The global thermal ceramics market is estimated to garner a significant CAGR over the forecast period, i.e., 2021–2029. The growth of the market can be attributed to the properties, such as, thermal resistance ability to refract thermal energy, and neutron absorption capacity, along with resistance to corrosion. Owing to these properties, there is an increased demand for thermal ceramics in various applications, including, layering on hypersonic air vehicles, holding molten metals, military applications, and others, which is estimated to boost the market growth. Increasing mining and metallurgy activities owing to the rising demand for steel and other metals, backed by the increasing construction activities around the world, is foreseen to drive the market growth. In fact, more than USD 500 billion is spent annually on mining activities by major mining companies, as of 2020. Moreover, increasing number of power plants to fulfill the need of the growing global population, along with the adoption of nuclear energy, with more than 50 nuclear power plants under construction around the globe in 2019, is estimated to promote the market growth.
The global thermal ceramic market is segmented by application into mining & metal processing, petrochemical, cement, nuclear power plants, and others out of which, the mining & metal processing segment is anticipated to witness the highest growth in the market during the forecast period on account of increasing application of metals in various end-user industries, including, construction, automotive, chemical, and others. Use of thermal ceramics for handling molten metal and insulating instruments, is estimated to boost the growth of the segment.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global thermal ceramics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness the highest CAGR over the forecast period on the back of ongoing economic development in the nations including, India, Thailand, Indonesia, and China, which has encouraged the growth of multiple industries, such as, chemical and manufacturing industries. Moreover, increasing mining activities in the region is estimated to boost the growth of the regional market. The market in the Europe region is anticipated to hold a noteworthy share during the forecast period, on the back of industrial growth and increasing power plants to harness renewable energy. The market in Latin America is also projected to garner modest growth by the end of 2029, owing to the increasing mining activities in the region.
The global thermal ceramics market is further classified on the basis of region as follows:
Our in-depth analysis of the global thermal ceramics market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing demand for metal backed by rising construction activities and increasing mining activities are the major factors driving the market growth.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2029.
Carcinogenic compounds present in ceramic are one of the major factors estimated to hamper the market growth.
The market in the Asia Pacific will provide the highest growth opportunities for the market during the forecast period on the back of large number of mines, backed by increasing production of metals in the region.
The major players in the 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.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, temperature, application, and by region.
The mining & metal processing segment is anticipated to hold the largest market size over the forecast period on the back of growing demand for metals by various end-user industries.
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