The global Honeycomb Ceramics market generated revenue of around USD 2,500 million in 2020 and anticipated to grow at a CAGR of over 10% during the forecast period from 2021 to 2027 to reach around USD 4,870 million in 2027.
A ceramic honeycomb structure comprises of a ceramic honeycomb body which has inner cell walls defined by a large number of longitudinally extending cells, and an outer wall which is formed on an outer peripheral surface of the ceramic honeycomb body. Ceramic honeycombs are usually formed by extrusion process and then this structure undergoes a sintering process and conventional binder burn-out process.
Key Trends in Global Honeycomb Ceramics Market
Advantages of Honeycomb ceramics over other products
Honeycomb ceramics has possessed higher surface area, lower bed resistance, strength and facilitate excellent distribution of vapor-liquid in more evenly manner. It effectively extends the service life in the pharmaceutical, petrochemical and fine chemical industry as the filler effect is quite good as compared to other products. Honeycomb ceramic materials are made using a specific coating material, various rare earth elements and transition metal preparation, and thus has the advantage of good thermal stability, high catalytic activity, high strength and long life. These advantages of honeycomb ceramics are expected to fuel the growth of honeycomb ceramics market.
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Impact of COVID 19 on Global Honeycomb Ceramics Market
Since the COVID-19 virus outbreak in December 2019, the disease has spread to approximately 100 countries in the world with the WHO declaring it as a health emergency. The global impacts of the COVID-19 are already starting to be felt, and will significantly affect Honeycomb Ceramics in year 2020. COVID-19 has affected the global economy in three main ways: by affecting demand and production, by hampering supply chain and creating market disruption, and by its financial impact on firms. COVID 19 has impacted the growth of the honeycomb ceramics market owing to the decrease in demand for automotives. COVID 19 has resulted in decline of about 15% in total revenue generated by the global Honeycomb Ceramics market as compare to 2019.
Global Honeycomb Ceramics Market by Product Type Insights
Regenerative body, filler, catalyst carrier and filter material are main types of Honeycomb Ceramics market. Filter material is the largest segment due to replacement required after regular intervals.
Global Honeycomb Ceramics Market by Application Insights
Based on application, the Honeycomb Ceramics market is segmented into casting filters, water gas purification, automotive, energy saving industry, and others. Water gas purification segment is expected to dominate the Honeycomb Ceramics market due to the increase in the activities for purification of water due to the rising water scarcity.
Global Honeycomb Ceramics Market by Regional Insights
The largest market for Honeycomb Ceramics is North America and it accounted for about 35% of the total revenue generated. The rapid growth in automotive industry and increase in industrialization is expected to fuel the growth of North America honeycomb ceramics market. Asia Pacific is expected to high CAGR owing to the rapid urbanization and increase in number of smart cities due to which there is development in waste management systems.
Global Honeycomb Ceramics Market Competitive Landscape
The major players of the global Honeycomb Ceramics market include Yuanchuang Honeycomb Ceramics Manufacturing,IBIDEN CO.,LTD., Marketech International, Rauschert GmbH, Fraunhofer IKTS, Applied Ceramics, Shandong Guiyuan Advanced Ceramic, Christy Catalytics, and Others. The report covers detailed profiles of the key players.
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