Thermal Barrier Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Thermal Barrier Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The thermal barrier coatings market is projected to register a CAGR of more than 4% during the forecast period.

The COVID-19 negatively impacted the market in 2020. However, the market has now been estimated to have reached pre-pandemic levels and is expected to grow steadily in the future.

• The shift from coal to natural gas-fired power generation and increasing demand from the aerospace sector are also expected to drive demand for the thermal barrier coatings market.
• On the flip side, high raw material price volatility is expected to restrain demand in the market studied.
• The changes in technology in the end-user market are likely to be good for the market that was studied.
• North America has dominated the global market. However, Asia-Pacific is likely to witness the highest growth rate during the forecast period.

• Thermal barrier coatings are commonly used to protect nickel-based superalloys from both melting and thermal cycling in aviation turbines. Combined with cool airflow,
• Thermal barrier coatings increase the allowable gas temperature above that of the superalloy melting point.
• They reduce the temperature of the blade alloy and protect against oxidation and hot corrosion from high-temperature gas, thus, increasing turbine performance, life expectancy, and efficiency.
• The increasing aircraft fleet and the rising defense expenditure increased the production of aircraft across the world, creating immense demand for coatings like TBCs for the protection of engines and turbines.
• According to the Boeing Commercial Outlook 2022-2041, the worldwide aerospace services industry is predicted to reach more than 3.6 trillion US dollars, with the United States and Canada accounting for almost 30 percent of the market, followed by Europe with 23.5 %, thereby, likely to boost the demand for the studied market during the coming years.
• Furthermore, in China, according to the Boeing Commercial Outlook 2022-2041, around 8,485 new deliveries will be made by 2041 with a market service value of USD 545 billion. Thus, boosting the market growth.
• Overall, the market for thermal barrier coatings in the aerospace industry is expected to recover gradually through the forecast period and grow consistently.

• The North American region is dominating the thermal barrier coatings market, owing to the significant demand from various end-user industries such as aerospace, power, and oil and gas.
• Moreover, the United States has the largest share of the market studied. Apart from the United States, Canada and Mexico also have a sizeable share in the market for thermal barrier coatings.
• Strong exports of aerospace components to countries such as France, China, and Germany, along with robust consumer spending in the United States, have been driving the manufacturing activities in the aerospace industry, which can induce positive momentum for the market.
• In North America, according to the Boeing Commercial Outlook 2022–2041, the total deliveries of new airplanes will account for 9,310 units by 2041, with a market service value of USD 1,045 billion.
• The automotive industry in Canada is expected to rise to USD 40.1 billion by 2024, giving growth opportunities to the market studied.
• Hence, all the aforementioned factors are expected to significantly impact the demand for the thermal barrier coatings market in the region over the forecast period.

The thermal barrier coatings market is fragmented in nature. Some of the major players in the market include Honeywell International Inc., OC Oerlikon Management AG, Praxair S.T. Technology, Inc., Chromalloy Gas Turbine LLC, and Saint-Gobain, among others (in no particular order).

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support