Thermal Ceramics Market Size 2023 Will Hit Big Revenues in Future
Sustainable Development of Products to Drive Global Thermal Ceramics Market
Thermal ceramics are insulation rolls used for high-temperature applications. It is also known as ultra-high temperature ceramics (UHTC). Its use in the manufacture of energy-efficient products can increase its application. The thermal Ceramics Market is expected to surpass the market value of over USD 5.5 billion by the year 2027 while registering a CAGR of 4.7% during the forecast period.
Market Scope
The great need for energy-efficient products and energy savings is likely to bode well for the market. Thermal Ceramics Market Size assists in reducing heat loss and energy consumption in industries of cement manufacturing, metallurgy, chemicals & petrochemicals, and power generation.
Rapid urbanization and industrialization and modernization of public infrastructure can beckon the requirement of thermal ceramics. A rise in aluminum and steel production to cater to the demand of the automotive and construction sectors can fuel the global thermal ceramics market growth.
Competition Outlook
Fibrecast Inc., HIL Limited, Nutec Fibratec, Ibiden Co., Ltd., Luyang Energy-Saving Materials Co., Ltd., Morgan Advanced Materials PLC, Isolite Insulating Products Co. Ltd., 3M, and Unifrax LLC are key players of the global thermal ceramics market.
But the availability of alternatives can hamper the market growth.
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Segmentation
The global thermal ceramics market is segmented by type and end-use industry.
By type, it is segmented into insulation bricks, ceramic fiber, and others. Ceramic fibers are expected to dominate the market owing to its lightweight nature and low thermal conductivity. But its carcinogenic nature can impede the segment growth. On the other hand, insulation bricks are predicted to register a significant growth rate owing to massive demand for energy and power in the construction sector.
By end-use industry, it is segmented into power generation, metal & metallurgy, chemical & petrochemical, manufacturing, and others. The metal & metallurgy segment accounted for the largest market share due to the increasing demand for metal globally. The use of zirconium based thermal ceramics for protecting boiler assemblies in nuclear plants can bode well for the segment. On the flip side, the power generation segment will induce heavy demand in the global thermal ceramics market owing to high-temperature insulation requirements. The manufacturing segment is slated to register a healthy growth rate owing to demand in the automotive, electrical & electronics, cement, and glass industries.
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Regional Analysis
North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa (MEA) are key regions of the global thermal ceramics market.
APAC accounted for the largest market share owing to rapid industrialization and construction activities in Japan, China, India, and Indonesia. The resuming of mining operations in China and the return of miners can bode well for the market. Customized UHT ceramics in addition to greenhouse gas restrictions imposed on industries can bode well for the global thermal ceramics Market Growth Analysis.
North America is touted to register a strong growth rate during the forecast period owing to the high consumption of energy and massive demand from the manufacturing sector. The spike in iron and steel production can fuel market demand.
Lastly, MEA and Latin America regions are predicted to display good growth rates due to stable economic growth, a rise in per capita income levels, and a rise in commodity prices. Rising investments in the energy sector is likely to warrant the demand for thermal ceramics.
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