Thermal Barrier Coatings Market Growth & Trends
The global thermal barrier coatings market size is expected to reach USD 23.6 billion by 2030, registering a CAGR of 5.1% during the forecast period, according to a new report by Grand View Research, Inc. Increasing demand for advanced heat resistant coatings from several end-use industries including energy, automotive, and aerospace is expected to have a positive impact on the market growth in the coming years. The growing scope of applications in gas turbines, which are widely used across the energy sector, is also expected to propel the product demand.
Medical was the largest application for PEG, accounting for more than 40% of market share in 2022. Superior blending, hygroscopicity, and non-toxic properties of PEG have resulted in high demand for the chemical in numerous pharmaceutical products such as tablets and ointments. Increasing pharmaceutical expenditure, particularly in emerging economies of India, China, and Brazil, is expected to boost PEG market over the forecast period. Growing demand for paints & coatings coupled with the increasing use of PEG as a solvent due to its low VOC emissions is anticipated to fuel market growth over the next six years.
Rising power generation activities across the globe owing to the growing demand for electricity as a result of population growth and rapid urbanization is boosting the growth of gas turbines for power generation. Gas turbines play an important role in reducing Greenhouse Gas (GHG) emissions. As compared to other combustion-based electricity generation applications, these are very proficient and also reduce carbon emissions. Thus, the growth in the power generation sector along with an increased focus on generating electricity through sustainable energy sources is projected to propel the growth of gas turbines in the coming years.
An increasing number of stationary power plant installations in emerging economies is projected to drive the demand further. In addition, increasing product penetration in the aerospace application would also benefit market growth in the coming years. The rising adoption of air plasma and High-Velocity Oxygen Fuel (HVOF) technologies in automotive and aerospace applications is expected to drive product demand in these sectors. Heavy investments by leading industry participants, such as Praxair Surface Technologies, for the development of advanced and innovative coating solutions, will also have a positive impact on the market growth during the forecast period.
Request a free sample copy or view report summary: Thermal Barrier Coatings (TBC) Market Report
Thermal Barrier Coatings Market Report Highlights
The aerospace application segment accounted for a prominent share in 2022 and is further expected to witness significant growth over the forecast period
North America dominated the market in 2022. However, Asia Pacific is projected to be the fastest-growing regional market from 2022 to 2030.
The ceramics product segment led the global market in 2022 and will remain dominant, growing at the fastest CAGR over the forecast period, due to its rising demand in various end-use industries
Prominent development strategies adopted by the leading companies in this market are merger & acquisition activities, technical collaborations, and plant expansions.
コメント