Global ceramic fiber market is estimated to witness a CAGR of 7.10% to reach US$2.291 billion in 2024 from US$1.518 billion in 2018. Ceramic fiber or wool is known as a “refractory material” that has high resistant property. They are used in various applications which include petrochemical, ceramic, steel, power generation, glass and fire protection. The ceramic fiber is gaining traction in the market owing to its increased use in iron and steel and petrochemical industries as it is a temperature insulation material that conserves energy. Burgeoning demand for energy-saving products is driving the ceramic fiber market growth. The market is expected to grow at a good CAGR owing to its growing use in industries such as aerospace due to the properties such as high-temperature resistance, superior tensile strength, and better flexibility provided by the fiber. However, the defect in ceramic fiber is that it cannot resist the high-speed air scorning and erosion of slag and also it can easily break if hit by a heavy material.
The market has been segmented by type of fiber, product, end user and geography. Basis of end user, the Refining and petrochemical are expected to hold a significant market share due to the need for low operating cost and low energy consumption. Geographically, Asia Pacific is projected to be a substantial shareholder in the market during the forecasted period due to growth in the manufacturing industries along with significant R&D investments in countries like China and India.
o Increasing demand for ceramic fiber by various industries like textile, and power generation among others.
o High thermal efficiency compared to substitutes.
o Strict regulation regarding the use of carcinogenic material in ceramic fiber.
The major players profiled in the global ceramic fiber market are Unifrax, DGN Faser Pvt. Ltd., IBIDEN, NUTEC, Morgan Advanced Materials, Sepid Ceramic Fiber Co., FibreCast Inc., and Isolite Insulating Products Co.Ltd.
The global ceramic fiber market been analyzed through the following segments:
• By Type of Fiber
o Refractory Ceramic fiber (RCF)
o Polycrystalline Wool (PCW)
o Low bio-persistent fiber
• By Product
• By End-User Industry
o Refining and Petrochemical
o Oil and Gas
o Iron and Steel
• By Geography
o North America
o South America
? United Kingdom
o Middle East and Africa
? Saudi Arabia
o Asia Pacific
? South Korea