Global Thermal Ceramics Market Key Insights
During the forecast period of 2023-2035, the global Thermal ceramics market is expected to reach an estimated value of ~USD 7 billion by 2035 by expanding at a CAGR of ~7%. The market further generated a revenue of ~USD 5 billion in the year 2022. Major key factors propelling the growth of the thermal ceramics market worldwide are the rising production of nuclear energy and the rise in metallurgy and mining activities
Market Definition of Thermal Ceramics
Thermal ceramics are a specialized type of ceramics with high resistance to temperature. They are also known as ultra-high temperature ceramics (UHTCs), as these ceramics attain their full strength under a temperature of more than 2000 degrees Celsius. Apart from thermal resistance, these ceramics have great corrosion resistance and sound absorption properties. They are used in making mining equipment, and in hot furnaces in the steel industry. The installation of thermal ceramic is quick and does not demand regular maintenance.
Global Thermal Ceramics Market: Growth Drivers
The growth of the global thermal ceramics market can majorly be attributed to the higher demand and production of crude steel and iron for the applications in various end-user industries. In 2022 (January-September), Africa produced 1.4 million metric tons of crude. Moreover, the amount produced by European Union was around 11 MT. Furthermore, in the financial year 2023 until October 2022, India produces around 71.3 million metric tons of crude steel. Moreover, the Indian government also announced the reduction of customs duty to 7.5% on stainless steel, nonalloy, and alloy products, which is expected to boost the import and export of the metals. On the other hand, the market growth can also be attributed to the establishment of more nuclear plants, which are likely to increase the production of nuclear energy. Between the years 2012 and 2021, Russia commenced the construction of 15 new nuclear plants, at international sites. Moreover, in the same time frame, China initiated the development of 29 nuclear reactors.
The global thermal ceramics market is also estimated to grow majorly on account of the following:
• Increasing need for nuclear waste management
• Rising demand for thermal ceramics in various applications
• Higher Building and Other Constructional Activities
• Growing Usage of Solar Energy
• Rising Count of Nuclear Energy Plants
Global Thermal Ceramics Market: Restraining Factor
Thermal ceramic fibres are known to have carcinogenic properties and workers employed in the ceramic factor are also affected by thermal burns. Hence, this factor is expected to be the major hindrance for the growth of the global thermal ceramics market during the forecast period.
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Global Thermal Ceramics Market Segmentation
• By Application (Mining & Metal Processing, Petrochemical, Cement, Nuclear Power Plant, Others)
The mining & metal processing segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2035. The growth of the segment can be attributed to the growing demand for metals across different end-user industries worldwide. For instance, in the third quarter of 2021, the metal demand was around 4% higher in North American and European Union region.
• By Type (Ceramic Fiber, and Insulation Bricks)
• By Temperature (Up to 900C, 900-1400C, 1400-1600C, and 1600 Above)
• By Region
The Asia Pacific thermal ceramics market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions. The market growth in the region is expected on the back of higher production of metals, such as steel, iron, copper, and others. China is the leading producer of steel in the world, in September 2022, China produced around 87,00o thousand tons of steel. Besides this, Asia Pacific market growth is also attributed to rising in the number of nuclear plants. In 2022, the government has shown the green flag for the construction of new nuclear power plants at 5 new sites in India.
The market research report on global thermal ceramics also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Thermal Ceramics Market
Some of the key players of the global thermal ceramics market Luyang Energy-saving Materials Co., Ltd., Rath AG, 3M, RHI Magnesita GmbH, Isolite Insulating Products Co., Ltd., Ibiden Co., Ltd., UNIFRAX, Morgan Advanced Materials plc, YESO Insulating Products Co., Ltd. and CeramTec GmbH and others.
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