The global ceramic fiber market is expected to witness substantial growth owing to increasing use in the iron & steel and petrochemical industry for insulation purposes. High thermal efficiency compared to substitutes and its rising use in high-temperature applications are key market drivers responsible for the growth of the market. The growing use of ceramic fibers in end-use industries owing to characteristics such as lightweight, high thermal conductivity, thermal shock resistance, high-temperature stability, and high chemical resistance is expected to boost the market over the next six years. Iron & steel are the largest consumers of ceramic fibers owing to high levels of thermal efficiency. In addition, growing use in ceramic industries as blankets, fibers, paper, and boards is expected to propel the growth of the ceramic fiber market over the forecast period.
Ceramic fibers are segmented on the basis of types, such as refractory ceramic fiber (RCF), polycrystalline fiber, and low bio-persistent fiber. RCF held the majority market share owing to its high insulating property, followed by low bio-persistent fiber and polycrystalline fiber. Low bio-persistent fiber is expected to grow the fastest owing to regulations restricting the use of RCF particularly in Europe and North America. Carcinogenic nature of ceramic fibers and durability issues pose as major restrains affecting the growth of the ceramic fiber market.
Asia Pacific held the largest market share in terms of demand owing to rapid industrialization particularly in China, India, and Indonesia. Moreover, the Chinese iron & steel industries are increasing the use of ceramic fibers in order to increase production efficiency. Europe held the second-largest market share followed by North America. However, Europe is expected to witness sluggish growth owing to the economic downturn and slowing industrialization. North America is expected to have steady growth due to the rise in shale exploration. In addition, growing demand from existing iron & steel and petrochemical industries is expected to augment the growth of the market in the region.
Major players in the ceramic fiber market include Unifrax Corporation, IBIDEN Co. Ltd., Moran thermal Ceramics, Isolite Insulating Products Co. Ltd., Shandong Luyang Share Co. ltd., Thermost Thermotech Co. Ltd., Rath Incorporated, Nutec Fibratec, General Insulation Europe Ltd., Yeso Insulating Products Co. Ltd., and Nutratec Fibratec.
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