Ceramic Fiber Market Size – USD 2.06 Billion in 2020, Growth – at a CAGR of 10.2%, Trends – Rapid Advancements in Metal Processing Technologies
NEW YORK CITY, NY, USA, March 29, 2022 /EINPresswire.com/ — The global ceramic fiber market size is expected to reach USD 4.50 billion in 2028 and register a CAGR of 10.2% over the period forecast, according to the latest report from Reports and Data. Key factors such as growing demand for durable, flexible and lightweight materials across different end-use industries and increasing focus on reducing electricity consumption during various industrial processes are driving the market revenue growth . Ceramic fiber, also called ceramic wool or refractory material, is a type of small dimension wire or filament made of ceramic material. The material has different physical properties such as low thermal conductivity, corrosion resistance, chemical resistance and heat resistance.
Ceramic fiber is mainly used as an insulation material in industries such as metallurgy, refining and petrochemicals, power generation and others. The refining and petrochemical segment accounted for the majority share of revenue in the global market in 2020. This can be attributed to the growing demand for ceramic fibers in the refining and petrochemical sector owing to the increased focus on reducing operating costs, improving operational efficiency and reducing energy consumption.
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Major players in the market report are Morgan Advanced Materials plc, Unifrax LLC, Luyang Energy Savings Material Co., Ltd., Ibiden Co., Ltd., Harbisonwalker International Inc., Isolite Insulating Product Co. Ltd., Nutec Fibratec, Yeso Insulating Product Co.Ltd., Rath Group and FibreCast Inc.
Some of the major factors driving the revenue growth of the global materials and chemicals market are the rapid industrialization across the globe and the growing demand for raw materials and chemicals in the building and construction, pharmaceuticals, food and beverages, textiles and agriculture. Growing demand for essential consumer goods such as packaged food and beverages, personal care and cosmetics, and home hygiene products has led to significant revenue growth in this market over the past few years. Other key factors contributing to the revenue growth of the global market are increasing industrial applications of specialty chemicals, growing demand for high performance organic agrochemicals in the agricultural sector, increasing government spending in the materials and chemicals industry, growing environmental awareness and growing need for environmentally friendly and sustainable raw materials and chemicals
Some key highlights of the report:
In September 2021, Enexor BioEnergy announced its partnership with the University of Tennessee. This partnership will help Enexor test high temperature ceramic filter technology and gain insight into the energy and cost saving characteristics of ceramic fibers.
The RCF segment accounted for the largest share of revenue in the global market in 2020. This can be attributed to the increase in construction activities, increase in iron, steel and aluminum production and the increasing demand for durable and lightweight materials in various end-use industries.
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For the purposes of this report, Reports and Data has segmented the ceramic fiber market based on type, product form, end-use, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
Refractory Ceramic Fiber (RCF)
Alkaline Earth Silicate Wool (AES)
Product Form Outlook (Revenue, USD Billion; 2018-2028)
End-Use Outlook (Revenue, USD Billion; 2018-2028)
Refining & Petrochemicals
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Regional Outlook (Revenue, USD Billion; 2018-2028)
Middle East and Africa
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