Growing Consumption of Ceramic Fiber in Emerging Economies to Drive the Global Ceramic Fiber Market Through 2020, Says Technavio
By Business Wire News
By Business Wire News
This research report titled ‘Global Ceramic Fiber Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The report categorizes the global ceramic fiber market into the following five major end-user segments.
- Petrochemical industry
- Ceramics industry
- Iron and steel industry
- Power generation industry
- Other industries
The four most important end-user segments are discussed below:
Global ceramic fiber market in petrochemical industry
The global ceramic fiber market in the petrochemical industry is expected to reach approximately USD 2.3 billion by 2020, growing at a CAGR of around 11%. The petrochemical industry needs temperature insulation materials which 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. Therefore, there is high demand for ceramic fibers from 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 food processing industry, and the rise in disposable income in the developing economies is driving the market for elastomers in these regions. According to Chandrakumar Badala Jaganathan, a lead analyst at Technavio for textile, fiber, and composites research, “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.”
Global ceramic fiber market in ceramics industry
The global ceramic fiber market in the ceramics industry is expected to exceed USD 945 million by 2020, growing at a CAGR of over 11%. Ceramic fiber products are used in refractories for high-temperature equipment that is used in ceramic production. This equipment includes blast furnaces, hot stoves, steam boilers, cement kilns, glass tanks, and open-hearth furnaces.
The rapid growth in the construction segment in many regions, especially in the emerging economies, is driving the consumption of ceramics. The material is extensively used in flooring, roofing, in the manufacture of household ceramic articles and in soundproofing applications. Further, ceramics are also used for housing electronics as they are bad conductors of electricity and heat.
“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,” says Chandrakumar.
Global ceramic fiber market in iron and steel industry
The global ceramic fiber market in the iron and steel industry is expected to exceed USD 648 million by 2020, growing at a CAGR of over 11%. Ceramic fibers and related products (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 US and Europe will provide better prospects for the growth of the market during the forecast period.
Global ceramic fiber market in power generation industry
The global ceramic fiber market in the power generation industry is expected to exceed USD 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 and the establishment of new power generation plants along with the expansion and upgradation of existing power plants is likely to increase the consumption of ceramic fibers in this segment.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Isolite Insulating Products
- Morgan Advanced Materials
Browse Related Reports:
- Global High-Temperature Insulation (HTI) Materials Market 2015-2019
- Global Polymer-based Thermal Interface Materials (TIM) Market 2015-2019
- Global Glass Ceramics Market 2016-2020
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