The global ceramic fiber market is expected to register a moderate growth during the forecast period (2018 - 2023). In 2017, Asia-Pacific recorded the highest market share, followed by Europe and North America.
Refractory ceramic fibers have been extensively used for insulation in condensing boilers due to their properties, such as light weight, high tensile strength, high-temperature stability, insulation efficiency, and good thermal shock resistance. They are also highly used as the sealing material in industries such as the metallurgical, power, mechanical, and chemical industries. Furthermore, refractory ceramics are the perfect material for saving energy and increasing the efficiency. It saves approximately 15% of energy in the continuous heating furnace and 30% in the intermittent industrial heating furnace. These properties are the major drivers of the refractory ceramic fibers market, the properties are boosting the demand for ceramic fibers over the forecast period.
Ceramic fibers are increasingly becoming an integral part of various industries such as energy & power, petroleum & petrochemicals, textile, manufacturing, and paper & pulp. Petroleum & petrochemicals industry has been estimated to register the highest market share for ceramic fiber in 2017. Ceramic fibers, owing to properties such as light weight, thermal shock resistance, low thermal conductivity, chemical & corrosion resistance as well as high-temperature stability, are used in fluid catalytic cracking units, boilers, and fired heaters in the petroleum industry. The global petrochemical industry has been growing due to the high demand from end-user industries, including construction, electronics, healthcare transportation, industrial, agriculture, textile, and consumer goods. Due to the growing global petrochemicals industry, the demand and consumption of ceramic fibers are expected to increase during the forecast period.
The growth of the ceramic fiber market in the region can be primarily attributed to the growth of the market in countries such as China, India, and South Korea. China is the dominating the global petrochemicals market, in terms of both production and consumption, thereby, increasing the demand for ceramic fibers and driving the subsequent market growth. In addition, ceramic fibers are extensively used in the industries, such as paper & pulp, textile, energy, and power. The market for these industries is growing at a moderate rate in the region. Thus, with the growing demand from end-user industries, the demand for ceramic fibers is expected to increase during the forecast period.
Major Players: Morgan Thermal Ceramics, General Insulation Europe Ltd, Unifrax Corporation, and Thermost Themtech, among others.
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