Albany, NY -- (SBWIRE) -- 03/16/2018 -- Several players in the global thermal barrier coatings market are engaging in long-term contracts and continual research and development activities to sustain in this highly competitive arena, observes Transparency Market Research (TMR) in a new study. To put this in perspective, A &A Company Inc. in one of the suppliers of ceramic coatings for valve balls to the U.S. Navy. Some other prominent companies operating in the market are H.C. Starck Inc., Air Products and Chemicals Inc., Praxair Surface Technologies Inc., ASB Industries Inc., Metallisation Ltd., Flame Spray Coating Co., Metallizing Equipment Co. Pvt. Ltd., Thermion Inc., and The Fisher-Barton Group.
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The global market for thermal barrier coatings had a valuation of US$12.4 bn in 2015 and is anticipated to cross the mark of US$22 bn by 2024, expanding at a 6.6% CAGR between 2016 and 2024.
North America to Remain Leader in Revenue Generation through 2024
On the basis of product, the metal segment will post a steady CAGR during the review period due to the better protection they offer from oxidation, corrosion, and chemicals. As per the findings of the report, the segment is expected to hold a share of 38.8% of the overall market by 2024.
Geographically, North America will continue to dominate the market until 2024, accounting for 26.7% of the overall market revenue. Technological advancements and high sales of automobiles are fuelling the demand for thermal barrier coatings in the region. Asia Pacific is estimated to offer tremendous lucrative opportunities over the forecast period, thanks to the expansion of the automotive and industrial sectors.
Expansion of Automotive Sector in Developing Countries to Augment Market
"Thermal barrier coatings are extensively used for their ability to curtail the heat that turbines generate in order to enhance their performance and output," says a TMR analyst. The increasing deployment of gas turbines in various industries such as stationary power plants, aerospace, and automotive is providing an upthrust to the market. Besides this, the development of advanced technologies such as electron beam physical vapor deposition and high-velocity oxy-fuel technique is also working in favor of the global thermal barrier coatings market.
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The development of the automotive industry plays an important role in the determining the progress of the global thermal barrier coatings market. In automobiles, these coatings are responsible for maintaining the temperatures of internal and external parts at an optimum to ensure superior performance of the engine. Hence, the booming automotive industry in emerging regions is allowing the market to gain significant traction as these regions are witnessing high production and consumption of automobiles.
High Prices of Coatings Due to Manufacturing Technology to Hamper Growth Prospects
Among all the types of coatings, the high-performance ceramic coatings are considered to be the superior one. Though the raw materials needed for the production of these coatings are cheaper, the technology adopted for their production renders their price high. Thus, the high prices of technology implemented for making high-performance ceramic coatings are keeping the global thermal barrier coatings market from realizing full potential. Nevertheless, continual enhancements in technologies used are likely to create lucrative opportunities for the market.