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Thermal Barrier Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Thermal Barrier Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • September 2021
  • 142 pages
  • ID: 6155641
  • Format: PDF
  • Mordor Intelligence LLP

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The Thermal Barrier Coatings Market was valued at USD 979.05 million in 2020 and the market is projected to register a CAGR of over 4% during the forecast period (2021-2026).

The market is negatively impacted by the COVID-19 pandemic in 2020. Owing to the pandemic scenario various end-user industries, such as aerospace and automotive, among others, were temporarily shut down across the world during the government-imposed lockdowns. Moreover, due to the COVID-19 outbreak, airplane manufacturers experienced severe disruptions in production, owing to the slowing demand due to suspended international flights, which impacted the market studied. Additionally, demand for repairing aircraft, specifically, its turbine engines, has also declined due to less maintenance required. All the aforementioned factors had reduced the demand for thermal barrier coatings, which are used to protect aerospace turbines blades and other turbine engine parts from oxidation and corrosion due to high temperatures and to protect from melting and thermal cycling. Moreover, apart from the aerospace industry, the demand for thermal barrier coatings has also decreased from the racing cars and other high performance premium automobiles, as as various motorsport events were canceled or postponed during the pandemic.

Over the short term, owing to the growth of vapor deposition technologies, the demand for the market studied is likely to rise in the coming years. Moreover, shift from coal to natural gas-fired power generation and the development of new power plants infrastructure are also expected to enhance the demand for the thermal barrier coatings market, through the years to come.
On the flipside, high raw material price volatility and unfavorable conditions arising due to the impact of COVID-19 are expected to restrain the demand for the market studied.
The technological advancements in the end-user market and increasing applications in the aerospace sector are likely to act as an opportunity for the market studied.
North America has dominated the global market. However, Asia-Pacific is likely to witness the highest growth rate during the forecast period.

Key Market Trends

Aerospace Segment to Dominate the Market

Thermal barrier coatings are commonly used to protect nickel-based superalloys from both melting and thermal cycling in aviation turbines. Combined with cool airflow, Thermal barrier coatings increase the allowable gas temperature above that of the superalloy melting point.
Furthermore, Thermal barrier coatings reduce the temperature of the blade alloy and protect against oxidation and hot corrosion from high-temperature gas, thus, increasing that turbine performance, life expectancy, and efficiency.

For example, In a commercial jet engine, the fuel burns at up to 2,000°C in the combustion chamber. The turbine, which extracts energy from the hot gases and provides the engine power, is exposed to gases at between 850-1700°C. Yet increasing engine efficiency means increasing the temperature in the turbine inlet even further. The turbine blades need to be able to work and withstand long operating periods at these temperatures that are above their melting point.

The increasing aircraft fleet and the rising defense expenditure increased the production of aircraft across the world, creating immense demand for coatings like TBCs for the protection of engines and turbines.
According to Boeing Commercial Market Outlook 2020–2039, 43,110 aircraft are expected to be delivered during 2020-2039. Of this regional flight, deliveries are 2,430 units, single-aisle are 32,270 units, widebody aircraft at 7,480 units, and 930 freighter deliveries.
Furthermore, in order to maintain peace and security, all countries have been investing in their respective defense sectors. Furthermore, every year, in their budgets, countries allocate a specific amount for the country’s defense sector. In countries like the United States, China, and India, the governments have been increasing the national defense budget regularly, which is expected to boost the market studied.

The rise in China’s military spending has been widely reported, with a nearly twenty-five-fold increase over the past two decades, jumping from around USD 10 billion in 1999 to over USD 250 billion in 2020.
In India, Hindustan Aeronautics Limited (HAL) is expected to invest approximately USD 200 million for the expansion of its existing infrastructure, in order to increase the production of Tejas aircraft to 24 per year, by 2021.

Additionally, COVID-19 has negatively affected the aircraft sector across the world. According to International Air Transport Association (IATA), global air travel is recovering at a slower pace than expected, and it would take until 2024 for the aircraft sector to reach pre-pandemic levels. The leading manufacturer of aerospace and defense in the world, Boeing, had a revenue of USD 58.16 billion in the year 2020, which is less compared to the previous year’s USD 76.56 billion.
Overall, the market for thermal barrier coatings in the aerospace industry is expected to recover gradually through the forecast period, and grow consistently.

North America Region to Dominate the Market

North America region is dominating the thermal barrier coatings market, owing to the significant demand from the various end-user industries such as aerospace, power, oil and gas, and others. Moreover, United States has the largest share in the market studied. Apart from the United States, Canada and Mexico also have a depictable share in the thermal barrier coatings market.
The United States has the largest aerospace industry in the world. According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 8,270 in 2037, owing to the growth in air cargo. Also, the US mainliner carrier fleet is expected to grow at a rate of 54 aircraft per year, due to the existing fleet getting older.
Strong exports of aerospace components to countries, such as France, China, and Germany, along with robust consumer spending in the United States, have been driving the manufacturing activities in the aerospace industry, which can induce a positive momentum for the market.

In September 2019, the US Air Force was further noticed changing its next-generation fighter jets acquisition strategy with a new plan to design, develop, and manufacture new fighter in five years or less, which is expected to add to the domestic production.
Besides, in November 2020, the Senate was observed planning an investment of about USD 1.7 billion to buy 17 more F-35 fighter jets for the military in the fiscal year 2021. The plan includes the order of twelve F-35As for the Air Force and five F-35Cs for the Navy and Marine Corps for a total of 96 jets in FY 21.

U.S. coal-fired generating fleet dropped to 966,000 gigawatt-hours (GWh) in 2019, the lowest level since 1976. From 2011 to mid-2020, 95 gigawatts (GW) of coal capacity were closed or switched to another fuel and another 25 GW is slated to shut down by 2025. The shift from coal to gas-fired or renewable power sources is estimated to drive the market during the forecast period.
The country is also witnessing increasing natural gas production. In 2019, the United States produced around 99.17 billion cubic feet per day (Bcf/d) natural gas, which is expected to increase further. Consequently, the increase in production of natural gas is likely to influence the demand for gas turbine in the country.?
Moreover, Canada ranks first in civil flight simulation, third in civil engine production, and fourth in civil aircraft production. It is the only nationally ranked in the top five of all the key categories. The Canadian aerospace industry exports over 70% of its products to over 190 countries, across six continents.
According to the Aerospace Industries Association of Canada (AIAC), the aerospace sector generates CAD 31 billion (USD 23 billion) in annual revenue. Approximately 80% of Canada’s aerospace sector is civil-oriented, and 20% is military-oriented. Montréal is the world’s third-largest aerospace hub after Seattle, Washington, and Toulouse, France. Aerospace leads the Canadian manufacturing sector in innovation-related investment, with an expenditure of over USD 1.4 billion on R&D activities annually (nearly a quarter of all manufacturing R&D).
Hence, all the aforementioned factors are expected to significant impact on the demand for thermal barrier coatings market in the region over the forecast period.

Competitive Landscape

The global thermal barrier coatings market is fragmented in nature, with the presence of a large number of global as well as regional service providers occupying an insignificant share in the market. Some of the key players in the market include Honeywell International Inc., OC Oerlikon Management AG, Praxair S.T. Technology Inc. (Linde PLC), Chromalloy Gas Turbine LLC, and Saint-Gobain, among others.

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