Thermal Ceramics Market Size, Share, Trends, Analysis Report 2020-2027
The global thermal ceramics market is expected to reach USD 6.55 billion by 2027 growing at a cagr of 7.2 % between 2020 to 2027, the market was valued at USD 3.35 billion in 2019. The growing construction of residential and commercial spaces in developing countries as well as increasing urbanization is expected to boost the demand for thermal ceramics over the forecast period. Thermal ceramics are widely used in the insulation of residential houses, commercial spaces, and industrial buildings. Increasing the application of thermal ceramics in industries other than construction is anticipated to further increase the demand in the next few years.
The growth of the thermal ceramic market is directly dependent on the growth in the construction industry. The thermal ceramic act as an insulator in the construction of various buildings, it helps in maintaining the internal temperature of rooms/ spaces from the external environment. This was especially used in countries with very low temperatures for long winter such as North America, Europe, Eastern Asia Pacific among others. Thermal ceramics are also used in the metal extraction process
The global thermal ceramics market has been segmented based on the application type into industrial, chemical & petrochemicals, and others. The industrial thermal ceramic market accounted for the largest market share in 2019, as the demand for these products is growing in metal, glass & cement industries to be used for industrial boilers & furnaces. The industrial thermal ceramic market accounted for a greater than 50% market share in 2019.
the demand for these ceramics is growing in the metal manufacturing industries, as these ceramic acts as a heat insulator, thereby reducing the heat produced during the manufacturing process in boilers & furnaces. The thermal ceramic generally applied as an inner coating of the furnaces, in order to save more energy in steel manufacturing plants.
The automotive & transportation industry utilizes thermal ceramics for thermal insulating cars, it helps in preventing heat mobilization from the engine compartment to inside the vehicle. It also helps in soundproofing the engine parts, so that the sound from the engine shall not disturb the passengers.
The key applications of thermal ceramic in the automobile industry are in manufacturing components such as engine & brake components. Thermal ceramics are also used in aircraft & shipping manufacturing industries for similar applications. The demand for thermal ceramics in chemicals & petrochemicals industries is expected to grow substantially in the upcoming few years. Thermal ceramics are used for boiler linings for thermal insulation and fire protection.
Asia Pacific thermal ceramic market dominated the Global market with a greater than 45% market share in 2019. The regional growth can be attributed to the growing industrialization and metal manufacturing Indore region. The demand was highest from specific Asian countries such as China, India, Taiwan, Japan, and South Korea, as these countries are witnessing high growth in the industrial sector. Increasing mining & steel production activities in India and China is expected to further boost the Asia-pacific thermal ceramic market growth. The substantial growth in the chemicals & petrochemical industry in the Asian region is another growth factor responsible for regional market growth.
North America thermal ceramics market is anticipated to reach market growth at a cagr of 6.1% over the forecast period, to become the second-largest market in the world. The European thermal ceramics market is growing at a moderate growth rate, mainly due to increased investments by the government in renewable energy production. Many European countries are aiming to become carbon neutral by 2030, which is expected to further increase the consumption of renewable energy, thus the demand for thermal ceramics is anticipated to grow in the upcoming few years.
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