SAN FRANCISCO, April 27, 2020 /PRNewswire/ -- 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.
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.
Key suggestions from the report:
- By application, the industrial segment accounted for the largest share of 66.3% in 2019 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 2019 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.
Read 120 page research report with ToC on "Thermal Ceramic Market Size, Share & Trends Analysis Report By Application (Industrial, Transportation, Petrochemical & Chemical), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/thermal-ceramic-market
Asia Pacific emerged as the largest consumer of thermal ceramics in 2019 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 2019, 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.
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.
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)
- Petrochemical & Chemical
- Thermal Ceramics Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- Saudi Arabia
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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