Thermal Ceramics Market is Expected to Reach $5.5 Billion by 2027

According to a new report published by Allied Market Research, titled, “Thermal Ceramics Market by Type and End-Use Industry: Opportunity Analysis and Industry Forecast, 2020–2027,” 

The global thermal ceramics market was valued at $3.8 billion in 2019, and is anticipated to generate $5.5 billion by 2027. The market is projected to experience growth at a CAGR of 4.7% from 2020 to 2027.

Thermal ceramics offer thermal insulation, thermal expansion, and thermal shock resistance. These benefits of thermal ceramics make them applicable in various applications in high temperature sealing, acoustical & thermal insulation, investment casting mold wrapping, and others. Thermal ceramics are easy & quick to install, cost-effective, and low maintenance; therefore, they are adopted widely. Such properties act as the driving factor for the thermal ceramics market growth. 

Thermal ceramics reduce the heat loss across different industrial processes, making them more suitable for thermal insulation purposes, which further helps in saving the overall energy consumption and manufacturing cost in industrial applications. These phenomenal characteristics have increased the penetration of thermal ceramics across different applications, including the manufacturing of solar panels.

The thermal ceramics market growth is driven by factors such as rising building & construction industry, especially infrastructural development in the Asia-Pacific region, increased application in solar power generation, and growth potential in non-metallic minerals. However, carcinogenic nature of ceramic fabrics on inhalation acts as a restraint for the thermal ceramics market growth. In addition, the environmental effect of refractories is a major concern and requires several rules & regulations to follow, which further hamper the thermal ceramics market growth. However, recycling practices in refractories and development of low bio-persistent material offer lucrative opportunities for the thermal ceramics industry growth. 

The thermal ceramics market is segmented on the basis of type, end-use industry, and region. Based on type, the market is bifurcated into ceramic fabrics and insulation bricks. The ceramic fabrics segment dominated the market in 2019, and is projected to grow at a higher pace during the forecast period. Depending on end-use industry, the market is divided into mining & metal processing, chemicals & petrochemicals, construction, manufacturing, power generation, aerospace, and others (maritime & land transport). The mining & metal processing segment dominated the market share in 2019. However, the manufacturing segment is expected to grow at higher pace during the forecast period, followed by construction. Region-wise, the thermal ceramics market analysis is done across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa). North America dominated the market in 2019; however, Asia-Pacific is expected to grow at a higher pace during the forecast period. 

The key players operating in the thermal ceramics market are CeramTec, Dyson Technical Ceramics, FibreCast Inc., Ibiden Co., Ltd., Isolite Insulating Products Co., Ltd., Mitsubishi Chemical Corporation, Morgan Advanced Materials, RHI Magnesita, the 3M Company, and Unifrax. The companies have focused on various strategies, such as new product launches, partnerships, acquisitions, and mergers, for retaining their existing customer base and further increasing their market share.

COVID-19 impact

The operational activities came to a standstill for more than 6 months in major parts of the world since the outbreak of COVID-19. The measures taken by governments of several countries to minimize the spread greatly impacted the economies worldwide. The impact was greatly witnessed on manufacturing, mining, steel, and foundry industries. As thermal ceramics are largely used in these industries for insulation purposes, the demand declined greatly and hampered the market growth. There are still uncertain situations that may come in the wake of the second wave of coronavirus faced by many countries. However, the market is expected to recover soon as the activities have resumed along with the market growth and demand for the product.

Key findings of the study

• The thermal ceramics market size is provided in terms of revenue.
• Ceramics fibers is projected to grow at the highest CAGR of approximately 4.8%, in terms of revenue, during the forecast period
• By end use industry, the mining & metal processing segment is anticipated to grow with CAGR 4.9%, in terms of revenue, during the forecast period
• The U.S. and China country dominated the market with a revenue share of over 22.4% and 7.8% in 2019
• The qualitative data in this report aims at the market trends, dynamics, and developments in the thermal ceramics industry.
• The thermal ceramics market forecast and estimations are based on factors impacting the market growth.