Thermal Barrier Coatings Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.16 Billion |
| Market Size (2029) | USD 1.43 Billion |
| CAGR (2024 - 2029) | 4.31 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Thermal Barrier Coatings Market Analysis
The Thermal Barrier Coatings Market size is estimated at USD 1.16 billion in 2024, and is expected to reach USD 1.43 billion by 2029, growing at a CAGR of 4.31% during the forecast period (2024-2029).
COVID-19 negatively impacted the market in 2020 due to the unfavorable macroeconomics and operational restrictions across major end users of these coatings pushed back the demand during this period. However, the market is now estimated to reach pre-pandemic levels and is expected to grow steadily.
- The shift from coal to natural gas-fired power generation and increasing demand from the aerospace sector are expected to drive demand for the thermal barrier coatings market.
- On the flip side, volatile raw material prices are expected to restrain demand in the market studied.
- The technological advancements in various end-user markets will likely provide new growth avenues for the market studied during the forecast period.
- North America dominated the global market. However, Asia-Pacific will likely witness the highest growth rate during the forecast period.
Thermal Barrier Coatings Market Trends
Aerospace Sector to Dominate the Market
- Thermal barrier coatings are commonly used to protect nickel-based superalloys from melting and thermal cycling in aviation turbines combined with cool airflow.
- Thermal barrier coatings increase the allowable gas temperature above 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 aircraft production worldwide, creating immense demand for coatings like TBCs to protect engines and turbines.
- According to the data released by the Aeronautical Repair Station Association, the global aircraft fleet is expected to expand rapidly in the coming decade. It is expected to reach 38,100 aircraft by 2032 from 28,000 in 2023.
- According to the Boeing Commercial Outlook 2022-2041, the worldwide aerospace services industry is predicted to reach over USD 3.6 trillion, with the United States and Canada accounting for almost 30% of the market. Europe follows it with 23.5%, which will likely boost the demand for the studied market in the coming years.
- Furthermore, according to the Boeing Commercial Outlook 2022-2041, in China, 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.
North American Region to Dominate the Market
- The North American region is dominating the thermal barrier coatings market, owing to the significant demand from various end-user industries such as aerospace, automotive, power, and oil and gas.
- Moreover, the United States includes the largest share of the market studied. Besides the United States, Canada and Mexico contain a sizeable share of 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, are driving the manufacturing activities in the aerospace industry. It 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.
- According to the OICA, automotive production in North America in 2022 accounted for 17,756,263 units, an increase of 10% compared to the production in 2021, which was reported to be 16,190,835 units. Additionally, in North America, Over 10.06 million vehicles manufactured in 2022 were produced in the United States.
- Major countries in the North American region continued to get affected by the semiconductor microchip shortage and additional supply chain disruptions. For instance, According to the National Automobile Dealers Association (NADA), Light vehicle sales in 2022 recorded the lowest full-year sales in 2022 since 2011. They experienced an 8.2% annual decline compared to light vehicle sales in 2021.
- Hence, all the factors above are expected to significantly impact the demand for the thermal barrier coatings market in the region over the forecast period.
Thermal Barrier Coatings Industry Overview
The thermal barrier coatings market is fragmented in nature. Some of the major players in the market ( not in any particular order) include Honeywell International Inc., OC Oerlikon Management AG, Praxair ST Technology, Inc., Chromalloy Gas Turbine LLC, and Saint-Gobain, among others.
Thermal Barrier Coatings Market Leaders
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Honeywell International Inc.
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OC Oerlikon Management AG
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Chromalloy Gas Turbine LLC
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Saint-Gobain
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Praxair S.T. Technology, Inc.
*Disclaimer: Major Players sorted in no particular order
Thermal Barrier Coatings Market News
- March 2023: Zircotec company launched a ceramic thermal barrier coating called Thermohold. This technology can be applied to various substrate materials, including metallic surfaces like cast iron, steel alloys, aluminum, and titanium, composite materials like carbon-fiber-reinforced polymers (CFRPs), and high-temperature plastics.
- December 2022: OC Oerlikon Management AG announced its plans to construct a new state-of-the-art assembly and production site for its surface solutions and equipment businesses in Switzerland to provide customers with Oerlikon Metco solutions, including thermal barrier coatings. This facility will also include equipment assembling and production services and is expected to be operational in 2025.
Thermal Barrier Coatings Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand from the Aerospace Sector
4.1.2 Growing Dependence on Gas-Fired Turbines for Power Generation
4.1.3 Other Drivers
4.2 Restraints
4.2.1 Volatile Raw Material Prices
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Product
5.1.1 Metal (Bond Coat)
5.1.2 Ceramic (Top Coat)
5.1.3 Intermetallic
5.1.4 Other Products (Metal Glass Composites)
5.2 End-user Industry
5.2.1 Automotive
5.2.2 Aerospace
5.2.3 Power Plants
5.2.4 Oil and Gas
5.2.5 Other End-user Industries (Marine and Railways)
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Russia
5.3.3.6 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers, Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/ Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 A&A Thermal Spray Coatings
6.4.2 Chromalloy Gas Turbine LLC
6.4.3 CTS, Inc.
6.4.4 Hayden Corp.
6.4.5 Honeywell International Inc.
6.4.6 KECO Coatings
6.4.7 Metallic Bonds, Ltd.
6.4.8 Northwest Mettech Corp.
6.4.9 OC Oerlikon Management AG
6.4.10 Praxair S.T. Technology, Inc.
6.4.11 Saint-Gobain
6.4.12 Tech Line Coatings LLC
6.4.13 ZIRCOTEC
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 The Technological Advancements in the End-user Market
7.2 Other Opportunities
Thermal Barrier Coatings Industry Segmentation
Thermal barrier coatings (TBCs) are high-tech materials that coat turbines or airplane engines to protect them from severe heat during high-temperature processes. Yttria-stabilized zirconia is a common oxide used as a TBC.
The thermal barrier coatings market is segmented by product, end-user industry, and geography. By product, the market is segmented into metal (bond coat), ceramic (top coat), intermetallic, and other products. The market is segmented into automotive, aerospace, power plants, oil and gas, and other end-user industries by end-user industry. The report also covers the market size and forecasts in 16 countries across major regions. Market sizing and forecasts for each segment are based on revenue (USD).
| Product | |
| Metal (Bond Coat) | |
| Ceramic (Top Coat) | |
| Intermetallic | |
| Other Products (Metal Glass Composites) |
| End-user Industry | |
| Automotive | |
| Aerospace | |
| Power Plants | |
| Oil and Gas | |
| Other End-user Industries (Marine and Railways) |
| Geography | ||||||||
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Thermal Barrier Coatings Market Research FAQs
How big is the Thermal Barrier Coatings Market?
The Thermal Barrier Coatings Market size is expected to reach USD 1.16 billion in 2024 and grow at a CAGR of 4.31% to reach USD 1.43 billion by 2029.
What is the current Thermal Barrier Coatings Market size?
In 2024, the Thermal Barrier Coatings Market size is expected to reach USD 1.16 billion.
Who are the key players in Thermal Barrier Coatings Market?
Honeywell International Inc., OC Oerlikon Management AG, Chromalloy Gas Turbine LLC, Saint-Gobain and Praxair S.T. Technology, Inc. are the major companies operating in the Thermal Barrier Coatings Market.
Which is the fastest growing region in Thermal Barrier Coatings Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Thermal Barrier Coatings Market?
In 2024, the North America accounts for the largest market share in Thermal Barrier Coatings Market.
What years does this Thermal Barrier Coatings Market cover, and what was the market size in 2023?
In 2023, the Thermal Barrier Coatings Market size was estimated at USD 1.11 billion. The report covers the Thermal Barrier Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Thermal Barrier Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Thermal Barrier Coating Industry Report
Statistics for the 2024 Thermal Barrier Coatings market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Thermal Barrier Coatings analysis includes a market forecast outlook to for 2024 to 2029) and historical overview. Get a sample of this industry analysis as a free report PDF download.
