The thermal ceramics market is estimated to be USD 3.36 billion in 2018 and is projected to reach USD 5.02 billion by 2023, at a CAGR of 8.4% from 2018 to 2023
LONDON, June 25, 2018 /PRNewswire/ -- The thermal ceramics market is projected to grow at a CAGR of 8.4% during the forecast period.
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The thermal ceramics market is estimated to be USD 3.36 billion in 2018 and is projected to reach USD 5.02 billion by 2023, at a CAGR of 8.4% from 2018 to 2023. Rapid infrastructural development in emerging economies of APAC is one of the major factors driving the thermal ceramics market. For instance, various agreements have been signed between India and China for the development of sectors such as railways, renewable energy, and industrial parks. The growth of the thermal ceramics market is. however, restrained by the carcinogenic nature of ceramic fibers and environmental concerns related to refractories.
The 1,000 to 1,400°C temperature range segment is projected to witness the highest CAGR during the forecast period.
Based on temperature range, the 1,000 to 1,400°C segment accounted for the largest market size and is also projected to grow at the highest rate owing to the large volumes of thermal ceramics being used in diverse applications, such as homogenizing furnaces, process heaters, ceramic kilns, high temperature filtration, refractory back-up for aluminum melting and holding furnaces, aluminum furnace tap-out plug cover and parting agent, aluminum distributor pan linings, gaskets for any high temperature application, back up lining for metal troughs, and heat shields.
The manufacturing end-use industry segment is projected to grow at the highest CAGR during the forecast period.
Based on end-use industry, the manufacturing segment of the thermal ceramics market is projected to grow at the highest rate during the forecast period.This segment includes industries such as automotive, cement, electronics, glass, and refractory.
The high growth in the cement industry, owing to urbanization and industrialization, is fueling the demand for thermal ceramics. The increasing production of automotive and electronics has also contributed to the growth of thermal ceramics market.
By type, the ceramic fibers segment is projected to grow at a higher CAGR than the insulation bricks segment from 2018 to 2023.
Ceramic fibers are the most commonly used thermal ceramics due to their superior properties across a wide temperature range, generally from 650°C and above.Properties such as low thermal conductivity and lightweight make ceramic fibers effective for insulation.
Another advantage of ceramic fibers is their ability to be converted into any shape or size due to their high flexibility. Ceramic fibers find application in the petrochemical, glass, ceramics, and aluminum industries.
By region, the Asia Pacific thermal ceramics market is projected to grow at the highest CAGR during the forecast period.
The Asia Pacific thermal ceramics market growth is driven by the fast-growing manufacturing industries in the region.Automotive, energy, and construction are the major industries contributing to the high growth of the thermal ceramics market in Asia Pacific.
The cement industry, which serves the construction segment, is a high potential growth market. Additionally, as per the estimation of International Data Corporation, the manufacturing spending in this region is expected to grow at a CAGR of 4.8% between 2015 and 2019. All these factors are expected to make this region a high growth market for thermal ceramics.
This study was validated through primaries conducted with various industry experts worldwide. The primary sources were divided into 3 categories, namely, company type, designation, and region.
• By Company Type – Tier 1-70%, Tier 2 -20%, and Tier 3-10%
• By Designation - C Level-5%, Director Level-20%, and Others-75%
• By Region - North America-10%, Europe-30%, Asia Pacific-40%, Middle East & Africa -15%, and South America-5%
Companies Profiled in the Report:
Key players profiled in this report 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).
Research Coverage:
The report offers insights on thermal ceramics used in various end-use industries across regions.It aims at estimating the size of the thermal ceramics market during the forecast period and projects future growth of the market across different segments, such as type, temperature range, end-use industry, and region.
The report also includes an in-depth competitive analysis of the key players in the thermal ceramics market, along with their company profiles, SWOT analysis, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help market leaders/new entrants in the thermal ceramics market by providing them the closest approximations of the revenues for the overall market and its various subsegments.This report will help stakeholders obtain a better understanding of the competitive landscape and gain insights to enhance their businesses and devise suitable market strategies.
The report will also help stakeholders understand the pulse of the market and help acquire information on key market drivers, restraints, challenges, and opportunities affecting the growth of the thermal ceramics market.
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