The thermal ceramics market is projected to grow from USD 3.36 billion in 2018 to USD 5.02 billion by 2023, at a CAGR of 8.4% from 2018 to 2023.
The report "Thermal Ceramics Market by Type (Ceramic Fibers and Insulation Bricks), End-Use Industry(Mining & Metal Processing, Chemical & Petrochemical, Manufacturing, Power Generation),Temperature Range, and Region - Global Forecast to 2023", Growing need for energy savings and rapid infrastructural development in emerging economies of APAC are driving the thermal ceramics market. Thermal ceramic materials help in reducing heat loss across various industrial processes, making them suitable for thermal insulation purposes and, thus, helping end-use industries save energy and reduce the overall manufacturing cost. The demand for thermal ceramics is expected to rise in the cement industry as well, with the growth in construction activities. Growing infrastructural developments and industrialization in various regions are also expected to propel the demand for thermal ceramics in the manufacturing sector.
Browse 77 market data Tables and 37 Figures spread through 125 Pages and in-depth TOC on "Thermal Ceramics Market by Type (Ceramic Fibers and Insulation Bricks), End-Use Industry(Mining & Metal Processing, Chemical & Petrochemical, Manufacturing, Power Generation),Temperature Range, and Region - Global Forecast to 2023"
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Based on type, the ceramic fibers segment is estimated to lead the thermal ceramics market in 2018.
Ceramic fibers possess properties such as lightweight and low-density, which make them suitable for high-temperature applications that require low thermal mass. Ceramic fibers are further categorized into low bio-persistent ceramic fibers, refractory ceramic fibers, and polycrystalline ceramic fibers. Bio-persistent fibers have high growth potential due to their environment-friendly nature. R&D in ceramic fibers is expected to drive the thermal ceramics market growth during the forecast period.
Based on end-use industry, the mining & metal processing segment is estimated to lead the thermal ceramics market in 2018.
Mining & metal processing is the largest end-use industry segment of the global thermal ceramics market. The increased demand for metal across different industries is driving the thermal ceramics market. In the mining & metal processing segment, iron & steel and aluminum industries are the major contributors in terms of the overall metal production. The production of global crude steel was 1,629.6 million tons in 2016, and that of iron ore was 2,015.0 million tons in 2015. The increasing production of metal to meet the demand in industrial, automotive, and numerous other applications will, in turn, grow the market for thermal ceramics.
The Asia Pacific thermal ceramics market is projected to grow at the highest CAGR during the forecast period.
Asia Pacific is expected to be the fastest-growing market for thermal ceramics during the forecast period. The thermal ceramics market in this region is led by China, Japan, India, and South Korea. China and India are at the forefront of the ongoing industrial revolution. Metal processing is one of the major industries in the manufacturing sector. The metal processing industry is driven by the automobile, telecom, machinery, and transportation industries. igh growth in these industries is expected to propel the demand for thermal ceramics in Asia Pacific. China is a major country for the steel and other manufacturing industries. Steel producers, including China, Japan, South Korea, India, and Taiwan, are driving the demand for thermal ceramics in the metal processing industries. These factors are encouraging key market players to expand their business in the Asia Pacific region.
Key Players in the Thermal Ceramics Market:
The key players operating in the thermal ceramics market include Morgan Thermal Ceramics (UK), Unifrax (US), IBIDEN (Japan), Isolite Insulating Products (Japan), Luyang Energy-Saving Materials (China), RHI Magnesita (Austria), Rath (US), Mitsubishi Chemical Corporation (Japan), 3M (US), and YESO Insulating Products (China).
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