Thermal Barrier Coatings Market Pegged for Robust Expansion by 2024
The global thermal barrier coatings market is all set to register prodigious growth trajectory during the forecast period of 2018 to 2026. This growth is attributed to plethora of reasons. One of the key reasons for this remarkable growth is increased use of thermal barrier coatings in various industries such as aerospace and automotive.
Thermal barrier coatings are gaining traction owing to various features they offer. One of the key features of surface barrier coatings is their ability to protect the components from erosion, wear, and corrosion. At the same time, they help in improving the energy efficiency as well as overall life of the components. Owing to all these benefits, the global thermal barrier coatings market is witnessing stupendous demand avenues.
The segmentation of the global thermal barrier coatings market is performed on the basis of various key aspects such as product, coating material, technology, application, and region. Based on product, the market for thermal barrier coatings is classified into intermetallic, metal, and ceramic.
Rising Promotional Activities by Players Stimulate Demand Avenues in Market
The global thermal barrier coatings market is fairly fragmented in nature. Owing to presence of many small as well as well-established players, the competitive landscape of the market for thermal barrier coatings is highly intense. Vendors in the global thermal barrier coatings market are executing diverse strategies to stay ahead in the competition and gain prominent position. Many enterprises are pouring efforts to grow awareness about the various advantage of using thermal barrier coatings. For this purpose, they have increased investments on promotional activities. This move is expected to fuel the demand for the products from the global thermal barrier coatings market.
Major players in the thermal barrier coatings market are engaged in merger and acquisition activities. Main motive behind these moves is to strengthen their production capabilities. This aside, many enterprises are entering into partnership agreements. These moves are helping them to expand regional presence and gain leading position in the market for thermal barrier coatings. All these activities connote that the global thermal barrier coatings market will grow at a rapid pace during forecast period of 2018 to 2026.
Praxair, Inc., A&A Thermal Spray Coatings, ASB Industries, Inc., H.C. Starck GmBH, THERMION, Air Products and Chemicals, Inc. Flame Spray Coating Co., Metallizing Equipment Co. Pvt. Ltd., The Fisher Barton Group, and Metallisation Ltd. are some of the key players working in the global thermal barrier coatings market.
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Asia Pacific Shows Lucrative Avenues for Market Growth
Asia Pacific, North America, Europe, Middle East and Africa, and Latin America are key regions for the global thermal barrier coatings market. Of them, Asia Pacific is one of the prominent regions with high consumption of thermal barrier coatings. One of the key reasons for this growth is the presence of thriving automotive sector. Thus, with expansion of automotive industry in Asia Pacific, the demand for products from the global thermal barrier coatings market is expected to increase. Apart from this, thermal barrier coatings market in Asia Pacific will get the benefit of rising industrialization and considerable growth in aerospace industries in emerging economies such as India and China.
This assessment is based on a latest report by Transparency Market Research (TMR) titled “Thermal Barrier Coatings Market (Product – Metal, Intermetallic, Ceramic; Technology – Vapor Deposition, High-velocity Oxygen Fuel (HVOF), Air Plasma; Coating Material – Aluminum Oxide, Ceramic Yttria-Stabilized Zirconia (YSZ), MCrAiY; Application – Industrial, Automotive, Aerospace) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026.”
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