The thermal ceramics market is estimated to be USD 3.36 billion in 2018 and is projected to reach USD 5.02 billion by 2023, at a CAGR of 8.4% from 2018 to 2023. Growing need for energy savings and rapid infrastructural development in emerging economies of APAC are driving the thermal ceramics market. The thermal ceramics market report analyzes key growth strategies adopted between 2013 and 2018 by the leading market players, which include Morgan Thermal Ceramics (UK), Unifrax (US), IBIDEN (Japan), Isolite Insulating Products (Japan), Luyang Energy-Saving Materials (China), RHI Magnesita, RHI Magnesita (Austria), Rath (US), Mitsubishi Chemical Corporation (Japan), 3M (US), and YESO Insulating Products (China). These companies adopted the mergers & acquisitions, agreements, partnerships & joint ventures, new product launches, and investments & expansions strategies to strengthen their presence in the thermal ceramics market.
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Morgan Thermal Ceramics leads the thermal ceramics market and is one of the top manufacturers and suppliers of insulating fibers, insulating firebricks, and monolithic ceramics. The company is focused on increasing its R&D investment to increase its technical lead and accelerate new product development in the market. In September 2015, the company launched the lightest fire brick of 90 kg/ m3, the JM 23-400 type in the company’s brick product portfolio. In June 2014, it acquired Porextherm Dämmstoffe GmbH, an insulation manufacturer, to enhance its thermal insulation portfolio.
Unifrax is another leading player in the thermal ceramics market. The company is focused on investing in research to develop sustainable solutions. In September 2017, Unifrax launched a low bio-persistent (LBP) fiber Isofrax 1400, which is the latest generation of the proven LBP technology. This product was designed for an enhanced high-temperature performance of up to 1400°C (2,552°F). In April 2014, Unifrax signed an agreement to acquire 29% share in Shandong Luyang Share, a leader in the domestic refractory & insulating market. It also signed a license agreement to allow Luyang to use its manufacturing technology.
The thermal ceramics market is estimated to be USD 3.36 billion in 2018 and is projected to reach USD 5.02 billion by 2023, at a CAGR of 8.4% from 2018 to 2023. Growing need for energy savings and rapid infrastructural development in emerging economies of APAC are driving the thermal ceramics market. The carcinogenic nature of ceramic fibers and environmental concerns related to refractories, however, restrain the market’s growth.
The thermal ceramics market is expected to witness high growth during the forecast period. Regulations related to thermal ceramics will, however, govern the market. Increased regulations related to the environment are likely to provide high growth opportunities for bio-persistent ceramic fibers. Developments in ceramic fibers may affect the use of insulation bricks to meet the regulations in the industry.
By type, the ceramic fibers segment of the thermal ceramics market is projected to grow at a higher rate than the insulation bricks segment. Ceramic fibers have exceptionally low thermal conductivity, which makes them a remarkable energy-saving material. Additionally, they have low density and low thermal inertia, which facilitate the control of temperature inside the insulating surface. These properties have led to the increasing preference and usage of ceramic fibers over other materials in many industries.
By temperature range, the 1,000 to 1,400°C segment accounted for the largest market share and is also projected to witness the fastest growth rate owing to the large volume of thermal ceramics. Products operating in this range are used in an arena of applications, including homogenizing furnaces, process heaters, ceramic kilns, annealing furnaces, heat-treating furnaces, thermal oxidizers, high-temperature gaskets and seals, expansion joints, molten metal resistant insulation, and aluminum casting and fabrication.
Manufacturing is the fastest-growing end-use industry segment of the thermal ceramics market. This segment includes high growth industries, such as cement, glass, refractory, ceramic, transportation, and electronics & electrical. The cement industry is one of the major contributors to this segment, in terms of volume, and has huge growth potential. The revival of the global construction industry has propelled the growth of cement production. The global production of cement is estimated to be approximately 4.8 billion metric tons by 2030. These factors offer more opportunities for the growth of the thermal ceramics market.
Asia Pacific is the largest and the fastest-growing market for thermal ceramics. Metal processing, chemical & petrochemical, and manufacturing industries are driving the growth of the thermal ceramics market in the region. Growing industrialization in high growth economies, such as India, China, and other South Asian countries has also contributed to the growth of the Asia Pacific thermal ceramics market. Increasing domestic infrastructures in Southeast Asian countries, such as Indonesia, Malaysia, and Thailand are expected to contribute to industrial development in APAC during the forecast period. Steel producers, including China, Japan, South Korea, India, and Taiwan are driving the demand for thermal ceramics in the metal processing industries.
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