Cordierite Market Poised for Steady Growth with a Projected CAGR of 5.8% during 2023-2030
According to a new report published by MarkWide Research, titled, “Cordierite Market Outlook: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030,” the cordierite market is anticipated to experience robust growth with a projected compound annual growth rate (CAGR) of 5.8% during the forecast period from 2023 to 2030.
Cordierite, a magnesium iron aluminum cyclosilicate mineral, is gaining substantial traction across various industries due to its exceptional thermal stability, low thermal expansion, and high resistance to thermal shock. As a result, cordierite has found significant applications in the manufacturing of refractory ceramics, catalytic converters, and kiln furniture, among others.
The increasing demand for energy-efficient and environmentally-friendly products has led to a surge in the adoption of cordierite in the automotive sector. Cordierite-based catalytic converters are employed to reduce harmful emissions from vehicles, aligning with stringent emission norms worldwide. Furthermore, the expansion of the automotive industry, coupled with growing vehicle ownership, is expected to fuel the demand for cordierite-based catalytic converters, consequently driving the growth of the cordierite market.
In the construction industry, cordierite’s unique thermal properties have garnered attention for its use in kiln furniture, where it aids in the production of ceramics, glass, and other materials. The construction sector’s steady growth and ongoing infrastructure development projects are anticipated to bolster the demand for cordierite in the coming years.
One of the key factors driving the cordierite market is its application in the production of refractory ceramics. Cordierite’s ability to withstand high temperatures and resist thermal shock makes it a preferred choice in various industrial processes, including metal casting, glass manufacturing, and steel production. The robust growth of these industries, particularly in emerging economies, is anticipated to positively impact the demand for cordierite-based refractory ceramics.
Geographically, the Asia-Pacific region holds a significant share in the global cordierite market. The rapid industrialization, increasing automotive production, and expanding construction activities in countries such as China, India, and Japan are driving the demand for cordierite across multiple applications. Additionally, the rise in disposable income and urbanization is boosting the demand for consumer goods, subsequently contributing to the growth of the cordierite market in the region.
North America and Europe are also expected to witness substantial growth in the cordierite market. Stringent regulations pertaining to emissions and environmental conservation are propelling the adoption of cordierite-based catalytic converters in these regions. Moreover, the presence of a well-established automotive and manufacturing sector further supports the demand for cordierite-based products.
The cordierite market is characterized by intense competition among key players. Companies are focusing on research and development activities to enhance the properties of cordierite and expand its applications. Collaborations, partnerships, and strategic acquisitions are strategies employed by market participants to strengthen their market presence.
Some of the prominent players operating in the cordierite market include CoorsTek Inc., Morgan Advanced Materials, Ibiden Co., Ltd., NGK Insulators Ltd., Vesuvius plc, and Kyocera Corporation, among others.
In conclusion, the cordierite market is poised for steady growth during the forecast period from 2023 to 2030, driven by its diverse applications in industries such as automotive, construction, and manufacturing. The demand for energy-efficient and environmentally-friendly products, along with the need to meet stringent emission norms, is expected to bolster the adoption of cordierite-based solutions. With the expanding industrial and infrastructural activities, the cordierite market is likely to witness robust opportunities for innovation and expansion in the years ahead.