Ceramic Fiber Market is projected to be worth USD 1,550 Million by 2030, registering a CAGR of 10.80% during the forecast period (2021 - 2030)
Ceramic Fiber Market Overview
Ceramic Fiber Market is projected to be worth USD 1,550 Million by 2030, registering a CAGR of 10.80% during the forecast period (2021 - 2030). The ceramic fiber market is influenced by the increasing population, rising standard of living, awareness among the consumers regarding the use of environmentally friendly products, high spending power on technologically-driven products, and the growing demand for lightweight products. The global key market of ceramic fiber is APAC, followed by Europe and North America in terms of value. Ceramic fibers can withstand high temperatures and low thermal conductivity.
The ceramic fiber dissipates less heat and has remarkable energy-saving properties due to low thermal inertia and low density, and the products made of ceramic fiber are used as insulation materials in high-temperature applications for high heat containment and energy conservation. The products that are made of ceramic fiber include blankets, boards, bulk-fibers, modules, papers, and textiles. The qualities of ceramic fiber include lightweight, thermal shock resistance, and strength making them useful in several end-use industries like petrochemical, iron, aluminum, ceramic, power generation, automotive, aerospace, and glass.
Some of the manufacturers operating in the ceramic fiber market are Morgan Advanced Materials (UK), Unifrax (US), LUYANG ENERGY-SAVING MATERIALS CO., LTD. (China), IBIDEN (Japan), HarbisonWalker International (US), Isolite Insulating Products Co., Ltd. (Japan), NUTEC (Mexico), Rath-Group (US), FibreCast, Inc. (US), Pyrotek (US), and CeramSource, Inc., (US).
Ceramic Fiber Market, by Application (%)
Source: MRFR Analysis
The global ceramic fiber market has been segmented into five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The market in Asia-Pacific dominated the global ceramic fiber market in 2017 due to the growth of the end-use industries in the region. This can be attributed to the rapid industrialization and urbanization in the emerging countries such as India, Thailand, Malaysia, and Singapore.
The market in Europe and North America are expected to witness a steady growth owing to the slowing industrialization in both the region.
The Middle East & African market is expected to grow at a significant rate on account of the presence of oil & gas reserves in the region.
The global ceramic fiber market has been segmented on the basis of type, product form, end-use industry, and region.
Based on type, the market has been segmented into refractory ceramic fiber, alkaline earth silicone, and others.
By product form, the global market is categorized into blankets, rope, paper, board, blocks, cloth, module, and others.
The market has been segmented on the basis of the end-use industry into refining & petrochemical, iron & steel, power generation, chemical, transportation, and others.Recent Development
Every sector of the world (especially the industrial sector) has been affected by the covid-19 pandemic. The global market of ceramic fiber is severely affected due to the disturbances in the global supply chain and hindrance in the petrochemicals activities and refining, which contains the most share in the consumption of ceramic fiber, and the market is highly dependent on the metal processing, chemical, construction industries, and power generations. The market for ceramic fiber is on its way to recording a CAGR of over 4% during the forecast period, and the factor that drives the market is the growing demand from the power industries, and the growing use of the high industrial furnace. This market will grow 10.75% during the period from 2021 to 2023, and the market is valued at USD 1,549.8 million in 2021, Asia-Pacific accounted for the greatest proportion of the global market.
|Market Size||Significant Value|
|CAGR||Substantial CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||application, end use and region|
|Geographies Covered||Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa|
|Key Vendors||Morgan Advanced Materials (UK), Unifrax (US), LUYANG ENERGY-SAVING MATERIALS CO., LTD. (China), IBIDEN (Japan), HarbisonWalker International (US), Isolite Insulating Products Co., Ltd. (Japan), NUTEC (Mexico), Rath-Group (US), FibreCast, Inc. (US), Pyrotek (US), and CeramSource, Inc., (US).|
|Key Market Opportunities||High demand from the major end-use industries such as iron & steel, refining & petrochemical, power generation, chemical, transportation, and others.|
|Key Market Drivers||High demand for ceramic fiber in refining & petrochemical industry|
The ceramic fiber market would get traction from industries like refining & petrochemical, transportation, iron & steel, chemical, power generation, and others.
Stringent regulations regarding petrochemicals to lessen their impact on the environment can prevent the normal growth rate of the ceramic fiber market.
The Asia Pacific region would dominate the global ceramic fiber market.
Companies involved in the growth of the global ceramic fiber market are LUYANG ENERGY-SAVING MATERIALS CO., LTD. (China), Morgan Advanced Materials (UK), Unifrax (US), Isolite Insulating Products Co., Ltd. (Japan), IBIDEN (Japan), Pyrotek (US), HarbisonWalker International (US), FibreCast, Inc. (US), NUTEC (Mexico), Rath-Group (US), and CeramSource, Inc., (US).
Various strategies would be employed by diverse players like better expansion plans, effective agreement, various branding, product launches, joint ventures, mergers & acquisitions, investments, and better initiatives for the R&D to advance the prospects of the ceramic fiber market.