Dublin, Sept. 07, 2023 (GLOBE NEWSWIRE) -- The "Ceramic Fiber Market by Type (RCF, AES Wool), Product Form (Blanket, Module, Board, Paper), End-Use Industry (Refining & Petrochemical, Metals, Power Generation) and Region(Asia Pacific, North America, Europe, Middle East & Africa) - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global ceramic fiber market is poised for significant growth, with an estimated value of USD 2.0 billion in 2022 projected to reach USD 3.2 billion by 2028, reflecting a Compound Annual Growth Rate (CAGR) of 8.2% during the forecast period.
Energy Efficiency Enhancement:
Ceramic fiber insulation plays a pivotal role in bolstering energy efficiency across diverse petrochemical processes. By minimizing heat loss, conserving energy, and maintaining consistent operational temperatures, ceramic fiber insulation emerges as a critical solution in enhancing energy efficiency.
Dominance of RCF Type:
The RCF (Refractory Ceramic Fiber) type is anticipated to emerge as the largest segment, in terms of value, during the forecast period. RCF is a preferred choice in numerous industrial settings due to its adaptability and cost-effectiveness. While other varieties, such as polycrystalline fibers, gain traction, RCF retains its prominence for insulation in sectors like glass, steel, and aluminum production. With applications in industrial furnaces, kilns, and high-temperature machinery, RCF ceramic fiber aids in heat retention, energy efficiency, and temperature stability.
Petrochemical Industry Boost:
The refining and petrochemical end-use industry is predicted to be the largest segment, in terms of value, during the forecast period. Ceramic fiber's ability to withstand exceedingly high temperatures (up to 2300°F or 1260°C) makes it a favored insulation choice for furnaces, reactors, and machinery in these operations. In refineries and chemical plants, ceramic fiber effectively insulates pipes, tanks, and equipment, contributing to energy conservation, temperature stability, and heat loss prevention.
Asia-Pacific Leadership:
Asia Pacific emerged as the largest region for the ceramic fiber market in 2022, in terms of value. The region's burgeoning industries, including steel, petrochemicals, cement, power generation, and automobiles, contributed to the substantial market share. The expansion of these sectors, coupled with increasing awareness of ceramic fiber's benefits for high-temperature insulation and energy efficiency, propelled Asia Pacific to a leadership position. China, in particular, played a pivotal role as a significant producer and consumer of ceramic fiber on the global stage.
Premium Insights:
Asia-Pacific's Driving Force:
- Asia-Pacific is set to be the driving force behind the ceramic fiber market's growth during the forecast period.
China's Dominance:
- China accounted for the largest share in the Asia-Pacific ceramic fiber market, showcasing its significant presence.
Blanket's Preeminence:
- Among ceramic fiber product forms, blankets are projected to dominate during the forecast period.
Refining & Petrochemical Leading:
- The refining and petrochemical industry remains the largest end-user segment across regions.
India's Striking CAGR:
- India is expected to register the highest Compound Annual Growth Rate (CAGR) during the forecast period.
Market Dynamics:
Drivers
- Increasing Demand for Ceramic Fiber Insulation
- High Thermal Efficiency Compared to Substitutes
Restraints
- Stringent Regulations Pertaining to Use of Carcinogenic Materials
- Regulatory Standards on Conventional Insulation Products
Opportunities
- Increasing Demand from Aerospace and Alternative Energy Industries
- Rapid Expansions and Joint Venture Activities in High-Growth Markets
Challenges
- Import Tariffs and Export Barriers to Impact Global Market
Companies Mentioned:
- 3M
- Alkegen Corporation
- Adl Insulflex Inc.
- Ceramsource Inc.
- Ceramaterials
- Double Egret Thermal Insulation
- Fibrecast Inc.
- General Insulation Company, Inc.
- Harbisonwalker International Inc.
- Ibiden Co. Ltd
- Isolite Insulating Product Co. Ltd.
- Luyang Energy-Saving Materials Co. Ltd.
- Morgan Advanced Materials plc
- M.E. Schupp Industriekeramik GmbH
- Mineral Seal Corporation
- Nutec Fibratec
- Promat
- Pyrotek Inc.
- Rath Group
- Simond Fibertech Limited.
- Specialty Products and Insulation
- Shree Ceramic Fiber Private Limited
- Thermal Products Company Inc.
- Thermalmax Inc.
- Yeso Insulating Product Co. Ltd
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 234 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $2 Billion |
| Forecasted Market Value (USD) by 2028 | $3.2 Billion |
| Compound Annual Growth Rate | 8.2% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/pegn0t
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
