Thermal Ceramics Market to Grow with a CAGR of 4.62% through 2028
Rising use of thermal ceramics in power generation is
expected to drive the Global Thermal Ceramics Market growth in the forecast
period, 2024-2028.
According to TechSci Research report, “Thermal Ceramics
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Thermal Ceramics Market stood at USD4.35 billion in 2022 and is anticipated to grow with a CAGR of 4.62% in the forecast
period, 2023-2028. The initiatives taken by government based on thermal ceramics
has led to favorable market conditions for the Global Thermal Ceramics Market.
Several factors contribute to the growth of various thermal ceramics products.
Government funding has played a pivotal and
transformative role in shaping the thermal ceramics industry. For instance, in
the Midlands, substantial funding has been provided for advanced ceramics,
resulting in a significant boost to the development and production of thermal
ceramics. This infusion of financial support has empowered manufacturers to
invest in extensive research and development activities, driving remarkable
levels of innovation in the sector.
The U.S. government's National Strategy for Advanced
Manufacturing is yet another influential initiative that indirectly impacts the
thermal ceramics market. This comprehensive strategy actively promotes the
widespread adoption of cutting-edge technologies and groundbreaking innovations
in manufacturing, with a specific emphasis on the utilization of advanced
materials such as thermal ceramics. By fostering an environment conducive to
technological advancements, this strategic approach aims to propel the thermal
ceramics industry forward, opening up avenues for breakthroughs and driving
sustained growth.
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The increasing utilization of ceramics in power
generation is bolstering the market. With the growing demand for energy, power
plants are actively seeking innovative solutions to enhance efficiency and
reliability. Ceramics play a pivotal role in power generation by providing
effective thermal insulation and refractory materials in various power plant
components such as boilers, furnaces, turbines, and exhaust systems. These
materials effectively manage high temperatures and prevent heat loss. By minimizing
heat transfer and maintaining stable operating conditions, thermal ceramics
improve energy efficiency and reduce fuel consumption.
Moreover, their exceptional resistance to extreme
temperatures, thermal shock, and chemical corrosion ensures the longevity and
reliability of power generation equipment. This not only enhances the safety of
power plants but also reduces downtime and maintenance costs. As the world
transitions towards sustainable energy sources, ceramics are also employed in
renewable power generation technologies such as solar thermal plants and
geothermal power plants. These materials facilitate the capture and retention of
heat in solar receivers and geothermal wells, enabling efficient energy
conversion.
The Global Thermal Ceramics Market is segmented into type,
end user, regional distribution, and company
Based on its end user, the others segment held the
largest share in the market. The industrial segment has emerged as the leading
market player, capturing more than half of the market share. This dominance can
be attributed to the surging demand for furnaces and boilers across a wide
range of end-use industries such as metal, glass, and cement. Specifically,
within the metal manufacturing industry, there is a projected acceleration in
the demand for thermal ceramics. This growth is directly linked to the
increasing steel production, where ceramic fiber, primarily composed of alumina
and silica, plays a pivotal role. The remarkable feature of ceramic fiber lies
in its low thermal conductivity, which minimizes heat dissipation from the
furnace, ultimately resulting in exceptional energy-saving properties.
Consequently, this makes ceramic fiber an ideal choice for the inner linings of
various reheating furnaces within steel making plants.
Based on region, Asia Pacific segment is expected to
grow during the forecast period.
The rise in demand for furnaces, which are extensively
used in mining, smelting, and metal alloy machinery, can be attributed to
several factors. Firstly, the increasing steel production in countries like
India and Japan has led to a significant growth in the end-use industries. This
surge in steel production not only drives the demand for furnaces but also
creates a positive ripple effect on the regional market growth. Additionally,
the continuous advancements in furnace technology, such as improved energy
efficiency and automation, have further contributed to the growing demand. As a
result, the market for furnaces is expected to witness substantial growth in
the coming years, driven by these various factors.
Major companies operating in Global Thermal Ceramics Market
are:
- CeramTec TopCo GmbH
- Dyson Technical Ceramics Limited
- FIBRECAST INC.
- Ibiden Co., Ltd.
- ISOLITE INSULATING PRODUCTS CO., LTD.
- Mitsubishi Chemical Corp.
- MORGAN ADVANCED MATERIALS PLC
- RHI Magnesita GmbH
- The 3M Company
- Unifrax Corporation
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“Growing application of thermal ceramics in various
end user industries are key drivers of the thermal ceramics market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of thermal ceramics with every
passing year are anticipated to register an impressive growth to Global Thermal
Ceramics Market in the forecast period.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Thermal Ceramics Market By Type (Insulation Bricks,
Ceramic Fibers), By End User (Chemical & Petrochemical, Mining & Metal
Processing, Manufacturing, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Thermal Ceramics Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Thermal Ceramics Market.
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