Dublin, Dec. 07, 2018 (GLOBE NEWSWIRE) -- The "Global Thermoelectric Materials Market: Focus on Type (Bismuth Telluride, Lead Telluride, and Silicon Germanium) and Application (Healthcare, Automotive, Industrial, Electrical, and Electronics) - Analysis & Forecast, 2018-2023" report has been added to ResearchAndMarkets.com's offering.
Global Thermoelectric Materials Market is Anticipated to Reach $78,875.7 thousand by 2023
In terms of value, the global thermoelectric materials market is expected to grow at a CAGR of 8.49% during the forecast period 2018-2023.
The factors driving the demand of thermoelectric materials in the global market are improved vehicle fuel efficiency using thermoelectric modules, increasing awareness of green energy, rising awareness by government officials, and rapid commercialization of thermoelectric generators in the automobile industry.
The automobile industry is amidst a revolution where the industry is accelerating its pace toward becoming more sustainable and greener. Proper utilization of waste heat in the automobile industry is another concern that has been gaining traction for a long time.
As per the American Society of Mechanical Engineers (ASME), the heat energy lost due to the internal fuel combustion in the automobiles is almost 65%. Thermoelectric generators with the help of thermoelectric materials can convert waste heat into electricity. Many automobile industries have been actively participating by including technologies that would reduce heat wastage.
Ford, for example, is incorporating bismuth telluride as a thermoelectric material for its thermoelectric generator to minimize its fuel energy wastage. Volvo Group has started the RENOTER project for a duration of 3 years with 8 partners, whereby targets are set for permissible heat wastage for different types of vehicles.
In terms of value, in 2017, bismuth telluride accounted for the largest share of 67.36% in the global thermoelectric materials market. The high use of bismuth telluride in thermoelectric devices and modules for waste heat recovery, refrigeration, electronics cooling, thermal comfort, and others is expected to propel the demand of bismuth telluride in the thermoelectric materials market.
Since the demand for energy consumption is accelerating with the depleting fuel resources, thermoelectric material and their usage have become a topic of interest among several institutes and governments. Universities, such as The University of Queensland, have been actively engaging in enhancing the performance of bismuth telluride at several temperatures to use it in various devices and make it as energy efficient as possible.
The industrial segment dominated the global thermoelectric materials market in terms of value with a market share of 41.56% in 2017. Owing to the ability of thermoelectric materials to harness the waste heat from various power plants and effectively convert them into electricity, the demand of thermoelectric materials such as bismuth telluride is expected to grow during the forecast period.
Asia-Pacific region occupied the highest share of 44.98% in 2017 which is further expected to increase to 45.60% by 2023. China is the highest revenue generating country in Asia-Pacific, and it is also expected to show the fastest growth during the forecast period.
The country has many manufacturers of thermoelectric materials and devices and has been promoting the use of TEGs. The growth of these TEGs has further enhanced the consumption of thermoelectric materials in the country. Additionally, several ongoing research activities in various institutes in the country are expected to propel the demand of thermoelectric materials market in the country.
The automotive segment in the China thermoelectric materials market is expected to be the fastest growing application during the forecast period. There are research and development activities ongoing to use thermoelectric materials for automotive applications such as cooling and heating seats and harnessing the waste heat to generate electricity for various electrical activities in the country.
Key Topics Covered
Executive Summary
1 Market Dynamics
1.1 Drivers
1.1.1 Improved Vehicle Fuel Efficiency Using Thermoelectric Modules
1.1.2 Increasing Awareness of Green Energy and Rising Awareness by Various Government Officials
1.1.3 Rapid Commercialization of Thermoelectric Generators in the Automobile Industry
1.2 Restraints
1.2.1 High Production Cost of Thermoelectric Material
1.2.2 Inability to Produce High Power Electricity Output
1.3 Opportunities
1.3.1 Rise in the Demand for Thermoelectric Materials in Medical Devices
2 Competitive Insights
2.1 Key Market Developments and Strategies
2.1.1 Product Launches
2.1.2 Others
2.2 Market Share Analysis
3 Industry Analysis
3.1 Supply Chain Analysis
3.2 Industry Attractiveness
3.2.1 Threat of New Entrants
3.2.2 Bargaining Power of Buyers
3.2.3 Bargaining Power of Suppliers
3.2.4 Threat from Substitutes
3.2.5 Intensity of Competitive Rivalry
3.3 Opportunity Matrix Analysis
3.4 Country Share Analysis
3.5 Thermoelectric Phenomenon
3.5.1 Seebeck Effect
3.5.2 Peltier Effect
3.5.3 Thomson Effect
3.6 Thermoelectric Materials in the Research Phase
3.6.1 Chalcogenides Materials
3.6.2 Half Heusler Alloys
3.6.3 Skutterudites
3.6.4 Clathrates
3.6.5 Antimony Telluride (Sb2Te3)
4 Global Thermoelectric Material Market (by Type), $Thousand and Metric Tons, 2016-2023
4.1 Assumptions
4.2 Limitations
4.3 Market Overview
4.4 Bismuth Telluride (Bi2Te3)
4.5 Lead Telluride (PbTe)
4.6 Silicon Germanium (SiGe)
5 Global Thermoelectric Materials Market (by Application), $Thousand and Metric Tons, 2016-2023
5.1 Industrial
5.2 Automotive
5.3 Electrical & Electronics
5.4 Healthcare
5.5 Others
6 Thermoelectric Material Market (by Region), $Thousand and Metric Tons, 2016-2023
6.1 Asia-Pacific
6.2 North America
6.3 Europe
6.4 Rest-of-the-World
7 Company Profiles
7.1 Overview
7.2 EVERREDtronics Ltd.
7.2.1 Company Overview
7.2.2 Product Portfolio Pertaining to Thermoelectric Materials Market
7.2.3 Corporate Summary
7.2.4 SWOT Analysis
7.3 Ferrotec (USA) Corporation.
7.4 Hitachi Ltd.
7.5 Jingyi Metal Material (Shanghai) Co. Ltd.
7.6 KELK Ltd.
7.7 Marlow Industries Inc.
7.8 Norilsk Nickel
7.9 P&N Technology (Xiamen) Co. Ltd.
7.10 Panasonic Corporation
7.11 Reade International Corp.
7.12 Sigma Aldrich Corporation
7.13 TECTEG MFR.
7.14 TEGma AS
7.15 Thermonamic Electronics (Jiangxi) Corp. Ltd.
7.16 Toshiba Materials Co. Ltd.
8 Report Scope & Methodology
8.1 Report Scope
8.2 Global Thermoelectric Materials Market Research Methodology
8.2.1 Assumptions
8.2.2 Limitations
8.2.3 Primary Data Sources
8.2.4 Secondary Data Sources
8.2.5 Data Triangulation
8.2.6 Market Estimation and Forecast
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