Scienza e Tecnologia
Cenospheres to Witness US$ 2.07 Billion Market Opportunity as Demand in Refractories Surges at 18.6% CAGR by 2032
NEW YORK , Nov. 23, 2022 /PRNewswire/ -- The global cenospheres market is expected to be valued at US$ 552.8 Million in 2022. It is likely to grow at a whopping CAGR of 14.2% during the forecast period (2022-2032), totaling around US$ 2.07 Billion by the end of 2032.
Growing demand for cenospheres in refractories is expected to be the key factor propelling the sales in the market. Cenospheres are spheres made up of alumina or silica filled with gas or air. As they are hollow and lightweight specifically made by the burning of coal, demand in construction industry is predicted to rise. They are also used to make low-density concrete as cement fillers.
Due to its properties such as water resistance, lightweight, and durability, the demand in construction and oil & gas industries is surging. This is predicted to spur the sales by 3x over the forecast period of 2022 and 2032. Cenospheres made up of alumina are extensively used in a variety of application, while the demand for silver-coated cenospheres is surging in electromagnetic shielding and abrasion resistant coating in tiles, conductive coatings, and other applications.
As per the study, as cenospheres are durable and can survive thermal and mechanical abrasion, they are extensively used in refractories. Cenospheres have low density, high melting point and fluidity, and electrical properties. On the back of this, the demand for cenospheres in refractories is predicted to rise at a robust pace over the forecast period.
Further, cenospheres have extensive application in automotive industry as well as it can be used for undercoating, linings and brake pads, soundproofing, sealants, body fillers, and composites. These spheres are also used in application of industrial coatings, aerospace composites, thermal coatings, and oil well cements.
Regionally, North America is anticipated to dominate the market over the projection period, with the U.S. leading the growth. Increasing application of cenospheres in oil cement, acid grounding additives, drilling muds, and others will drive the demand. Fact.MR estimates, sales of cenospheres in the U.S. will increase at a stellar 13.9% CAGR from 2022 to 2032.
Leading players in the market are improving their distribution networks by collaborating with end users and local players. Some of the players are eyeing the Asia Pacific region, especially India and China to capitalize on untapped potential through the aerospace and construction industries.
Meanwhile, other players are focusing on manufacturing capacity expansions and innovation to gain competitive edge. They are also developing customized products as per the requirement of the customer to build better client-customer relationship.
In the latest study, Fact.MR offers a detailed study on the global cenospheres market for the forecast period of 2022 to 2032. This study also highlights key drivers impacting the sales of cenospheres through detailed segmentation as follows:
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: As per Fact.MR, the global graphite market is predicted to surge at a robust CAGR of 8.5% over the upcoming decade. The market is predicted to expand by 2.3X as application of graphite in electric vehicle batteries is surging across the globe. As per the study, China and Japan are expected to be the most lucrative market over the forecast period.
: Overall sales in carbon felt and graphite felt market are expected to reach US$ 429.5 Million by 2022, accelerating at a CAGR of 9.6% over the forecast period (2022-2032). Demand in the global market is expected to surpass a valuation of US$ 1.07 Billion by 2032 as application in batteries and filters continues to grow.
Clay based refractories tend to capture over three-fourth of the market share. Asia Pacific (APAC) region is one of the lucrative consumer for refractories market.
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