The global thermal barrier coatings market is teeming with a number of small and large companies rendering a fragmented yet competitive vendor landscape. Research and development have become the catchphrases of top market players who are aggressively engaged to introduce novel products. These companies are also vying to enter into long-term contracts with end-use companies/organizations for consistent business growth. A case in point is A& A Company. The company has entered into a business agreement with the U.S. Navy for supplying ceramic coatings for valve balls.
Metallisation Ltd., Praxair Surface Technologies Inc., Metallizing Equipment Co. Pvt. Ltd., ASB Industries, Thermion Inc., H.C. Starck Inc., Metallizing Equipment Co. Pvt. Ltd., The Fisher-Barton Group, and Air Products and Chemicals Inc. are some other leading companies in the thermal barrier coatings market. These companies are formulating new growth strategies in order to sustain competition in the market.
As per estimates of a Transparency Market Research (TMR) report, the global thermal barrier coatings market will inflate at a CAGR of 6.3% between 2017 and 2024. Vis-à-vis revenue, the analyst of the report has projected the demand in the thermal barrier coatings market will translate into opportunities worth US$22,497.0 mn by the end of 2024. The demand in the market translated into a revenue of US$14,643.8 mn in 2017. Depending upon type of product, metal segment currently holds dominance; going forward, the segment is anticipated to remain at the fore. This is because metals are extensively used in thermal barrier coatings as they can withstand extreme temperatures. Depending upon geography, North America held supremacy in the thermal barrier coatings market in recent years. The region, however, is anticipated to lose share as it is a mature market for product development.
Advantages of Enhanced Efficiency finds Adoption in Automobile Engines
Majorly fuelling the thermal barrier coatings market is escalating demand for gas turbines. Gas turbines find extensive application across industries such as energy, transportation, defense, among others that use thermal barrier coatings to reduce intensity of heat generated by turbines. This in turn, helps to increase the output and efficiency of turbines.
At present, the automotive industry in Asia Pacific is expanding at a rapid pace. Manufacturers engaged in developing technological advanced automobiles such as turbocharged ones. Turbocharged vehicles that run on gas emitted by a vehicle’s combustion engine are generally coated with thermal barriers to stand the immense heat generated by the vehicle’s exhaust system. Hence, rising trend of engine downsizing and strict regulations that monitor emissions the automotive thermal barrier coatings market is set to rise in the years ahead. As a rule of thumb, engine components of automobiles are composed of metal and metal alloys that tend to absorb or disperse heat at various stages in the vehicle’s exhaust cycle. However, modifying the temperature of internal and external parts can enhance engine performance thereby leading to higher efficient operation.
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Advantages of Increased Longevity finds Adoption in Turbine Blades of Heavy Machinery Industries
Metal and heavy machinery industries generally use high-performance ceramic coatings on jet turbine blades. This helps to protect blades from high temperature gases that are discharged from combustion chambers. These coatings are applied on turbine exhaust cases, compressor blades, valves, turbine blade tips, nozzle guide vanes, and bearings among others.
On the downside, factors such as high price volatility of raw material and complexities involved in the manufacture of high-performance coatings are providing headwinds to the growth of thermal barrier coatings market.
The review presented here is based on the findings of a TMR report, titled “Thermal Barrier Coatings Market (Product – Metal, Intermetallic, and Ceramic; Technology – Vapor Deposition, HVOF, and Air Plasma; Coating Materials – Al2O3, Ceramic YSZ, and MCrAlY; Application – Industrial, Automotive, Aerospace, and Energy) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2024.