Thermal Ceramic Market Size, Share & Trends Analysis Report By Application (Industrial, Transportation, Petrochemical & Chemical), By Region, And Segment Forecasts, 2020 - 2027

Report Overview

The global thermal ceramic market size was valued at USD 3.8 billion in 2019 and is anticipated to expand at a CAGR of 7.1% from 2020 to 2027. Increasing demand for thermal ceramics as high-temperature insulation materials for linings in industrial heaters and furnaces is expected to augment market growth over the coming years.

In industrial applications, thermal ceramics are largely used in heaters and furnaces that are further used in the metal processing, cement, and glass industries. Ceramic materials with properties, such as thermal conductivity, thermal expansion, heat capacity, thermal shock resistance, and maximum service temperature, are important in thermal ceramic design considerations for the industrial sector.

Thermal ceramics reduce the heat loss across different industrial processes, making them more suitable for thermal insulation purposes, which further helps in saving the overall energy consumption and manufacturing cost in industrial applications. These phenomenal characteristics have increased the penetration of thermal ceramics across different applications, including the manufacturing of solar panels.

Combining photovoltaics with thermoelectric ceramics to produce solar panels generate more efficient solar energy in comparison to the panels, which are manufactured using photovoltaic cells alone. According to the Solar Energy Industries Association (SEIA), in 2018, solar photovoltaic capacity in U.S. reached64.2 gigawatts (GW) and is expected to reach more than 79 GW by 2024. Growing demand for solar energy is anticipated to drive the demand for solar panels, thus positively influencing the market growth over the forecast period.

Despite the growing demand for thermal ceramics, the carcinogenic nature of the ceramic fibers is likely to restrain the market growth over the coming years. Companies engaged in the manufacturing and procuring of thermal ceramics have to comply with standards set by the governments of several countries to reduce the carcinogenic impact on the workers dealing with the product. In the U.S., according to the National Institute for Occupational Safety and Health (NIOSH), the occupational exposure limits for refractory ceramic fiber is 0.5 fibers per cubic centimeter (f/cm³).

Application Insights

Based on application, the thermal ceramic market is segmented as industrial, transportation, petrochemical and chemical, and others. The industrial segment led the market and accounted for more than half of the share owing to rising demand for furnaces and boilers from various end-use industries, including metal, glass, and cement.

Demand for thermal ceramics is anticipated to accelerate in the metal manufacturing industry on account of increasing steel production. Ceramic fiber that mainly consists of alumina and silica exhibits low thermal conductivity, resulting in less heat dissipation from the furnace, and has excellent energy-saving properties. These properties make it suitable for the inner linings of various reheating furnaces at steel making plants.

In the transportation industry, thermal ceramics provide solutions to heat management, noise reduction, filtration, and friction-related challenges. In automobiles, the product is used in manufacturing engine components (pistons, cylinder head, and liner) and brake components (rotors, drums, and calipers). In aircraft, they are used in manufacturing structural components, critical data recorders, and heat shields for thrust reversers and ducts. In shipbuilding, they are used in manufacturing bulkheads and decks for cruise ships, ferries, coastal defense ships, and super yachts.

The petrochemical and chemical segment is anticipated to witness significant growth over the forecast period owing to increasing demand from boiler manufacturers that use thermal ceramics for linings. They provide excellent thermal insulation and passive fire protection for boilers in the oil and gas industry.

Regional Insights

Asia Pacific accounted for the largest share in 2019 due to the rise in demand for furnaces that are used in mining, smelting, and metal alloy machinery. Furthermore, increasing steel production due to the growth of the end-use industries in countries, such as India and Japan, is anticipated to boost the demand for furnaces, which, in turn, is likely to propel regional market growth over the coming years.

The oil and gas industry is another key factor driving the market in Asia Pacific as the countries, including India, Indonesia, and Thailand, are investing a significant amount in constructing various chemical projects to meet the domestic needs and reduce imports. For instance, in December 2018, Lotte Chemical Indonesia invested USD 3.5 billion in the Lotte Chemical Indonesia New Ethylene (LINE) project, which includes the installation of a naphtha cracker and petrochemical complex to manufacture downstream products. The project is expected to be fully functional by 2023.

Europe is anticipated to witness significant growth in the years to come due to the rising demand for renewable energy sources. According to the European Commission, in 2018, the consumption of renewable energy reached 18.9% of the total energy consumed in the region and is expected to reach 32% by 2030. Increasing consumption of renewable energy is anticipated to boost the demand for solar panels, thereby increasing the usage of thermal ceramics.

North America emerged as the second-largest consumer of thermal ceramics in 2019 owing to a rising number of infrastructure projects, which involve widespread usage of cement and metals. According to the American Society of Civil Engineers, the U.S. needs to spend nearly USD 4.5 trillion by 2025 on bridges, dams, roads, and other infrastructure.

Thermal Ceramic Market Share Insights

Major manufacturers of thermal ceramics include Morgan Advanced Materials; Mitsubishi Chemical Corporation, LLC; YESO Insulating Products; FibreCast Inc.; 3M; CeramTec; Ibiden; and Dyson Technical Ceramics. Key players are focusing on capacity expansion and mergers & acquisitions to enhance their global presence and market share.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global thermal ceramic market report on the basis of application and region:

• Application Outlook (Revenue, USD Million, 2016 - 2027)

  • Industrial

  • Transportation

  • Petrochemical & Chemical

  • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2027)

  • North America

    • The U.S.

  • Europe

    • Germany

    • The U.K.

  • Asia Pacific

    • China

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa

    • Saudi Arabia