Projected Demand for Thermal Ceramics Remains Strong through 2022
The Asia-Pacific region led the thermal ceramics market in 2017 with a market share of nearly 40%.
The global thermal ceramics market is projected to grow at a CAGR of over 6% from 2018-2022, according to a recent report from Technavio. Increasing demand from various end-user industries for lightweight and high-performance materials is one of the major trends being witnessed in the global thermal ceramics market. These materials are widely used in the aerospace and defense, and automotive industries. Among the various types of high-performance materials, thermal ceramics are the most preferred given their tendency to be temperature and thermal shock resistant while also being non-conductive.
According to Technavio analysts, one of the key factors contributing to the growth of the global thermal ceramics market is the enforcement of stringent safety guidelines. Regulatory agencies are enforcing stringent rules and regulations regarding safety in the work environment. These rules also mandate thermal insulation, chemical safety, and electrical safety in risky and hazardous working environments. A similar trend is being observed in emerging countries, such as India and Brazil, where the incidence of workplace accidents is high due to the lack of adequate safety measures.
Ceramic fiber held the largest market share in 2017, accounting for nearly 78% of the thermal ceramics market. This product segment is expected to dominate the global market throughout the forecast period.
The Asia-Pacific region led the market in 2017 with a market share of nearly 40%. This region is expected to dominate the market through 2022, with an increase in its market share of close to 2%.
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