Thermal Ceramics Market Worth $7.01 Billion By 2027 | CAGR: 7.1% | Grand View Research, Inc.

December 01 07:50 2020
Thermal Ceramics Market Worth $7.01 Billion By 2027 | CAGR: 7.1% | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to a new report by Grand View Research, Inc., The global thermal ceramic market size was valued at USD 3.8 billion in 2020 and is anticipated to expand at a CAGR of 7.1% from 2020 to 2027. Increasing demand for thermal ceramics as high-temperature insulation materials for linings in industrial heaters and furnaces is expected to augment market growth over the coming years.

The global thermal ceramic market size is expected to reach USD 7.01 billion by 2027, expanding at a CAGR of 7.1% over the forecast period, according to a new report by Grand View Research, Inc. Increasing demand for high-performance components in the transportation sector is anticipated to augment market growth over the coming years.

The mining industry accounts for a vital share of the global economy and is responsible for supplying key raw materials for several applications and end-use industries, thus being a key sector of focus amidst the ongoing pandemic outbreak. Mining industries in China are expected to return to normal operations by Q3 of 2020 as enterprises indicated towards the returning of their workers soon. Moreover, Iron ore producers are known to be the least impacted. Major players such as BHP and Vale reported experiencing no major influence on their operations due to the COVID-19 virus. The iron ore prices reached above USD 90 per ton amidst the pandemic situation which may negatively impact the end-use industries. The report will account for Covid19 as a key market contributor.

In the transportation sector, automobile and aircraft component manufacturers are the major consumers of thermal ceramics as they require lightweight, high temperature resistant, and flexible materials in producing high-performance engine and structural components. According to the Airbus, the number of commercial aircraft is likely to double, reaching 48,000 aircrafts worldwide by 2040, which, in turn, is expected to drive the demand for thermal ceramics over the coming years.

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Asia Pacific emerged as the largest consumer of thermal ceramics in 2020 owing to growing demand for steel in the transportation, machinery, and automotive industries. Thermal ceramic is used as an insulation material for the lining of furnaces that are used in steel making processes. Asia has been the key producer of steel past many years. As of 2020, China was the largest producer of crude steel accounting for a volume share of 53.3% globally and India, Japan, and South Korea with 5.9%, 5.3%, and 3.8% respectively.

Thermal Ceramic Market Report Highlights

  • By application, the industrial segment accounted for the largest share of 66.3% in 2020 due to increasing use of thermal ceramics in heaters and furnaces as they control heat dissipation and reduce energy consumption during the manufacturing of steel and glass
  • The petrochemical and chemical application segment is expected to expand at the fastest CAGR of 7.0% over the forecast period. The growth is attributed to rising demand from the oil and gas industry, wherein thermal ceramics are used for the lining of boilers
  • Europe is anticipated to register a CAGR of 7.3% over the forecast period owing to growing transportation industry, wherein various components are manufactured using thermal ceramics due to their resistance to elevated temperatures
  • North America accounted for a share of 28.8% in 2020 on account of increasing number of infrastructure projects, which involve widespread usage of cement, glass, and metals
  • Thermal ceramic is gaining popularity over its counterparts due to rising concerns over environmental pollution and its properties, such as lightweight and high temperature resistance. It can withstand temperature ranging between 650oC to 1,600oC.

The Asian countries are inviting significant investments in their steel sector, which is anticipated to further increase their market share in the world. For instance, in September 2018, POSCO announced its plan to invest USD 40 billion by 2023 to upgrade its steel capacity in South Korea. Such initiatives by steel manufacturers are anticipated to augment the demand for thermal ceramics over the coming years.

Key players of thermal ceramics market include 3M; CeramTec; Dyson Technical Ceramics; FibreCast Inc.; Ibiden; Morgan Advanced Materials; Mitsubishi Chemical Corporation, LLC; Rauschert GmbH; and YESO Insulating Products. These companies are focusing on creating strong network by using various distribution channels and collaborating with dealers across the globe to ensure timely delivery of products.

Have some specific queries about this report, our team of analyst will be glad to help!

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In industrial applications, thermal ceramics are largely used in heaters and furnaces that are further used in the metal processing, cement, and glass industries. Ceramic materials with properties, such as thermal conductivity, thermal expansion, heat capacity, thermal shock resistance, and maximum service temperature, are important in thermal ceramic design considerations for the industrial sector.

Thermal ceramics reduce the heat loss across different industrial processes, making them more suitable for thermal insulation purposes, which further helps in saving the overall energy consumption and manufacturing cost in industrial applications. These phenomenal characteristics have increased the penetration of thermal ceramics across different applications, including the manufacturing of solar panels.

Combining photovoltaics with thermoelectric ceramics to produce solar panels generate more efficient solar energy in comparison to the panels, which are manufactured using photovoltaic cells alone. According to the Solar Energy Industries Association (SEIA), in 2018, solar photovoltaic capacity in U.S. reached64.2 gigawatts (GW) and is expected to reach more than 79 GW by 2024. Growing demand for solar energy is anticipated to drive the demand for solar panels, thus positively influencing the market growth over the forecast period.

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Despite the growing demand for thermal ceramics, the carcinogenic nature of the ceramic fibers is likely to restrain the market growth over the coming years. Companies engaged in the manufacturing and procuring of thermal ceramics have to comply with standards set by the governments of several countries to reduce the carcinogenic impact on the workers dealing with the product. In the U.S., according to the National Institute for Occupational Safety and Health (NIOSH), the occupational exposure limits for refractory ceramic fiber is 0.5 fibers per cubic centimeter (f/cm3).

Grand View Research has segmented the global thermal ceramics market on the basis of application and region:

Thermal Ceramics Application Outlook (Revenue, USD Million, 2016 – 2027)

  • Industrial
  • Transportation
  • Petrochemical & Chemical
  • Others

Thermal Ceramics Regional Outlook (Revenue, USD Million, 2016 – 2027)

  • North America
    • U.S.
  • Europe
    • Germany
    • U.K.
  • Asia Pacific
    • China
    • India
  • Central & South America
    • Brazil
  • Middle East & Africa
    • Saudi Arabia

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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