Cordierite Market by Type (Sintered, Porous), Application (Automotive Parts, Deodorization, Deoxidation Smoke Extraction, Ceramic Kiln, Infrared Radiator, Electrical Insulators, Welding Strip Rings), And Region - Global Forecast to 2028
Updated on : September 15, 2023
Cordierite Market
The global cordierite market is valued at USD 2.5 billion in 2023 and is projected to reach USD 3.2 billion by 2028, growing at 5.1% cagr during the forecast period. The demand for cordierite is being driven by the increasing demand for energy-efficient solutions and lightweight materials. Cordierite can be easily manufactured into various shapes and sizes using conventional ceramic processing techniques, including extrusion and injection molding. This flexibility in manufacturing allows for the production of complex and customized components. Cordierite exhibits high strength and rigidity, providing mechanical stability to components made from this material. It can withstand mechanical stresses and vibrations commonly experienced in automotive and industrial applications. This property is particularly crucial in environments where components need to maintain their structural integrity.
Global Cordierite Market Trends
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Cordierite Market Dynamics
Driver: Growing demand from automotive and industrial sectors
The automotive industry is a major driver for the cordierite market. Cordierite-based products, such as catalytic converters and diesel particulate filters (DPFs), are extensively used in vehicles to reduce emissions and meet regulatory standards. As the global automotive industry continues to expand, particularly in emerging economies, the demand for cordierite-based components is expected to rise.
Cordierite's unique properties, including low thermal expansion, high thermal shock resistance, and good mechanical strength, make it suitable for various industrial applications. It is widely used in the manufactureing of kiln furniture, which is used to support and hold ceramic ware during firing processes. The expanding ceramics and glass industries, particularly in developing emerging regions, are driving the demand for cordierite-based kiln furniture.
Restraint: High manufacturing costs
Cordierite-based products require specialized manufacturing processes, including shaping, drying, and firing at high temperatures. These processes can be energy-intensive and require advanced equipment and expertise, resulting in relatively high manufacturing costs. The higher costs associated with cordierite production can act as a restraint, particularly in price-sensitive markets or during periods of economic downturn when cost-cutting measures become more prevalent.
Opportunity: Expansion of energy sector
The increasing focus on renewable energy sources, such as solar and wind power, presents opportunities for cordierite-based products in energy-related applications. Cordierite's thermal stability and insulation properties make it suitable for use in components like ceramic heat exchangers, combustion chambers, and thermal energy storage systems. As the renewable energy sector continues to grow, the demand for cordierite-based solutions in energy applications is expected to increase.
Challenges: Complex manufacturing processes and quality control
The production of cordierite-based products involves complex manufacturing processes, including mixing, shaping, drying, and firing. Maintaining consistent product quality throughout these processes can be challenging. Any variations in the manufacturing parameters or raw material quality can affect the final product's performance of the product. Implementing robust quality control measures and process optimization strategies is crucial to ensuring product consistency and meeting customer requirements.
Cordierite Market Ecosystem
By application, automotive parts is estimated to be the third-fastest growing segment during the forecast period in the cordierite market.
Diesel Particulate Filters (DPF) are crucial components in diesel engines that capture and remove particulate matter (PM) or soot from the exhaust gases. Cordierite is widely used as the material for the DPF substrate due to its ability to withstand high temperatures and provide effective filtration. The cordierite substrate traps and stores the soot particles until they are burned off during the regeneration process, ensuring cleaner exhaust emissions. The consumption of cordierite in automotive parts, specifically catalytic converters and DPFs, depends on various factors, including the vehicle's type (gasoline or diesel), engine size, emission standards, and the specific design of the components. The size and shape of the cordierite substrate can vary depending on the application and the requirements of the vehicle manufacturer.
By type, sintered cordierite is estimated to be the fastest-growing segment during the forecast period in the cordierite
Sintered Cordierite is produced by compacting cordierite powder and firing it at high temperatures to achieve solid-state sintering. This process leads to a dense, non-porous ceramic structure. Sintered cordierite exhibits high mechanical strength, low thermal expansion, and excellent thermal shock resistance. It is known for its stability at high temperatures and good resistance to thermal cycling. This type of cordierite is commonly used in applications where high mechanical strength and thermal stability are required, such as automotive diesel particulate filters (DPFs), catalytic converters, and kiln furniture.
Asia Pacific is projected to be fastest growing amongst other regions in the cordierite market, in terms of value
Asia Pacific is projected to be the fastest-growing market for cordierite due to rapid industrialization in recent years, particularly in countries like China, India, and South Korea. This has led to an increase in demand for cordierite, which is used in various applications such as automotive parts, ceramic kiln, and electrical insulators among others. Industries are increasingly using cordierite for high-precision manufacturing processes, research & development, and quality control.
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Source: Secondary Research, Primary Interviews, and MarketsandMarkets Analysis
Cordierite Market Players
The key players in the cordierite market include DENSO Corporation (Japan), Kyocera Corporation (Japan), Corning Inc. (US), TOTO Ltd. (Japan), NGK Insulators (Japan), Vesuvius Plc (UK), Elementis Plc (UK), CoorsTek (US), Unifrax (US), and CeramTec (Germany), among others. The cordierite market report analyzes the key growth strategies, such as partnerships, expansions, and acquisitions adopted by the leading market players between 2018 and 2023.
Cordierite Market Report Scope
|
Report Metric |
Details |
|
Market Size Value in 2023 |
USD 2.5 billion |
|
Revenue Forecast in 2028 |
USD 3.2 billion |
|
CAGR |
5.1% |
|
Years considered for the study |
2019-2028 |
|
Base Year |
2022 |
|
Forecast period |
2023–2028 |
|
Units considered |
Value (USD Billion), Volume (Kiloton) |
|
Segments |
Type, Application, and Region |
|
Regions |
Asia Pacific, North America, Europe, Middle East & Africa, and South America |
|
Companies |
DENSO Corporation (Japan), Kyocera Corporation (Japan), Corning Inc. (US), TOTO Ltd. (Japan), NGK Insulators (Japan), Vesuvius Plc (UK), Elementis Plc (UK), CoorsTek (US), Unifrax (US), and CeramTec (Germany) are the key players in the market. |
This report categorizes the global cordierite market based on type, application, and region.
On the basis of type, the cordierite market has been segmented as follows:
- Sintered
- Porous
On the basis of application, the cordierite market has been segmented as follows:
- Automotive Parts
- Deodorization, Deoxidation Smoke Extraction
- Ceramic Kilns
- Infrared Radiators
- Electrical Insulators
- Welding Strip Rings
- Others
On the basis of region, the cordierite market has been segmented as follows:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- South America
Recent Developments
- In May 2023, Denso Corporation, a prominent supplier in the mobility industry, and United Semiconductor Japan Co., Ltd., a subsidiary of global semiconductor foundry United Microelectronics Corporation, have recently entered a collaborative partnership. The objective of this collaboration is to manufacture insulated gate bipolar transistors (IGBT). These IGBTs have commenced mass production at the 300mm fabrication facility of United Semiconductor Japan Co., Ltd.
- In April 2023, Kyocera Corporation has recently announced its plans to acquire approximately 37 acres of land at the Minami Isahaya Industrial Park in Isahaya City, Nagasaki Prefecture, for the establishment of a new smart factory. This strategic move is in response to the increasing demand for components in the electronics industry. The new factory will be designed to manufacture fine ceramic components utilized in semiconductor-related applications, along with semiconductor packages. Kyocera aims to commence production at the facility in 2026, further strengthening its position in the semiconductor industry.
- In January 2022, Exeger, a Swedish industrial company, has entered a strategic partnership with NGK Insulators, Ltd. This collaboration aims to facilitate the expansion of both companies into new sectors and target additional markets. By combining their expertise, Exeger and NGK will offer manufacturers innovative low-power solutions and devices that boast extended or even infinite battery life. This partnership sets the stage for exciting advancements in the field of sustainable and long-lasting battery technologies.
Frequently Asked Questions (FAQ):
What is the current size of the global cordierite market?
The global cordierite market is projected to reach USD 3.2 billion by 2028, at a CAGR of 5.1% from USD 2.5 billion in 2023.
Who are the winners in the global cordierite market?
Companies such as DENSO Corporation (Japan), Kyocera Corporation (Japan), Corning Inc. (US), TOTO Ltd. (Japan), NGK Insulators (Japan), Vesuvius Plc (UK), Elementis Plc (UK), CoorsTek (US), Unifrax (US), and CeramTec (Germany). They have the potential to broaden their product portfolio and compete with other key market players.
What are some of the drivers in the market?
Growing demand in automotive and industrial sector drives the market.
Which segment on the basis of application is expected to garner the highest traction within the cordierite market?
Based on application, automotive parts segment held the largest share of the cordierite market in 2022.
What are some of the strategies adopted by the top market players to penetrate emerging regions?
The major players in the market use partnerships, expansions, and acquisitions as important growth tactics. .
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The study involved four major activities in estimating the market size of the cordierite market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources have been referred to for identifying and collecting information for this study. These secondary sources include annual reports, press releases, investor presentations of companies, white papers, trade directories, certified publications, articles from recognized authors, gold standard and silver standard websites, and databases.
Secondary research has been used to obtain key information about the value chain of the industry, monetary chain of the market, the total pool of key players, market classification and segmentation according to industry trends to the bottom-most level, and regional markets. It was also used to obtain information about the key developments from a market-oriented perspective.
Primary Research
The cordierite market comprises several stakeholders in the value chain, which include raw material suppliers, material processing, cordierite manufacturers, distributors, and end users. Various primary sources from the supply and demand sides of the cordierite market have been interviewed to obtain qualitative and quantitative information. The primary interviewees from the demand side include key opinion leaders in end-use sectors. The primary sources from the supply side include manufacturers, associations, and institutions involved in the cordierite industry.
Primary interviews were conducted to gather insights such as market statistics, data of revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to type, application, and region. Stakeholders from the demand side, such as CIOs, CTOs, and CSOs were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of cordierite and future outlook of their business which will affect the overall market.
The breakdown of profiles of the primary interviewees is illustrated in the figure below:
Note: Tier 1, Tier 2, and Tier 3 companies are classified based on their market revenue in 2022 available in the public domain, product portfolios, and geographical presence.
Other designations include consultants and sales, marketing, and procurement managers.
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|
Company Name |
Designation |
|
DENSO Corporation |
Sales Director |
|
Kyocera Corporation |
Sales Manager |
|
CeramTec |
Director |
|
Elementis Plc |
Marketing Manager |
|
CoorsTek |
R&D Manager |
|
|
|
Market Size Estimation
The top-down and bottom-up approaches have been used to estimate and validate the size of the cordierite market.
- The key players in the industry have been identified through extensive secondary research.
- The purification process of the industry has been determined through primary and secondary research.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
- The research includes the study of reports, reviews, and newsletters of the key market players, along with extensive interviews for opinions with leaders such as directors and marketing executives.
Cordierite Market: Bottum-Up Approach
Note: All the shares are based on the global market size.
Source: Secondary Research, Interviews with Experts, and MarketsandMarkets Analysis
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Cordierite Market: Top-Down Approach
Data Triangulation
After arriving at the total market size from the estimation process explained above, the overall market has been split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and sub-segments, data triangulation and market breakdown procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market size has been validated by using both the top-down and bottom-up approaches and primary interviews. Hence, for every data segment, there have been three sources—top-down approach, bottom-up approach, and expert interviews. The data was assumed correct when the values arrived from the three sources matched.
Market Definition
Cordierite is a magnesium aluminum silicate material that has been widely used in applications where thermal shock resistance is important. Cordierite is also useful because it has a low thermal expansion and good electrical insulation compared to other ceramic materials. Cordierite combines great thermal shock properties, low thermal expansion rate, and good electrical insulation. It is an excellent fit for inexpensive insulators used in manufacturing and durable goods.
Key Stakeholders
- Senior Management
- End User
- Finance/Procurement Department
- R&D Department
Report Objectives
- To define, describe, and forecast the size of the cordierite market, in terms of value and volume
- To provide detailed information regarding the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the market
- To estimate and forecast the market size based on type, application, and region
- To forecast the size of the market with respect to major regions, namely, Europe, North America, Asia Pacific, Middle East & Africa, and South America, along with their key countries
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and their contribution to the overall market
- To analyze opportunities in the market for stakeholders and provide a competitive landscape of market leaders
- To track and analyze recent developments such as partnerships, expansions, and acquisitions in the market
- To strategically profile key market players and comprehensively analyze their core competencies
Available Customizations
Along with the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
Regional Analysis
- Further breakdown of a region with respect to a particular country or additional application
Company Information
- Detailed analysis and profiles of additional market players
Growth opportunities and latent adjacency in Cordierite Market