Albany, NY -- (SBWIRE) -- 10/16/2018 -- The global thermal barrier coatings market is poised for steadfast growth on the back of several favorable factors. Firstly, the escalating demand for gas turbines across a host of industry verticals such as energy, defense, and transportation is driving the thermal barrier coatings market. Gas turbines use thermal barrier coatings on turbine blades that helps to reduce the intensity of heat generated by turbines thus increase their longevity.
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The growth of the automotive sector in Asia Pacific bodes well for this market. High-performance coatings are applied on automobile engine components that tend to absorb and disperse heat during the vehicle's exhaust cycle. This helps to enhance engine performance thereby leading to higher operational efficiency.
However, high price volatility of raw materials and high formulation cost of high-performance ceramic coatings are challenging the market's growth.
Owing to a number of favorable factors, the thermal barrier coatings market is predicted to clock a CAGR of 6.3% between 2017 and 2024.
Ceramic Product Segment to Emerge Attractive through 2024
Product type, technology, coating material, application, and geography are the criteria based on which the thermal barrier coatings market is segmented. Depending upon product type, metal, ceramic, intermetallic, and others are the segments into which the thermal barrier coatings market is segmented. Metal segment, out of these, is anticipated to hold the leading share in the overall market through 2024. Metals are widely used in thermal barrier coatings for several applications as they can withstand temperature extremities. Intermetallic is a key segment due to its anti-corrosive and anti-oxidation property. However, ceramic coatings is likely to register the leading growth rate through 2024 due to high temperature sustainability and resistance for thermal shocks.
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In terms of technology, vapor deposition, HVOF, and air plasma are the segments into which the thermal barrier coatings market is divided. Vapor deposition is predicted to continue to retain dominance through 2024. This is because high deposition rate of coatings have spiked demand for vapor deposition technology. Advantages and rising popularity of electron beam vapor deposition technology also accounts for leading market share of vapor deposition technology segment. Air plasma technology, meanwhile, is anticipated to expand at a significant growth rate through 2024.
By coating material, Al203, ceramic YSZ, MCrAlY, and others are the segments into which the thermal barrier coatings market is divided. Of them, Al203 is the most attractive segment attributed to a few factors. This is because oxidation and corrosion resistance property of alumina helps in strengthen bond and hardness, and uptake of alumina based thermal barrier coatings in the aerospace and energy sector is on the rise.
Industrial Segment to Continue to Remain Lucrative
Application-wise, industrial, aerospace, automotive, and energy are the key segments into which the thermal barrier coatings market is divided. Vis-à-vis revenue, industrial segment held the leading market in recent years; the segment is predicted to retain dominance between 2017 and 2024. Aerospace is an attractive segment due to increasing demand for gas turbines.