NEW YORK, July 9, 2021 /PRNewswire/ — A Fact.MR analysis predicts the global thermal ceramics market to reach a valuation of US$ 6 billion by 2031 in comparison to the market revenue of US$ 4 billion registered in the year 2020. Owing to extensive rise in demand from the manufacturing industry, the market for thermal ceramics is expected to project growth at a robust CARG of 7% during the forecast period 2021 to 2031.
One of the primary factors driving the sales of thermal ceramics is increasing number of electric vehicles across the globe. An estimate by the International Energy Agency (IEA) states that the number of electric vehicles sales in term of units are expected to reach around 125 million by 2030. As thermal ceramic fibers play a significant role in maintaining the optimum level of temperature for vehicle battery packs, the demand for thermal ceramic is estimated to bolster over the coming years.
However, the unprecedented outbreak of the novel coronavirus k has majorly affected the thermal ceramics landscape. The epidemic has resulted in contracting the global manufacturing prospects amidst mandatory lockdowns, subsequently declining the sales in Q1 and Q2 of 2020. Nevertheless, with resuming on-premise manufacturing activities due to ease in lockdown, the market is expected to project sustainable growth.
Manufacturing industry is dominating the segment, accounting for a revenue share of more than 50% across the globe, on the back of extensive demand for thermal ceramic products from increasing number of boilers, furnaces among other thermal processing equipment in the industry.
With sales of thermal ceramic fabrics forecast to increase at 7% CAGR between 2021 and 2031, the market players will have lucrative prospects to capitalize on. These fibers are manufactured from alumina and silica and are widely used because of their low thermal conductivity.
“Owing to the surge in the number of electric vehicles, leading market players are focusing on developing high performance, durable, and low thermal conductivity-inducing thermoelectric ceramics to address the increasing demand for better thermal conductivity for electric vehicles batteries,” says the Fact.MR analyst.
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Key Takeaways from Thermal Ceramics Market Analysis
- The U.S. market for thermal ceramics is likely to surpass a valuation of US$ 1 billion by 2021, favored by rise in production of electric vehicles in the country.
- Asia Pacific is dominating the global thermal ceramics market on the back of high demand for power generation, and metal & mining processing in the region.
- The market in China is likely to expand at a substantial CAGR of 11% over the forecast period
- Based on product type, thermal ceramic fibers are estimated to dominate the segment, projecting incline in sales at a CARG of 7% through 2031.
- Japan and Canada are anticipated to emerge as lucrative markets, expanding at a CAGRs of over 10%, respectively, during the assessment period.
- Ongoing expansion of the manufacturing sector is fueling the demand for thermal ceramic.
- Increasing number of electric vehicles creating sales opportunities for thermal ceramic.
- Rising awareness regarding clean renewable sources of energy is driving the market growth.
- Carcinogenic nature of thermal ceramic fibers is hampering the market growth.
- Stringent governmental regulation for the novel product launches is a key factor restraining the growth of the thermal ceramic market.
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Leading manufacturers in thermal ceramic market for aiming at launching new product lines for multiple end-use industries and are focusing on strategic collaborations and acquisitions as their key expansion strategies. Besides this, some of the market player are emphasizing on exporting their products to other countries to expand their revenue share. For instance,
- Luyang Energy-Saving Materials Co. Ltd., an inorganic fiber materials manufacturer based in China, shipped 36 containers of luyangwool ceramicR fiber blanket products to Vietnam in June 2021.
- In January 2020, Morgan Thermal Ceramics, a company based in the U.K., announced launch of a new active and passive thermal management systems to foray into the automotive sector.
Some of the prominent players operating in the thermal ceramic market profiled by Fact.MR are:
- BNZ Materials Inc.
- Ibiden Co. Ltd.
- Isolite Insulating Products Co. Ltd.
- Luyang Energy-Saving Materials Co. Ltd.
- Mitsubishi Chemical Corporation
- Morgan Thermal Ceramics
- Promat GmbH
- Pyrotek Inc.
- Rath AG
- RHI Magnesita N.V.
- Unifrax I LLC
- Yeso Insulating Products Company Limited
More Valuable Insights on Thermal Ceramic Market
Fact.MR, in its new report, offers an unbiased analysis of the global thermal ceramic market, analyzing forecast statistics through 2019 and beyond. The survey reveals growth projections on in thermal ceramic market with detailed segmentation:
- Product Type
- Thermal Ceramic Fibers
- Thermal Ceramic Insulation Bricks
- End Use
- Thermal Ceramics for Mining & Metal Processing
- Thermal Ceramics for Chemicals & Petrochemicals
- Thermal Ceramics for Manufacturing
- Thermal Ceramics for Other End Uses
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa
Key Questions Covered in the Thermal Ceramic Market Report
- The report offers insight into thermal ceramic demand outlook for 2021-2031
- The market survey also highlights projected sales growth for thermal ceramic market between 2021 and 2031
- Thermal ceramic market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Thermal ceramic market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
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