iCrowdNewswire Jan 21, 2021 3:00 AM ET
According to the MRFR analysis, the Global Thermal Ceramics Market is expected to reach over USD 6 Billion by the end of 2027 at a CAGR of 4.5%.
The growth of the global thermal ceramics market is primarily driven by the growth of the chemical, petrochemical, cement, energy & power sector, and iron & steel industry. Furthermore, the increasing need for energy saving and green initiatives is expected to support the demand for thermal ceramics across various industries. The thermal ceramics offer superior thermal insulation, which helps in reducing heat loss, energy-saving, and lowering the overall operational costs.
The price of thermal ceramics varies according to the type and the density of the material. The average price of the thermal ceramic ranges from USD 4,100 per ton to USD 7,800 per ton.
- Ceramic Fiber: The segment accounted for the largest share in the global market and is projected to witness moderate growth during the forecast period. The high demand for PU/PIR insulation is attributed to low thermal conductivity, fire resistance, moisture resistance, and excellent workability. PU and PIR are widely used for insulating cold storage buildings, pipelines, storage tanks, and valves in various industries. Furthermore, its high vermin resistance increases its applications in the food & beverage and medical industries.
- Insulation Bricks: The insulation bricks segment is expected to witness moderate growth during the forecast period. The growth of the segment is driven by increasing demand from the energy & power and metallurgy industries.
- Others: The other segment includes perlite, fiberglass, aerogel, and elastomer foams. This segment is expected to witness the fastest growth during the forecast period, owing to the high demand for aerogel in pipeline insulation.
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By End-Use Industry
Chemical & Petrochemical: This segment is expected to witness healthy growth during the forecast period. This growth can be attributed to increasing investments in capacity expansion and the shifting production base in Asia-Pacific.
Metal & Metallurgy: This segment accounted for the largest share of the global thermal ceramics market in 2019 and is expected to witness healthy growth during the forecast period. The growth of this segment driven by the increasing demand for steel, aluminum, and other metals and alloys, especially from the construction and automotive industries.
Food & Beverage: The long-term outlook of the food & beverage segment is expected to remain positive backed by socio-economic trends, such as economic growth, urbanization, changing demographics, population growth, and increasing per capita disposable income.
Power Generation: According to International Energy Outlook 2017, global energy consumption is expected to grow by 28% between 2015 and 2040. These energy demands are expected to propel the growth of the global thermal ceramics market during the forecast period.
Manufacturing: The recovering global economic growth and rapid industrialization in the emerging economies is expected to drive the growth of the manufacturing segment during the forecast period.
Others: The others segment includes the application of thermal ceramics in the automotive, construction, and electrical & electronics industries.
- North America: North America led by US is one of the prominent markets for thermal ceramics in 2019. The stringent standards and regulations and the growing construction industry and increasing automobile production in the region is expected to augment the market growth.
- Asia-Pacific: Asia-Pacific dominated the global thermal ceramics market in 2019 and is expected to register the fastest growth during the forecast period. The high growth of the market in the region can be attributed to the high economic growth, rapid industrialization, rapid urbanization, and the growing construction industry.
- Europe: Europe accounted for a significant share in the thermal ceramics market in 2019 however it is expected to witness moderate growth during the forecast period. The regional market growth is driven by the growth of the chemical & petrochemical and power generation industries in countries such as Germany, Russia, France, Poland, and others
- Latin America: The Latin America market is expected to witness healthy growth during the forecast period owing to the growing automotive industry and positive manufacturing industry outlook.
- Middle East & Africa: The economic diversification towards construction & manufacturing sectors is expected to drive the market in Middle East & Africa.
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