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The ceramic fiber market is expected to record a CAGR of over 4% during the forecast period. The major factor driving the market studied is the growing demand form the power industry, and the growing use of the high-temperature industrial furnace.
- The high cost of production and limited availability is likely to hinder the growth of the market studied.
- Increasing awareness of fire and heat-resistant materials is likely to act as an opportunity during the forecast period.
Key Market Trends
Manufacturing segment to Dominate the Market
- Ceramic-fiber-reinforced composites are utilized in many different commercial products such as aircraft engine components (turbine combustors, compressors, and exhaust nozzles), automotive and gas turbine elements, aerospace missiles, heat exchangers, hot gas filters, rocket nozzles, gasket, and wrapping insulations.
- Ceramic fibers are used in various applications, its composite matrix or resin temperature can go as high as 1000?C, even in a corrosive and oxidizing environment.
- Ceramic-fiber-reinforced composites are used in the manufacturing of aircraft engine components such as turbine combustors, compressors, and exhaust nozzles, aerospace missiles, etc. these are also used in the manufacturing of automotive and gas turbine elements, heat exchangers, hot gas filters, rocket nozzles, gasket, and wrapping insulations.
- The growing aerospace industry globally is expected to increase the applications of ceramic fiber market during the forecast period.
United States to Dominate the North America Market
- The United States is the world’s largest and most powerful economy in the world. The United States is the second-largest producer of paper, globally. The world’s largest pulp and paper mill is in Memphis, Tennessee, and is owned by International Paper. The country also exports large amounts of pulp and paper-related products all around the world. The demand for caustic soda from the pulp and paper industry is projected to grow over the forecast period.
- With respect to the total revenue generated from the apparel market, the United States is ranked second, after China, in the global market, with reported revenue of USD 288.63 billion.
- The textile industry, overall, has shown a positive trend, due to the growing technical textile demand from various end-user industries, such as automotive and industrial applications. The demand for technical textiles is expected to remain high in the coming years due to growing trends in the global economy.
- Furthermore, Refractory ceramic fiber (RCF) is used for lining fired heaters in the oil refinery and petrochemical industries, owing to its excellent handleability, superior thermal shock resistance, ability to withstand extreme temperatures and low thermal conductivity.
- All the aforementioned factors are expected to drive the global market during the forecast period.
The ceramic fiber market is partially consolidated in nature, with few players accounting for a significant share of the market demand. Some of the major players in the market include 3M, General Insulation Company., Mineral Seal Corporation, Nutec Group SA de CV, and IBIDEN, among others.
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