Cordierite Market

Cordierite Market

The global cordierite market is valued at USD 2.5 billion in 2023 and is projected to reach USD 3.2 billion by 2028, growing at 5.1% cagr during the forecast period. The demand for cordierite is being driven by the increasing demand for energy-efficient solutions and lightweight materials. Cordierite can be easily manufactured into various shapes and sizes using conventional ceramic processing techniques, including extrusion and injection molding. This flexibility in manufacturing allows for the production of complex and customized components. Cordierite exhibits high strength and rigidity, providing mechanical stability to components made from this material. It can withstand mechanical stresses and vibrations commonly experienced in automotive and industrial applications. This property is particularly crucial in environments where components need to maintain their structural integrity.

Global Cordierite Market Trends

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Cordierite Market Dynamics

Driver: Growing demand from automotive and industrial sectors

The automotive industry is a major driver for the cordierite market. Cordierite-based products, such as catalytic converters and diesel particulate filters (DPFs), are extensively used in vehicles to reduce emissions and meet regulatory standards. As the global automotive industry continues to expand, particularly in emerging economies, the demand for cordierite-based components is expected to rise.

Cordierite's unique properties, including low thermal expansion, high thermal shock resistance, and good mechanical strength, make it suitable for various industrial applications. It is widely used in the manufactureing of kiln furniture, which is used to support and hold ceramic ware during firing processes. The expanding ceramics and glass industries, particularly in developing emerging regions, are driving the demand for cordierite-based kiln furniture.

Restraint: High manufacturing costs

Cordierite-based products require specialized manufacturing processes, including shaping, drying, and firing at high temperatures. These processes can be energy-intensive and require advanced equipment and expertise, resulting in relatively high manufacturing costs. The higher costs associated with cordierite production can act as a restraint, particularly in price-sensitive markets or during periods of economic downturn when cost-cutting measures become more prevalent.

Opportunity: Expansion of energy sector

The increasing focus on renewable energy sources, such as solar and wind power, presents opportunities for cordierite-based products in energy-related applications. Cordierite's thermal stability and insulation properties make it suitable for use in components like ceramic heat exchangers, combustion chambers, and thermal energy storage systems. As the renewable energy sector continues to grow, the demand for cordierite-based solutions in energy applications is expected to increase.

Challenges: Complex manufacturing processes and quality control

The production of cordierite-based products involves complex manufacturing processes, including mixing, shaping, drying, and firing. Maintaining consistent product quality throughout these processes can be challenging. Any variations in the manufacturing parameters or raw material quality can affect the final product's performance of the product. Implementing robust quality control measures and process optimization strategies is crucial to ensuring product consistency and meeting customer requirements.

Cordierite Market Ecosystem

By application, automotive parts is estimated to be the third-fastest growing segment during the forecast period in the cordierite market.

Diesel Particulate Filters (DPF) are crucial components in diesel engines that capture and remove particulate matter (PM) or soot from the exhaust gases. Cordierite is widely used as the material for the DPF substrate due to its ability to withstand high temperatures and provide effective filtration. The cordierite substrate traps and stores the soot particles until they are burned off during the regeneration process, ensuring cleaner exhaust emissions. The consumption of cordierite in automotive parts, specifically catalytic converters and DPFs, depends on various factors, including the vehicle's type (gasoline or diesel), engine size, emission standards, and the specific design of the components. The size and shape of the cordierite substrate can vary depending on the application and the requirements of the vehicle manufacturer.

By type, sintered cordierite is estimated to be the fastest-growing segment during the forecast period in the cordierite

Sintered Cordierite is produced by compacting cordierite powder and firing it at high temperatures to achieve solid-state sintering. This process leads to a dense, non-porous ceramic structure. Sintered cordierite exhibits high mechanical strength, low thermal expansion, and excellent thermal shock resistance. It is known for its stability at high temperatures and good resistance to thermal cycling. This type of cordierite is commonly used in applications where high mechanical strength and thermal stability are required, such as automotive diesel particulate filters (DPFs), catalytic converters, and kiln furniture.

Asia Pacific is projected to be fastest growing amongst other regions in the cordierite market, in terms of value

Asia Pacific is projected to be the fastest-growing market for cordierite due to rapid industrialization in recent years, particularly in countries like China, India, and South Korea. This has led to an increase in demand for cordierite, which is used in various applications such as automotive parts, ceramic kiln, and electrical insulators among others. Industries are increasingly using cordierite for high-precision manufacturing processes, research & development, and quality control.

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Source: Secondary Research, Primary Interviews, and MarketsandMarkets Analysis

Cordierite Market Players

The key players in the cordierite market include DENSO Corporation (Japan), Kyocera Corporation (Japan), Corning Inc. (US), TOTO Ltd. (Japan), NGK Insulators (Japan), Vesuvius Plc (UK), Elementis Plc (UK), CoorsTek (US), Unifrax (US), and CeramTec (Germany), among others. The cordierite market report analyzes the key growth strategies, such as partnerships, expansions, and acquisitions adopted by the leading market players between 2018 and 2023.

Cordierite Market Report Scope

This report categorizes the global cordierite market based on type, application, and region.

On the basis of type, the cordierite market has been segmented as follows:

• Sintered
• Porous

On the basis of application, the cordierite market has been segmented as follows:

• Automotive Parts
• Deodorization, Deoxidation Smoke Extraction
• Ceramic Kilns
• Infrared Radiators
• Electrical Insulators
• Welding Strip Rings
• Others

On the basis of region, the cordierite market has been segmented as follows:

• Asia Pacific
• Europe
• North America
• Middle East & Africa
• South America

Recent Developments

• 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. The objective of this collaboration is to manufacture insulated gate bipolar transistors (IGBT). These IGBTs have commenced mass production at the 300mm fabrication facility of United Semiconductor Japan Co., Ltd.
• In April 2023, Kyocera Corporation has recently announced its plans to acquire approximately 37 acres of land at the Minami Isahaya Industrial Park in Isahaya City, Nagasaki Prefecture, for the establishment of a new smart factory. This strategic move is in response to the increasing demand for components in the electronics industry. The new factory will be designed to manufacture fine ceramic components utilized in semiconductor-related applications, along with semiconductor packages. Kyocera aims to commence production at the facility in 2026, further strengthening its position in the semiconductor industry.
• In January 2022, Exeger, a Swedish industrial company, has entered a strategic partnership with NGK Insulators, Ltd. This collaboration aims to facilitate the expansion of both companies into new sectors and target additional markets. By combining their expertise, Exeger and NGK will offer manufacturers innovative low-power solutions and devices that boast extended or even infinite battery life. This partnership sets the stage for exciting advancements in the field of sustainable and long-lasting battery technologies.

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