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Cordierite Market Size
Cordierite Market size was valued at around USD 2.3 billion in 2022 is projected to register a CAGR of 5.1% between 2023 and 2032. Cordierite's low thermal expansion and high thermal shock resistance make it suitable for catalytic converter substrates, which play a critical role in reducing vehicle emissions. Cordierite's excellent thermal insulation properties drive its use in refractory and insulating materials for kilns, furnaces, and other high-temperature applications.
Cordierite substrates are used in the manufacturing of electronics, such as printed circuit boards (PCBs), due to their low thermal expansion and good electrical insulation properties. Cordierite's thermal shock resistance and low thermal expansion make it suitable for heat exchangers in various industries, including chemical processing and power generation.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 2.3 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 5.1% |
| 2032 Value Projection: | USD 3.8 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 150 |
| Tables, Charts & Figures: | 191 |
| Segments covered: | Form, Application, End-use, Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The production of high-quality cordierite ceramics often involves complex processes and raw materials, which can result in relatively higher production costs compared to other materials. Cordierite's properties, while valuable for specific applications, might not be suitable for all design requirements. Cordierite ceramics can be brittle and prone to cracking under mechanical stress. Thus, the risks associated with Cordierite may drive down the acceptance rate, further hampering the business growth.
COVID-19 Impact
Changes in consumer behavior, business closures, and economic uncertainty affected the demand for products that use cordierite. Industries like automotive, construction, and consumer electronics saw fluctuations in demand due to the pandemic's economic impact. Thus, the reduced number of COVID-19 cases and implementation of subsequent strategies by government and non-government organizations is anticipated to drive the industry expansion in the upcoming years.
Cordierite Market Trends
Increasing emphasis on sustainability and environmental responsibility is driving the adoption of cordierite in applications that promote energy efficiency and reduce emissions, such as catalytic converters and energy-efficient kiln furniture. The adoption of advanced manufacturing techniques, including additive manufacturing (3D printing), is enabling the production of complex cordierite-based components with precise geometries, enhancing their performance in various applications.
Cordierite Market Analysis
Based on form, the cordierite market is segmented as cordierite ceramics, cordierite refractories, raw cordierite, cordierite honeycomb structures, others. Cordierite ceramics held a majority market value of USD 0.7 billion in 2022. Cordierite ceramics are valued for their exceptional thermal shock resistance, making them suitable for applications involving rapid temperature changes, such as catalytic converters and kiln furniture.
Based on application, the cordierite market is segmented as kiln furniture, refractory bricks, catalytic converters, foundry applications, glass industry, electrical insulators, cookware and bakeware, water filtration, thermal insulation, others. Kiln furniture held a dominant market share of around 30% in 2022 and is expected to grow at a lucrative pace by 2032. Cordierite's thermal stability and low thermal expansion make it essential for kiln furniture and refractories in ceramic and glass industries, supporting efficient and controlled firing processes.
Based on end-use, the cordierite market is segmented as ceramics, automotive, foundry, glass, electrical, consumer goods, water treatment, construction, others. Ceramic industry held a dominant market share in 2022 and is anticipated to grow at 4.2% CAGR through 2032. Cordierite kiln furniture and components support controlled firing and sintering processes in the ceramics and glass industries, ensuring consistent quality and material properties. Thus, the high-quality services and growing usage of Cordierite at food centres are anticipated to expedite the business growth.
U.S. dominated the North American region with majority market share and a revenue of USD 0.5 billion in 2022 and is anticipated to expand at a significant pace from 2023-2032. North America has stringent emission regulations for vehicles and industrial processes. Cordierite-based catalytic converters are essential for reducing harmful emissions and meeting these regulatory standards.
Cordierite Market Share
Some of the major players operating in the cordierite market are:
- Corning Incorporated
- NGK Insulators, Ltd
- Morgan Advanced Materials plc
- CoorsTek Inc.
- IBIDEN Co., Ltd
- Kyocera Corporation
- Saint-Gobain
- Dyson Technical Ceramics
- Vesuvius plc
- Denki Kagaku Kogyo Kabushiki Kaisha (DENKA)
- LSP Industrial Ceramics, Inc.
- Mantec Technical Ceramics Ltd.
- SuperStone, Inc.
- NGK Spark Plug Co., Ltd.
- SAINI Co., Ltd.
These players focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these players are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.
Cordierite Industry News:
- In May 2023, Denso Corporation, a prominent supplier in the mobility industry, and United Semiconductor Japan Co., Ltd., a subsidiary of global semiconductor foundry United Microelectronics Corporation, have recently entered a collaborative partnership.
Cordierite market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Billion & Units from 2018 to 2032, for the following segments:
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By Form
- Raw Cordierite
- Cordierite Ceramics
- Cordierite Refractories
- Cordierite Honeycomb Structures
- Others
By Application
- Kiln Furniture
- Refractory Bricks
- Catalytic Converters
- Foundry Applications
- Glass Industry
- Electrical Insulators
- Cookware and Bakeware
- Water Filtration
- Thermal Insulation
- Others
By End-use
- Ceramics Industry
- Automotive Industry
- Foundry Industry
- Glass Industry
- Electrical Industry
- Consumer Goods Industry
- Water Treatment Industry
- Construction Industry
- Others
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Indonesia
- Malaysia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Egypt
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