Strong Growth Projected for Global Ceramic Fiber Market
The global ceramic fiber market is expected to grow at a CAGR of almost 11%.
According to a recent market study released by Technavio, the global ceramic fiber market is expected to grow at a compound annual growth rate (CAGR) of almost 11% during the forecast period. The report categorizes the global ceramic fiber market into the following five major end-user industries: petrochemical, ceramics, iron and steel industry; power generation, and other industries.
The global ceramic fiber market in the petrochemical industry is expected to reach approximately $2.3 billion by 2020, growing at a CAGR of around 11%. The petrochemical industry needs temperature insulation materials that aid in conserving energy and reducing operational costs. Further, the evolution of coal gasification and shale gas production are also elevating the overall consumption of ceramic fibers in the petrochemical industry.
In addition, the increasing demand for polymers and elastomers in China and India is expected to bode well for the market. The growth in demand from the automotive industry, advances in the food processing industry, and the rise in disposable income in the developing economies is driving the market for elastomers in these regions.
“The increase in the production capacities of the existing elastomer manufacturing and the establishment of new ones will increase the consumption of ceramic fibers for insulation,” said Chandrakumar Badala Jaganathan, lead analyst.
The global ceramic fiber market in the ceramics industry is expected to exceed $945 million by 2020, growing at a CAGR of over 11%. The rapid growth in the construction segment in many regions, especially in the emerging economies, is driving the consumption of ceramics. Ceramic fiber is extensively used in flooring, roofing, in the manufacture of household ceramic articles and in soundproofing applications. Further, ceramics are also used to house electronics. “However, the high cost of energy associated with the manufacturing of ceramics has necessitated measures to conserve heat, compelling the use of ceramic fibers for insulating furnaces and baking ovens used in ceramic manufacturing,” said Chandrakumar.
The global ceramic fiber market in the iron and steel industry is expected to exceed $648 million by 2020, growing at a CAGR of over 11%. Ceramic fibers and related products (e.g., textiles, board, paper, and other special products) are used to insulate and conserve heat energy in the iron and steel industry. These fibers also prevent workers from exposure to the high temperature of furnaces and heat-forming units in the manufacturing plants. The steel and iron industry is one among the most energy-intensive industries and also poses serious environmental threats. Governments of many countries are therefore encouraging energy conservation in this industry, thus indirectly promoting the use of ceramic fiber. The expected expansion of iron and steel industries in the U.S. and Europe will provide better prospects for the growth of the market during the forecast period.
The global ceramic fiber market in the power generation industry is expected to exceed $388 million by 2020, growing at a CAGR of over 10%. The ceramic fiber market in the power generation segment is expected to grow steadily during the forecast period. These materials are used to design precise and advanced components. The use of ceramic fibers in the power generation industry has reduced pollution, increased fire safety, conserved energy, and offered safer working conditions.
Global urbanization, increasing population, industrial development, and infrastructure development have raised electricity requirements. The increased demand for electricity, the establishment of new power generation plants, and the expansion and improvement of existing power plants is likely to increase the consumption of ceramic fibers in this segment.
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