Market Scenario:
The ceramics segment is the most widely used type in the market due to its growing consumption in heavy end-use industries such as automotive, aerospace, aviation, industrial, and others. Moreover, durability, wear resistance and phase stability are the major factors behind the popularity of this segment. The increasing use of ceramic type, yttria-stabilized zirconia in major industries is estimated to drive the market during the assessment period
The high velocity oxygen fuel is the leading technology used in the market and is anticipated to observe a rapid growth due to an increased demand for thermal paints in various applications. This technology is used in heat barrier paints to improve the performance, efficiency of the engines and systems. Moreover, excellent flexibility, mechanical properties, UV and chemical resistance are some of the properties offered by the technology in the industry.
The stationary power plants is the leading segment used in the market and is anticipated to observe a rapid growth due to boundless use of thermal paints in gas turbines and systems. Moreover, the automotive segment is expected to witness a rapid growth in the sector due to extensive consumption of barrier materials in various components and parts of the systems.
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Competitive Analysis:
Some of the major players functioning in the Global Thermal Barrier Coatings Market are Praxair Surface Technologies, Inc (U.S.), Metallisation Ltd (U.K), Flame Spray Coating Co. (U.S.), Metallizing Equipment Co. Pvt. Ltd. (India), Air Products and Chemicals, Inc. (U.S.), Precision Coatings, Inc (U.S.), ASB Industries, Inc. (U.S.), CTS (U.S.), H.C. Starck GmbH (U.S.), and THERMION (U.S.A), among others.
Thermal Barrier Coatings belongs to a class of coverings which are applied on the metallic surface to offer excellent flexibility, heat stability, and chemical resistance to the finished material. Moreover, they also provide versatility, reliability and durable nature to the product.
The Global Thermal Barrier Coatings Market has been driven by the range of its application in various sectors such as stationary power plants, automotive, aerospace, aviation, and others. Moreover, it is estimated that the automotive segment is set to witness the highest growth in the market due to the growing consumption of heat resistant materials in the sector over the forecast period.
Market Segmentation:
The Global Thermal Barrier Coatings Market is segregated into the product, technology and application.
On the basis of the Product, the market is further categorized into metal, ceramic, intermetallic segments.
On the basis of Technology, the market is segmented into high velocity oxygen fuel, electron-beam physical vapor deposition, chemical vapor deposition, air plasma.
On the basis of Application, the market is classified into stationary power plants, automotive, aerospace, aviation, and others.
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Regional Analysis:
The Global Thermal Barrier Coatings Market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds the major portion of the global market and is anticipated to continue its dominance due to rising demand for thermal insulation materials in various applications. Countries such as China, Japan and India are the major players in this region. The North America region is estimated to witness a higher growth in the U.S., Canada and Mexico owing to increasing demand for industrial coatings in stationary power plants, aerospace, aviation and others. The enactment of new rules and regulations set by the European Union has driven the manufacturers to use eco-friendly product in the end-use industries. Moreover, it is projected that the progressing research & development of coating materials in the market has propelled this region to witness a significant growth in Germany, the U.K and Italy.
The Middle East & Africa is estimated to observe a significant growth due to increasing consumption of barrier materials in industrial, aerospace, aviation and others. Additionally, the growing demand for corrosion and wear resistance materials is projected to boost the market in the Latin American region.
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