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Thermal Barrier Coatings Market Size (2024 - 2029)

The thermal barrier coatings market is projected to experience growth over the forecast period, driven by a shift towards natural gas-fired power generation and increasing demand from the aerospace sector. Despite challenges such as volatile raw material prices, the market is expected to recover to pre-pandemic levels and expand steadily. Technological advancements in various end-user sectors are anticipated to open new growth opportunities. While North America currently leads the market, the Asia-Pacific region is expected to exhibit the highest growth rate.

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Market Size of Thermal Barrier Coatings Industry

Thermal Barrier Coatings Market Summary
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

Thermal Barrier Coatings Market 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 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
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Russia
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Thermal Barrier Coatings Market Size Summary

The thermal barrier coatings market is poised for steady growth, driven by the transition from coal to natural gas-fired power generation and increasing demand from the aerospace sector. These coatings are essential for protecting nickel-based superalloys in aviation turbines, enhancing turbine performance and efficiency by allowing higher gas temperatures and protecting against oxidation and hot corrosion. The aerospace industry's expansion, fueled by a growing aircraft fleet and rising defense expenditures, is a significant contributor to the demand for thermal barrier coatings. Despite challenges such as volatile raw material prices, technological advancements in various end-user markets are expected to open new growth avenues during the forecast period.

North America currently leads the global thermal barrier coatings market, with the United States holding a substantial share due to strong demand from aerospace, automotive, power, and oil and gas industries. The region benefits from robust aerospace component exports and significant consumer spending, which bolster manufacturing activities. However, supply chain disruptions, such as semiconductor microchip shortages, have impacted automotive production and vehicle sales, potentially affecting market demand. The market is characterized by fragmentation, with key players like Honeywell International Inc., OC Oerlikon Management AG, and Chromalloy Gas Turbine LLC actively contributing to its development. Recent innovations, such as Zircotec's Thermohold and OC Oerlikon's new production facility, highlight ongoing advancements in thermal barrier coating technologies.

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Thermal Barrier Coatings Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand from the Aerospace Sector

      2. 1.1.2 Growing Dependence on Gas-Fired Turbines for Power Generation

      3. 1.1.3 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Volatile Raw Material Prices

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Product

      1. 2.1.1 Metal (Bond Coat)

      2. 2.1.2 Ceramic (Top Coat)

      3. 2.1.3 Intermetallic

      4. 2.1.4 Other Products (Metal Glass Composites)

    2. 2.2 End-user Industry

      1. 2.2.1 Automotive

      2. 2.2.2 Aerospace

      3. 2.2.3 Power Plants

      4. 2.2.4 Oil and Gas

      5. 2.2.5 Other End-user Industries (Marine and Railways)

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 Italy

        4. 2.3.3.4 France

        5. 2.3.3.5 Russia

        6. 2.3.3.6 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle-East and Africa

Thermal Barrier Coatings Market Size FAQs

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.

In 2024, the Thermal Barrier Coatings Market size is expected to reach USD 1.16 billion.

Thermal Barrier Coatings Market Report Snapshots

Thermal Barrier Coatings Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)