Rockville, May 19, 2023 (GLOBE NEWSWIRE) — In 2023, the market for thermal ceramics will be worth US$4.6 billion. By the end of 2033, the global thermal ceramics market is expected to be worth US$ 7.6 billion, growing at a CAGR of 5.1%.
The global market for thermal ceramic fibers is anticipated to reach US$ 5.5 billion by the end of 2033, growing at a CAGR of 5.3% between 2023 and 2033. By the end of 2033, the Japanese market is expected to have grown at a CAGR of 4.1% and be worth US$ 619.9 million.
Growing demands for energy conservation are anticipated to be one of the key drivers of increased growth prospects in the target industry.
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Market Drivers
- Thermal ceramics find extensive applications in various industries such as automotive, aerospace, energy and power, metallurgy, and chemical processing. The growing demand from these sectors for thermal insulation and high-temperature materials is a significant driver for the market.
- Energy efficiency and conservation have become critical factors across industries. Thermal ceramics provide excellent insulation properties, enabling energy savings by reducing heat loss and improving process efficiencies. Government regulations and initiatives promoting energy-saving practices are driving the adoption of thermal ceramics.
- With the advancement of technology and the need for higher operating temperatures in various industrial processes, the demand for high-temperature insulation materials has increased. Thermal ceramics offer excellent thermal stability, high-temperature resistance, and insulation, making them ideal for applications in furnaces, kilns, and other high-temperature environments.
- The automotive industry is a significant consumer of thermal ceramics. The increasing demand for lightweight and fuel-efficient vehicles has led to the adoption of thermal ceramics in automotive exhaust systems, catalytic converters, and engine components. The industry’s growth, driven by factors such as electric vehicle development and emission regulations, fuels the demand for thermal ceramics.
Market Restraints:
- Thermal ceramics, especially advanced or specialty materials, can be expensive to produce and install. The high cost of raw materials, manufacturing processes, and skilled labor required for installation can pose a challenge to market growth, particularly for price-sensitive industries.
- While thermal ceramics offer excellent thermal insulation and high-temperature resistance, alternative materials such as aerogels, vacuum insulation panels (VIPs), and advanced polymers are emerging as substitutes. These alternatives may offer comparable or even superior performance characteristics in specific applications, potentially affecting the demand for thermal ceramics.
- Some thermal ceramics contain materials like refractory ceramic fibers (RCFs) that are considered hazardous or potentially harmful to human health and the environment. Environmental regulations and increasing awareness regarding the impact of certain materials on air quality and worker safety may lead to restrictions or the need for alternative materials.
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Key Trends:
- There is an increasing emphasis on developing lightweight and thin thermal ceramics that offer high-temperature insulation properties. This trend is driven by industries such as aerospace and automotive, which aim to reduce weight and improve fuel efficiency while maintaining thermal performance.
- Nanotechnology is being integrated into thermal ceramics to enhance their properties. The incorporation of nanoparticles, such as carbon nanotubes and graphene, can improve thermal conductivity, mechanical strength, and overall performance. Nanotechnology also enables the development of tailored thermal ceramics for specific applications.
- Sustainability is a growing concern across industries. Manufacturers are developing thermal ceramics with improved environmental profiles, such as low emissions, reduced energy consumption during production, and recyclability. Sustainable sourcing of raw materials and eco-friendly manufacturing processes are also gaining importance.
Key Developments:
- Manufacturers have been focusing on developing lightweight and high-temperature insulation materials that offer improved thermal efficiency while reducing weight. This trend is driven by industries such as aerospace, automotive, and energy, which aim to enhance fuel efficiency and reduce emissions.
- The energy and power industry has been witnessing significant demand for thermal ceramics due to the increasing focus on energy efficiency, renewable energy, and power generation. Thermal ceramics are used in applications such as thermal insulation for power plants, boilers, and heat exchangers.
- Advanced manufacturing techniques, such as additive manufacturing (3D printing), have been explored in the production of complex thermal ceramics components. Additive manufacturing enables the production of intricate designs, customization, and reduced material waste.
Key Companies
- Mitsubishi Chemical Corporation
- BNZ Materials Inc.
- Ibiden Co. Ltd.
- Morgan Thermal Ceramics
- Luyang Energy-Saving Materials Co. Ltd.
- Promat GmbH
- Isolite Insulating Products Co. Ltd.
- Rath AG
- Pyrotek Inc.
- RHI Magnesita N.V.
- Unifrax LLC
Segmentation of Thermal Ceramics Industry Research
- By Type:
- Thermal Ceramic Fibers
- Insulation Bricks
- By End Use:
- Mining & Metal Processing
- Chemicals & Petrochemicals
- Manufacturing
- Others
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Questions Covered in the Thermal Ceramics Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Thermal Ceramics sales grow until 2033?
- Which are the factors hampering the Thermal Ceramics demand?
- Which region will spearhead the growth in the global industry by 2033?
- Which are the factors driving sales in the Thermal Ceramics Market during the forecast period?
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Advanced Ceramics Market Size: According to the study, the advanced ceramics market size reached a valuation of around US$ 60 Billion in 2020, which amounts to around 20% share of the overall ceramics market. Sales of advanced ceramics are slated to rise at a CAGR of 7% to top US$ 120 Billion by 2031.
Optical ceramics Market Revenue: The global optical ceramics market revenue is expected to foray ahead with a higher single-digit CAGR over the forecast period of 2019-2029. An increase in production capacities of ceramics has emerged as the recent trend in the market.
Dielectric Ceramics Market Growth: The key driving factor of the dielectric ceramics market growth is its widespread usage in the wireless communication industry. Moreover, the growing usage of dielectric ceramics in electronics component manufacturing is further boosting the growth of the market.
Medical Ceramics Demand: Despite coming to a standstill in the first half of 2020, manufacturing hubs are expanding to meet the rising requirement for medical ceramic products. According to Fact.MR, the medical ceramics demand is expected to expand at close to 6% CAGR through 2031.
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