector due to the requirement for increased engine longevity and efficiency. Furthermore, thermal barrier coatings are essential for improving the lifespan and efficiency of gas turbines, which are a vital part of the energy-generating process in the power generation industry. Hence, such factors are driving the market growth in North America during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global thermal barrier coatings market witnessed a significant slowdown due to the downsizing of the manufacturing and aviation industries in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to increased investments in the industrial, aerospace, and power generation sectors. Such factors are expected to drive the market during the forecast period.
The thermal barrier coatings market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Thermal Barrier Coatings Market Scope |
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Report Coverage |
Details |
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Page number |
158 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.36% |
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Market Growth 2024-2028 |
USD 4.83 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.22 |
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Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
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Performing market contribution |
North America at 36% |
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Key countries |
US, China, India, Germany, and the UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
A and A Thermal Spray Coatings, Chromalloy Gas Turbine LLC, Compagnie de Saint Gobain, CTS Inc., Fisher Barton, Flame Spray Inc., Hannecard Group, Hayden Corp., Honeywell International Inc., KECO Engineered Coatings Inc., Linde Plc, Metallic Bonds Ltd., Metallisation Ltd., Northwest Mettech Corp., OC Oerlikon Corp. AG, Precision Coatings Inc., Tech Line Coatings LLC, Thermion Inc., TWI Ltd., and Zircotec Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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