The global ceramic foams market is estimated to be USD 343.2 million in 2018 and is projected to reach USD 441.7 million by 2023, at a CAGR of 5.2% between 2018 and 2023. Ceramic foams are tough ceramic materials having porous morphology. They have closed, fully open, or partially interconnected porosity. They are most commonly used as filters in the molten metal application. They are lightweight, have high mechanical strength, large specific surface area, high porosity, excellent thermal shock resistance, and erode resistance. These properties make ceramic foams suitable for various applications, such as thermal & acoustic insulation, filtration of molten metal alloys, furnace lining, automotive exhaust filters, and catalyst support in foundry, building & construction, aerospace, chemical synthesis & pollution control, electronics, and biomedical industries. Stringent pollution control regulations and the demand for thermally insulated and soundproof residential and non-residential infrastructure are some of the factors driving the ceramic foams market.
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Asia Pacific is expected to be the fastest-growing market, in terms of value, during the forecast period. India is projected to be the fastest-growing ceramic foams market in the Asia Pacific region. The high economic growth of the region coupled with the growing population is expected to propel the growth of the industrial sector in the region. This will lead to an increase in the market penetration of the foundry industry, which will drive the market for ceramic foams in the region.
Aluminum oxide is expected to be the fastest-growing type segment of the ceramic foams market during the forecast period. The growing adoption of aluminum in the automotive application, as it is lightweight, has increased the production of cast aluminum. The growing demand for cast aluminum is expected to fuel the growth of the aluminum oxide-based ceramic foams market.
Molten metal filtration is expected to be the fastest-growing application segment of the ceramic foams market during the forecast period. This can be attributed to the growing consumption of ceramic foams in the metal casting applications where they are used to filter non-metallic impurities from molten metal that may pose as a hindrance during the metal solidification process.
Foundry is expected to be the fastest-growing end-use industry segment of the ceramic foams market during the forecast period. The increasing demand for metal casting has driven the foundry industry, especially for automotive and electronics applications, thereby fueling the need for ceramic foams.
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Major players such as SELEE Corporation (US) and LANIK s.r.o (Czech Republic) adopted various developmental strategies in recent years to grow in the market. Mergers & acquisitions was the most preferred strategy adopted by these players. In 2015, the companies acquired Fiber Ceramics (US) and Teplotechna, Industrial Furnaces, Ltd. (Czech Republic), respectively, to establish a strong foothold in the global ceramic foam market. Some of the other major players operating in ceramic foams market with significant market shares are Vesuvius Plc (UK), Saint-Gobain High-Performance Refractories (US), and Drache GmbH (Germany).
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