The thermal barriers coatings market is projected to witness robust growth during 2018-2026. The market is expected to grow at 6.66% CAGR, thanks to rising demand for aviation turbines. Rise of low-cost carriers, and growing demand in the tourism sector is expected to drive demand for metal-based coatings for alloys used in aviation turbines. The thermal barriers coatings market is also expected to drive entry of several new players as innovation drivers’ new opportunities in the market.
Automotive Sector to Present Challenges as well as Opportunities
The automotive sector remains a key prospect for players in the thermal barriers coatings market. The sector has witnessed dwindling sales in key markets like the US in recent years. However, these lowered sales were attributed largely to a slowdown in economy and despite the high interest rates, the sales picked up once. However, the auto-industry continues to face challenges as trends like hail-a-cab continue to drive growth for new consumer shifts. The growth of the automotive sector is expected to come from next-gen vehicles which will drive tremendous opportunities for players in the thermal barriers coatings market. Next-gen electric and automated vehicles have sparked new interest among buyers. Additionally, growing demand for aesthetics in next-gen vehicle also promises more opportunities. Apart from the engine, electric vehicles are far easier to manufacture. Hence, more investments can drive growth of coatings and barriers for ideal body modifications in the market.
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Vapor Deposition Method to Dominate Growth
The thermal barriers coatings market is divided according to various methods including vapor deposition, air plasma and a few others. Among these, the air plasma method dominated growth in 2017 as high-temperature applications remained dominant during the same years. However, in the near future, the growth is expected to be driven mainly by vapor deposition segment.
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The segment is witnessing a continuous rise and is expected to drive considerable opportunities for players in the market.
Asia Pacific to Remain a Lucrative Prospect
The rising sales of cars in Asia Pacific, and increasing investment in infrastructure, and emergence of several low-cost carriers are major drivers of growth in the market. Countries like India and China are one of the biggest importers of manufactured vehicles. China’s economy is also one of the biggest manufacturer of vehicle. Additionally, the countries along with the US are expected to double the growth of the construction sector by 2030. The rising investment in infrastructure projects like ports, airports, and highways are expected to drive growth for the thermal barriers coatings market. Additionally, emergence of low-cost carriers in countries like Malaysia, Qatar, and India are expected to drive major growth for tourism and create new opportunities for players in the thermal barriers coatings market.
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