October 02, 2023 04:49 ET | Source: Emergen Research Emergen Research
Vancouver, Oct. 02, 2023 (GLOBE NEWSWIRE) -- Current Market Scenario: Corundum Brick
The global Ceramic Fiber Market size reached USD 1.92 Billion in 2020 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research.
Increasing need to save energy and reduce production costs among end-user industries are some key factors expected to drive demand for ceramic fiber to a significant extent over the forecast period. Ceramic fiber is widely used as a refractory liner for thermal processing and heating furnaces in iron and steel industries. This is primarily because it has a higher energy conductivity per unit thickness than insulating fire bricks. Ceramic fiber, which is lightweight yet low conductive, aids in energy conservation by preventing heat from leaking from furnaces and kilns. It can save up to 20% of the energy used, thereby reducing overall production costs. Increasing demand for stainless steel due to rapid growth in aviation and rail transportation sectors is another factor boosting revenue growth of the market.
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Stringent regulations governing the use of hazardous materials are expected to remain a primary restraint to market growth. The hazardous and adverse impacts of various materials, products, and byproducts on the environment and human health are serious concerns being raised globally. As a result, use of such hazardous materials has been regulated or prohibited in various applications, thereby hampering revenue growth of the target market.
Global ceramic fiber market revenue is expected to expand at a CAGR of 9.7% and market size is projected to increase from USD 1.92 Billion in 2020 to USD 5.78 Billion in 2032. Increasing usage of ceramic fiber in refining & petrochemical and power generation industries is a key factor driving market revenue growth. Market growth is expected to be further boosted by rising demand for high-temperature insulation in various industries across developed countries.
Almost every industry in the world has been affected by the COVID-19. The ceramic fiber market is considerably impacted by disruptions in the supply chain and a pause in the refining and petrochemicals operations, which account for a majority of ceramic fiber demand. Metals processing, power generating, and chemical sectors are all highly reliant on this market. The COVID-19 pandemic has been having a significant effect on growth momentum in key global markets, resulting in considerable decline in operation in refining and petrochemical and power generating industries.
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Ceramic fiber in the form of paper is suitable for insulation. It is used to reduce friction as a packing material. It is currently widely used for producing gaskets to prevent heating. Ceramic fiber has significant external strength and is used to manufacture ropes. It is utilized in high-temperature settings and ceramic fiber rope is also utilized as a supporting rope for attaching diverse heat resistant structures.
North America is expected to register considerably robust growth in terms of revenue contribution to the global market over the forecast period. Robust presence of major ceramic fiber producers including HarbisonWalker International, Inc., FiberCast Inc., and NUTEC Group in countries in the region is expected to continue to drive revenue growth of the North America market going ahead.
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Major Companies and Competitive Landscape
The global ceramic fiber market is fairly fragmented, with a number of large and medium-sized market players accounting for majority market revenue. Key players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective ceramic fiber. Some major players operating in the ceramic fiber market are:
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Emergen Research has segmented the global ceramic fiber on the basis of product form, type, end-use, and region:
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