According to recent findings published by consulting firm Fact.MR, the global thermal ceramics market is expected to exceed US$ 6 billion by 2031, expanding at a CAGR of around 7%. According to Fact.MR, demand for thermal ceramics is largely supported by widespread adoption in the manufacturing industry, as well as an increased push for renewable energy generation across major economies. The landscape expanded significantly until 2020, reaching nearly $4 billion. As the COVID-19 pandemic took centre stage, contractions were felt across the global manufacturing landscape, despite mandatory lockdowns to prevent infection spread. As a result, sales of thermal ceramics fell precipitously in the first half of 2020.
However, since the fourth quarter of 2020, production levels have experienced a resurgence as flattening infection curves encouraged major economies to resume on-premise manufacturing activities, thereby sustaining market growth. Major uptake is also expected in the automotive sector, as EV popularity grows in response to the growing need for cleaner fuels. The global EV market is expected to reach nearly 50 million unit sales by 2030, opening up lucrative growth opportunities for market participants.
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BNZ Materials Inc., Ibiden Co., and others are well-known thermal ceramics manufacturers. Isolite Insulating Products Co., Ltd. Luyang Energy-Saving Materials Co., Ltd. Ltd., Morgan Thermal Ceramics, Mitsubishi Chemical Corporation, Pyrotek Inc., and Unifrax LLC. These companies are primarily focused on introducing new product lines for a variety of end-use industries, as well as collaborating and acquiring other companies.
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