NEW YORK, Dec. 23, 2021
Increasing focus on reducing electricity consumption during production processes and rising demand for more flexible and lightweight materials are some key factors to driving market growth
NEW YORK, Dec. 23, 2021 /PRNewswire/ -- Reports and Data has recently published its latest report titled "Ceramic Fiber Market By Type, By Product Form, By End-use, and By Region Forecast to 2028."
According to the latest report, the global ceramic fiber market size was USD 2.06 billion in 2020 and is expected to reach USD 4.50 billion in 2028 and register a revenue CAGR of 10.2% during the forecast period, 2021-2028.
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Drivers, Restraints, and Opportunities
Ceramic fibers are most commonly used in applications that necessitate enhanced insulating properties at very high temperatures. Ceramic fibers are widely used in applications such as fire barrier fabrics, thermal insulation, and composite reinforcement. Ceramic fibers are produced in a wide range of variants such as blankets, bulk fibers, and paper, among others. In addition, composites comprising ceramic fibers are used in a wide range of commercial products such as components of aircraft engines, automotive, aerospace missiles, and wrapping insulations, among others. Increasing scope of application is further boosting demand for ceramic fibers and this is a key factor expected to drive market revenue growth over the forecast period.
Ceramic fibers, also called as high temperature insulation wool, are generally made from equal parts alumina and silica and can range from white to cream in color. Ceramic fiber is available in two forms, such as continuous and discontinuous. Over the recent years, there has been significant advancements in the processing methods and applications of high-performance ceramic fibers. Ceramic fibers significantly enhance physical and mechanical properties of Ceramic Matrix Composites (CMCs) and maintain the unity and integrity of composites. Continuous ceramic fibers and filaments are widely used in high-temperature applications and are preferred over metals due to attributes such as high thermal tolerance and corrosion resistance. Ceramic fibers are used in lightweight units for electrical, thermal, and sound insulation, and also used in ballistic vests, bulletproof jackets, or bullet-resistant vests, and increasing demand for the products is expected to drive market growth over the forecast period.
However, increasing incidence of skin irritation and respiratory problems caused by prolonged exposure to ceramic fibers, high costs of production of ceramic fibers, and stringent regulations regarding disposal of waste end-of-life products are some key factors expected to restrain market revenue growth to a certain extent over the forecast period.
To identify the key trends in the industry, research study at https://www.reportsanddata.com/report-detail/ceramic-fiber-market
COVID-19 Impact Analysis
Alkaline Earth Silicate Segment to Register Rapid Revenue CAGR:
Alkaline Earth Silicate (AES) segment is expected to register rapid revenue CAGR over the forecast period, attributable to increasing use of alkaline earth silicate in various high temperature applications and as an alternative to refractory ceramic fiber due to low potential of side effects and high performance. Refractory ceramic fibers are categorized as category 2 carcinogen in the EU, and this has limited use in certain applications in countries in the region.
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Refining and Petrochemical Segment Revenue to Support Market Growth:
Refining and petrochemical segment to account for significantly large revenue share over the forecast period, attributable to increasing demand for ceramic fibers in refining and petrochemical sector owing to growing focus on reducing operational costs, enhancing production efficiency, and minimizing energy consumption.
North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share over the forecast period, attributable to increasing shale gas exploration activities, growing demand for ceramic fibers from iron and steel industries, and robust presence of key market players in the region.
Asia Pacific to Register Robust Revenue CAGR:
Asia Pacific market revenue is expected to expand at a robust revenue CAGR over the forecast period owing to rapid progress of construction industry, fast-paced industrialization, growing demand for iron and stainless steel products for various end-use applications, and increasing number of construction and development activities in countries in the region.
Major Companies in the Market Include:
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For the purpose of this report, Reports and Data has segmented the ceramic fiber market based on type, product form, end-use, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
Product Form Outlook (Revenue, USD Billion; 2018-2028)
End-Use Outlook (Revenue, USD Billion; 2018-2028)
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Regional Outlook (Revenue, USD Billion; 2018-2028)
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