A new report published by Research Nester titled “Thermal Barrier Coating Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the thermal barrier coating market in terms of market segmentation by product, by technology, by coating material and by application.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The thermal barrier coating market is segmented by application type, into industrial, automotive, aerospace and power plants, out of which the automotive segment is anticipated to have largest market share on account of rising motor vehicles sales. According to OICA, motor vehicle sales peaked 95 million in 2018 as compared to 65 million in 2005.
The thermal barrier coating market is anticipated to record a CAGR of 7.1% over the forecast period. Increasing demand for coating applications in industries, such as, aerospace, aviation, thermal power plants, etc., for implementations in gas turbines and engine parts, is estimated to promote the demand for thermal barrier coating materials throughout the forecast period.
Regionally, the thermal barrier coatings market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Asia-Pacific is expected to have largest market share on the back of rising demand for insulating paint and coating amongst industries. Additionally, increasing number of power generation projects combined with demand for vapor deposition technology in developing nations such as China and India, are expected to contribute significantly to the growth of the thermal barrier coatings market in the region.
Growing Investments For Research And Development
According to The World Bank, an international financial institution which provides loans and grants to the governments of poorer countries, stated that, expenditure for research and developments throughout the world increased substantially from 1.97 (% of GDP) in 1996 to 2.23 (% of GDP) in 2016.
Furthermore, the Canadian aerospace manufacturing industry invested 1.4 billion USD in the year 2018 for research and development, according to the Aerospace Industries Association of Canada (AIAC). Riding on the back of the statistical data, research and developments have observed substantial growth around the globe, especially in sectors such as aviation, aerospace, energy and automotive among others. There is a rising demand for applications of thermal barrier coating materials, owing to rising technological advances, and for the development of highly sophisticated engines. Furthermore, it has observed robust applications in aerospace industry for its characteristics of balancing efficiency in heat management and combustion engineering, thereby contributing significantly towards the growth of the market.
However, concerns for increasing prices of raw materials used to manufacture the insulation paints is expected to operate as key restraints to the growth of the thermal barrier coating market during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the thermal barrier coating market, which includes company profiling of Air Products and Chemicals, Inc. (NYSE: APD), TOCALCO Co., Ltd. (TYO: 3433), A&A Thermal Spray Coatings, Praxair S.T. Technology, Inc., ASB Industries, Inc., TVARC, Metallisation Ltd., Metallizing Equipment Co. Pvt. Ltd., The Fisher Barton Group and CTS. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the thermal barrier coating market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.