The global fireproof ceramics market is expected to reach USD 6.44 billion by 2022, according to a new report by Grand View Research, Inc. Growing demand for ceramic fibers in various applications including repair for furnaces; and insulation in power plants, thermal reactors and turbines is expected to drive market growth. The growth of these end-user industries is expected to further propel industry expansion.
Fireproof ceramics were widely used in the iron & steel industry accounting for over 30% of the global value market share in 2014.The products are used mainly in the form of modules. Apart from these, ceramic fiber boards and textiles are also consumed widely in this industry. Rising production output of iron & steel due to high demand in its various end-use industries including automotive, construction, aviation and marine is expected to consequently fuel market growth.
The global market for fireproof ceramics was valued at USD 2.87 billion in 2014 and is expected to witness growth over the forecast period on account of rising manufacturing facilities in rapidly developing markets of Asia Pacific. Increasing demand from end-user industries such as petrochemicals, iron & steel, and aluminum, particularly in Asia Pacific and MEA, is expected to fuel market growth.
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Further key findings from the report suggest:
· Market for fireproof ceramic blanket was estimated at USD 904.2 million in 2014. Ceramic fiber blankets are suitable for temperatures as high as 2300°F. Lightweight, low thermal conductivity& heat storage, high temperature stability, excellent handling strength & fire protection, thermal shock resistance, and chemical & corrosion resistance are some properties due to which fireproof ceramic blankets are preferred.The fireproof ceramics market in petrochemicals was estimated at USD 649.1 million in 2014. These products are used in petrochemicals in fired heaters, sulfur recovery units, and boilers. They are also used as insulation for pipelines, turbines, and fittings in the petrochemical industry. Growing demand for downstream products such as oils and polymers is expected to drive petrochemicals market development over the forecast period.
· Asia Pacific accounted for over 35% of the global market in 2014 and is expected to witness immense growth in light of increased government spending on the manufacturing sector and increasing opportunities for FDI in China and India. Growing demand for petrochemicals and iron & steel is expected to drive growth.
· Middle East & Africa is expected to witness substantial growth at a CAGR of 10.7% from 2015 to 2022.Iran is one of the major steel producers in Middle East region and produced 14.9 million tons of crude steel in 2014. The country is projected to produce 52 million tons of crude steel by 2025.The increase in production of steel in Iran is expected to drive fireproof ceramics over the forecast period.
· Key industry players include Morgan Thermal Ceramics, Zircar Ceramics, Skamol A/S, Ibiden Co., Ltd., Unifrax Corp., Isolite Insulation Products Ltd. and Rath Inc. These companies focus on R&D for product development to enhance their fireproof ceramics portfolio.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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