Chicago, June 07, 2022 (GLOBE NEWSWIRE) -- According to the new market research report "Ceramic Fiber Market by Type (RCF, AES Wool), Product Form (Blanket, Module, board, Paper) End-use Industry (Refining & Petrochemical, Metals, Power Generation), and Region (APAC, Europe, North America, MEA, South America) - Global Forecast to 2026", the ceramic fiber market is projected to reach USD 3.3 billion by 2026, at a CAGR of 9.9% from USD 2.1 billion in 2021.
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Ceramic fiber is a type of fibrous and lightweight refractory material mainly consisting of alumina, silica, and other oxides in small proportions. Its low-density properties make it suitable for high-temperature applications that require low thermal mass. Ceramic fiber products exhibit thermal stability, good electrical insulation, strength, durability, design flexibility, and wear & corrosive resistance. Owing to their low thermal conductivity, ceramic fiber products minimize the heat dissipation from the furnace or kiln and help in overall energy-saving.
RCF ceramic fiber is the largest type segment of the ceramic fiber market. APAC was the largest market for ceramic fiber in 2020, in terms of value. Factors such as increasing demand from power generation and refining & petrochemical industries will drive the ceramic fiber market.
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RCF is projected to be the fastest-growing type for ceramic fiber market between 2021 and 2026
The rising construction activities; high production of iron & steel and aluminum industries; the rising demand for flexible, durable, and lightweight materials; rising standard of living, and high per-capita spending are driving the RCF market in this region. Owing to the carcinogenic nature of RCF and introduction of several regulations on the use of RCF, companies are now manufacturing and using AES wool as a substitute for RCF.
Blanket is estimated to be the largest product form of ceramic fiber market between 2021 and 2026.
Blanket is the most widely-known product form of ceramic fiber because of its versatility in design and performance. The blanket segment accounted for the largest share of the overall market, in terms of value, in 2020. The huge demand in this segment is owing to the high demand for insulation material in the shipping, metal, automotive, and space industries.
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Refining & petrochemical is projected to be the fastest-growing end-use industry in ceramic fiber market between 2021 and 2026.
Refining & petrochemical industry had the highest market share and is expected to grow at the highest rate during the forecast period mainly because of its high use in the furnaces and boilers for refining crude and petrochemicals production. The increasing need to lower operating costs; increase reliability; and lower the energy use in furnace linings, roof, and walls are fueling the demand for ceramic fiber in the refining & petrochemical industry.
APAC is projected to be the fastest-growing region for the ceramic fiber market during the forecast period
The dominance is expected to continue during the forecast period due to intensive R&D, increasing infrastructural development activities, and increasing awareness created by regulatory organizations, such as EPA and REACH, for environmental protection. Intensive R&D activities are being undertaken in countries, such as China and India. In addition, increasing construction activities to cater to the increasing population and high demand for lightweight and low-cost substitute products are fueling the growth of the ceramic fiber market in the region.
Key market players profiled in Ceramic Fiber Market report include:
- Morgan Advanced Materials plc (UK),
- Unifrax LLC (US),
- Luyang Energy Savings Material Co., Ltd. (China),
- Ibiden Co., Ltd. (Japan),
- Harbisonwalker International Inc. (US),
- Isolite Insulating Product Co. Ltd. (Japan),
- Nutec Fibratec (Mexico),
- Yeso Insulating Product Co.Ltd. (Japan),
- Rath Group (US),
- FibreCast Inc. (US), and
- Double Egret Thermal Insulation (China).
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