The global ceramic fiber market is expected to grow significantly during the forecast period, driven by increasing demand for energy-efficient and lightweight insulation materials in industries such as power generation, refining & petrochemical, and iron & steel.
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The global ceramic fiber market size reached USD 1.92 Billion in 2020 and is expected to register a revenue CAGR of 9.7%, during the forecast period, according to latest analysis by Emergen Research.
The increased need for energy-efficient materials in various industrial applications is anticipated to fuel a significant increase in the market for ceramic fibre globally in the next years. Ceramic fibre is a thin, high-temperature insulation material that finds extensive use in the metallurgical, automotive, and aerospace sectors.
The rising need for insulating materials in the industrial sector is the main factor fueling the market for ceramic fibres. The expansion of the market is anticipated to be driven by the use of ceramic fibre in sectors including metallurgy, petrochemicals, and power generation. The increased focus on energy efficiency across a range of industries is also anticipated to drive up ceramic fibre demand.
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However, a number of variables are anticipated to impede the market for ceramic fibre from expanding. The high cost of manufacture is one of the main contributing reasons. The high cost of raw materials and the intricate manufacturing process are the main causes of ceramic fiber’s high production costs. Additionally, many end users are concerned about the toxicity of ceramic fibre, which could impede market expansion.
The ceramic fibre market is anticipated to expand significantly over the next few years despite these obstacles. Several causes, including the increased demand for ceramic fibre in developing nations, the expanding usage of ceramic fibre in the aerospace industry, and the rising need for energy-efficient materials in the automobile industry, can be credited for this growth.
Ceramic Fiber Market Segmentation:
The ceramic fiber market can be segmented based on product form, type, and end-use. The product form segment includes module, paper, blanket, board, and others. The blanket segment is expected to hold a significant share of the market in terms of volume and revenue during the forecast period, owing to its widespread use in various industries such as power generation and refining & petrochemical. The board segment is also expected to grow at a significant rate due to its increasing demand in the aerospace and automotive industries.
The type segment of the ceramic fiber market includes refractory ceramic fibers (RCF), alkaline earth silicate (AES) wool, and others. The RCF segment is expected to dominate the market during the forecast period, owing to its high-temperature resistance and excellent insulating properties. The AES wool segment is also expected to grow at a significant rate due to its increasing demand in industries such as power generation and iron & steel.
The end-use segment of the ceramic fiber market includes power generation, refining & petrochemical, iron & steel, aerospace, automotive, and others. The power generation segment is expected to hold a significant share of the market in terms of volume and revenue during the forecast period, owing to the increasing demand for energy-efficient materials in power plants. The refining & petrochemical segment is also expected to grow at a significant rate due to the increasing demand for insulation materials in the petrochemical industry.
The iron & steel segment is expected to grow at a significant rate due to the increasing demand for high-temperature insulation materials in the steel industry. The aerospace segment is also expected to grow at a significant rate due to the increasing demand for lightweight insulation materials in aircraft manufacturing. The automotive segment is expected to grow at a significant rate due to the increasing demand for insulation materials in the automotive industry, particularly in electric and hybrid vehicles.
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Some Key Highlights from the Report
The blanket segment of the ceramic fiber market is expected to expand at a significantly rapid CAGR (Compound Annual Growth Rate) during the forecast period. This can be attributed to the widespread use of ceramic fiber blankets in various industries such as power generation, refining & petrochemical, iron & steel, aerospace, and automotive.
The alkaline earth silicate (AES) wool segment of the ceramic fiber market is expected to register a significantly robust revenue growth rate over the forecast period. This can be attributed to the increasing demand for AES wool in various industries such as power generation, iron & steel, and aerospace.
Asia Pacific is expected to account for a larger revenue share than other regional markets over the forecast period in the ceramic fiber market. This can be attributed to the growing industrialization and infrastructure development in the region, particularly in countries such as China, India, and Japan.
Some major companies in the market include HarbisonWalker International, Inc., Unifrax I LLC, Morgan Advanced Materials PLC, Isolite Insulating Products Company, Limited, YESO Insulating Product Co., Ltd., FiberCast Inc., Ibiden Co. Ltd., Luyang Energy-saving Materials Co., Ltd., Double Egret Thermal Insulation Co., Ltd., and NUTEC Group
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