Thermal Barrier Coatings Market - Forecasts from 2022 to 2027

The global thermal barrier coatings market was evaluated at US$12.152 billion in the year 2020, growing at a CAGR of 10.30%, to reach a market size of US$24.140 billion by the year 2027.

A thermal barrier coating is used to insulate an object from thermal energy or heat. The object to be insulated from heat is coated by the thermal barrier in a manner such that there is no direct contact of the object with the high-temperature source. With the ever-increasing population and urbanization around the world, there is an apparent demand for cleaner energy and power to meet the growing needs, which is anticipated to propel industries during the forecast period to adopt a high number of devices and equipment used in sustainable energy products such as gas turbines. The operations carried out by such gas turbines involve high-temperature ranges, which might lead to early corrosion, damage, and low lifespan of turbine components and hence, demanding a safe and efficient power production. Also, the aviation industry is expected to grow during the forecasting period because of the rising number of airports and aeroplanes across the globe. As aeroplane fuel burns at high temperatures, there stays a significant risk of corrosion and damage to blades and metal surfaces of components in an aeroplane due to gas having high temperatures. Thermal barrier coatings can thus, protect rotor blades and other components in an aircraft from corrosion and other damage. The power plant and aerospace industry are the key drivers of the thermal barrier coating market globally.

The coronavirus pandemic has negatively affected the thermal barrier coating industry. The prices of raw materials required for making these coatings have fluctuated because of the non-uniformity of production and supply cycles. As the COVID restrictions around the world were imposed, the halt of airlines has also impacted the thermal barrier coating market as the demand for such coatings declined due to lesser needs in the aviation industry. Also, other major consumers of the thermal barrier coating market, such as the automobile industry, especially premium automobiles and highspeed racing vehicles, showed a significant decline in demand for coatings as restrictions were placed all over, leading to cancellation or postponing of events.

High-temperature turbine power plants for green energy demand

The growing population has called for increasing energy and power demand, which are generated by power plants. These plants adopt generating low carbon footprint energy with the help of gas turbines which operate under extremely high temperatures. As there is a risk of damage and corrosion in case of prolonged direct contact with the high-temperature gas, thermal barrier coatings are the suitable choice for covering the metal surfaces of the turbine in order to generate higher yield and increase the operating temperature range. As per the release of the United States Energy Information Administration (EIA), the global industrial energy consumption worldwide is expected to see a rise of 30% from 2018 to 2050. Also, EIA projects the global residential and commercial energy demand to increase by 65% between 2018 and 2050. With increasing urbanization and access to electricity, the thermal barrier coatings market is anticipated to grow substantially during the forecast period.

Growing Aerospace and Future Defence Investments

The aerospace industry is projected to grow in the forecasted period because of an increase in the number of airports and airplanes across the globe. Additionally, with the increasing adoption of air plasma as well as High-Velocity Oxygen Fuel (HVOF), the thermal barrier coating market is expected to be driven by this industry. As per the Commercial Market Outlook (CMO) by Boeing, the world's largest aerospace company, it projects to deliver more than 43,500 airplanes globally by 2040, which is a 70% increase from pre-pandemic production. Also, according to Boeing's Defence and Space Market Outlook for the period 2021-30, it forecasts future defence deals worth $2.6 trillion globally, where aircraft delivery is almost half of the deals. In another press release on 18th November 2021 by Airbus, another major player in the aerospace industry, 408 aircraft were ordered for the Dubai air show. As an increasing number of aircraft and defence investments by countries are anticipated in the forecast period, the demand for the thermal barrier coatings market will proportionally increase.

Asia Pacific to see significant growth in the Thermal Barrier Coatings market

With a significant number of power plants and ever-increasing urbanization and demand for energy, India and China are projected to observe significant growth in the thermal barrier coatings market. In the Commercial Market Outlook (CMO) released by Boeing for the period 2021-40, out of 43,500 airplanes expected to be delivered globally, Asia Pacific holds a large share of 17,645 airplanes. With the increase in energy demands, aeroplanes, and government defence investments, the Asia Pacific region is anticipated to rise rapidly in terms of market share.

Market Segmentation:

• By Coating Technology

Plasma Spray

Combustion Flame Spray

High-Velocity Oxy/Air Fuel

Arc Spray

Cold Gas

Others

• By Product

Ceramic

Metallic

Intermetallic

Others

• By Application

Power Generation

Aerospace

Automotive

Others

• By Geography

North America

• USA
• Canada
• Mexico

South America

• Brazil
• Argentina
• Others

Europe

• Germany
• France
• UK
• Others

Middle East and Africa

• Saudi Arabia
• UAE
• Others

Asia Pacific

• China
• India
• Japan
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others